[Rev. 5/26/2016 10:43:56 AM--2015]
Chapter 676, Statutes of Nevada 1995
AN ACT making a contingent appropriation to the Tricounty Railway Commission of Carson City and Lyon and Storey counties for restoration of the railroad line from Virginia City to Carson City; and providing other matters properly relating thereto.
[Approved: July 6, 1995]
(Leadlines for sections have been supplied by the Legislative Counsel of the State of Nevada)
The People of the State of Nevada, represented in Senate and Assembly, do enact as follows:
1. There is hereby appropriated from the State General Fund to the Tricounty Railway Commission of Carson City and Lyon and Storey counties the sum of $5,000,000 for the establishment of a railroad line similar to the former Virginia & Truckee Railroad from Virginia City through the Gold Hill area to Carson City, including, without limitation:
(a) Acquisition of the right-of-way necessary for the railway and any appurtenances thereto;
(b) Construction of the track, including any necessary preparation of the underlying surface; and
(c) Purchase or other acquisition of any associated equipment.
2. The appropriation made by subsection 1 is contingent upon:
(a) The Tricounty Railway Commission obtaining money from any public or private source in an amount of $15,000,000 for support of the establishment of the railroad line.
(b) The Tricounty Railway Commission entering into a written agreement with the State Board of Examiners to repay the amount of this appropriation by transferring to the State Treasurer at least 6 percent of the price charged or $1 per ticket sold, whichever is greater, per person to ride upon the railroad line once it is completed until the amount of the appropriation has been repaid. The agreement must set forth the terms of repayment.
(c) The receipt by the State Board of Examiners of a first security interest in favor of the State of Nevada upon the railroad track, the right-of-way acquired and all equipment and other assets of the Tricounty Railway Commission to the extent necessary, as determined by the State Board of Examiners, to secure the repayment of the appropriation made by subsection 1.
(Ch. 676, Stats. 1995 p. 2589)
Sec. 2. Reversion of appropriation. Any remaining balance of the appropriation made by section 1 of this act must not be committed for expenditure after April 1, 1999, and reverts to the State General Fund as soon as all payments of money have been made.