A.B. 427
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ASSEMBLY BILL NO. 427–ASSEMBLYMEMBER YEAGER
MARCH 13, 2025
____________
Referred to Committee on Government Affairs
SUMMARY—Revises provisions relating to public financial
administration. (BDR 31-739)
FISCAL NOTE: Effect on Local Government: No.
Effect on the State: Yes.
~
EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.
AN ACT relating to public financial administration; revising
provisions governing the program administered by a
corporation for public benefit to provide private equity
funding and venture capital investments to certain
businesses; and providing other matters properly relating
thereto.
Legislative Counsel’s Digest:
Under existing law, the State of Nevada is prohibited from donating or loaning 1
state money or credit, or subscribing to or being interested in the stock of any 2
company, association or corporation, except a corporation that is formed for 3
educational or charitable purposes. (Nev. Const. Art. 8, § 9) Existing law requires 4
the State Treasurer to form an independent corporation for public benefit, the 5
purpose of which is to act as a limited partner of limited partnerships or a 6
shareholder or member of limited-liability companies that provide private equity 7
funding to businesses that are located in this State or seeking to locate to this State 8
and engage primarily in certain industries. (NRS 355.270) Under existing law, the 9
State Treasurer is prohibited from making certain investments of money in the State 10
Permanent School Fund unless the State Treasurer obtains a judicial determination 11
that such an investment does not violate the prohibition in the Nevada Constitution 12
against the State of Nevada donating or loaning state money or credit, or 13
subscribing to or being interested in the stock of any company, association or 14
corporation, except a corporation that is formed for educational or charitable 15
purposes. (Nev. Const. Art. 8, § 9; NRS 355.060) Upon obtaining a judicial 16
determination that an investment does not violate the Nevada Constitution, existing 17
law authorizes the State Treasurer to transfer up to $75,000,000 from the State 18
Permanent School Fund to the corporation for public benefit and requires the 19
corporation by agreement to provide more than 50 percent of all private equity 20
funding to businesses engaged in specified industries that are located or seeking to 21
locate in Nevada. (NRS 355.280) Existing law authorizes the money transferred 22
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from the State Permanent School Fund to the corporation for public benefit to be 23
used to make venture capital investments. (NRS 355.275) 24
Sections 2 and 4 of this bill eliminate the restriction that the businesses in 25
which the corporation for public benefit is authorized to invest engage primarily in 26
certain industries. Section 1 of this bill instead requires that the business be 27
engaged in an industry that is consistent with the State Plan for Economic 28
Development, which the Executive Director of the Office of Economic 29
Development within the Office of the Governor is required to develop under 30
existing law. (NRS 231.053) Section 1 also: (1) clarifies the circumstances in 31
which a business is located or seeking to locate in Nevada; and (2) requires that the 32
businesses be seeking early-stage or middle-stage investments to commence or 33
expand operations. Section 5 of this bill makes a conforming change relating to the 34
revised criteria for eligible businesses. Section 2 also provides that, in addition to 35
the money transferred from the State Permanent School Fund, any other money 36
received by the corporation for public benefit is authorized to be used for venture 37
capital investments. 38
Existing law establishes the board of directors of the corporation for public 39
benefit and requires the board to consist of the Chancellor of the Nevada System of 40
Higher Education, the State Treasurer, five members from the private sector who 41
have at least 10 years of experience in certain fields appointed by the Governor and 42
legislative leadership and certain additional members who are required to be 43
approved by a majority of certain board members. (NRS 355.270) Section 2: (1) 44
replaces the Chancellor of the Nevada System of Higher Education on the board 45
with the Executive Director of the Office of Economic Development; and (2) 46
changes the experience required for the five appointed members from at least 10 47
years of experience in certain fields to demonstrated experience in those fields. 48
Existing law authorizes the corporation for public benefit to place investments 49
through the use or assistance of external asset managers and private equity 50
investment firms. (NRS 355.275) Existing law also references the board contracting 51
with venture capital investment firms. (NRS 355.270) Section 3 of this bill: (1) 52
authorizes a corporation for public benefit to invest directly in eligible businesses; 53
and (2) clarifies that the board is authorized to place investments though the use or 54
assistance of venture capital investment firms. Section 3 also requires the 55
corporation for public benefit to ensure that private equity money and venture 56
capital investments made directly by the corporation or by external asset managers 57
and private equity or venture capital investment firms are provided in a manner 58
that: (1) ensures diversification among the recipient businesses; (2) gives priority to 59
eligible businesses that meet specified criteria; (3) allows businesses to create new 60
job opportunities; and (4) supports new, emerging and expanding businesses in this 61
State. 62
Existing law authorizes the State Treasurer to adopt regulations which include 63
criteria for determining eligibility for and use of private equity funding, subject to 64
certain limitations. (NRS 355.285) Section 5 of this bill expands that specific 65
regulatory authority to also address such criteria for venture capital investments. 66
Sections 6-9 of this bill revise obsolete references to the provisions governing 67
the program administered by the corporation for public benefit to provide private 68
equity funding and venture capital investments to specified businesses. 69
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THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1. Chapter 355 of NRS is hereby amended by adding 1
thereto a new section to read as follows: 2
1. To be eligible to receive private equity funding or a venture 3
capital investment from the corporation for public benefit 4
pursuant to this section and NRS 355.250 to 355.285, inclusive, a 5
business must: 6
(a) Have a presence in this State as evidenced by: 7
(1) Being domiciled in this State; 8
(2) Having a headquarters in this State; 9
(3) Having a significant percentage of employees residing 10
in this State; or 11
(4) Being in the process of expanding in this State or 12
locating to this State; 13
(b) Be seeking early-stage investment or middle-stage 14
investment, or both; and 15
(c) Be engaged in an industry that is consistent with the State 16
Plan for Economic Development developed pursuant to 17
NRS 231.053. 18
2. As used in this section: 19
(a) “Early-stage investment” means any investment that is 20
made directly to or on behalf of a business to enable the business 21
to commence operation, including, without limitation, seed 22
funding, start-up funding, accelerator funding or early-growth 23
funding. 24
(b) “Middle-stage investment” means any investment that is 25
made directly to or on behalf of a business to enable the business 26
to expand its operations. 27
Sec. 2. NRS 355.270 is hereby amended to read as follows: 28
355.270 1. The State Treasurer shall cause to be formed in 29
this State an independent corporation for public benefit, the general 30
purpose of which is to act as a limited partner of limited 31
partnerships or a shareholder or member of limited-liability 32
companies that provide private equity funding or venture capital 33
investments, or both, to businesses [: 34
(a) Located in this State or seeking to locate in this State; and 35
(b) Engaged primarily in one or more of the following 36
industries: 37
(1) Health care and life sciences. 38
(2) Cyber security. 39
(3) Homeland security and defense. 40
(4) Alternative energy. 41
(5) Advanced materials and manufacturing. 42
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(6) Information technology. 1
(7) Any other industry that the board of directors of the 2
corporation for public benefit determines will likely meet the targets 3
for investment returns established by the corporation for public 4
benefit for investments authorized by NRS 355.250 to 355.285, 5
inclusive, and comply with sound fiduciary principles.] that meet 6
the eligibility requirements set forth in section 1 of this act. 7
2. The corporation for public benefit created pursuant to 8
subsection 1 must have a board of directors consisting of: 9
(a) Five members from the private sector who have [at least 10 10
years of] demonstrated experience in the field of investment, 11
finance or banking and who are appointed for a term of 4 years as 12
follows: 13
(1) One member appointed by the Governor; 14
(2) One member appointed by the Senate Majority Leader; 15
(3) One member appointed by the Speaker of the Assembly; 16
(4) One member appointed by the Senate Minority Leader; 17
and 18
(5) One member appointed by the Assembly Minority 19
Leader; 20
(b) The [Chancellor of the Nevada System of Higher Education] 21
Executive Director of the Office of Economic Development within 22
the Office of the Governor or his or her designee; 23
(c) The State Treasurer; and 24
(d) With the approval of a majority of the members of the board 25
of directors described in subparagraphs (1), (2) and (3) of paragraph 26
(a), up to 5 additional members who are direct investors in the 27
corporation for public benefit. 28
3. Vacancies in the appointed positions on the board of 29
directors of the corporation for public benefit created pursuant to 30
subsection 1 must be filled by the appointing authority for the 31
unexpired term. 32
4. The State Treasurer shall serve as chair of the board of 33
directors of the corporation for public benefit created pursuant to 34
subsection 1. 35
5. The members of the board of directors of the corporation for 36
public benefit must serve without compensation but are entitled to 37
be reimbursed for actual and necessary expenses incurred in the 38
performance of their duties, including, without limitation, travel 39
expenses. 40
6. A member of the board of directors of the corporation for 41
public benefit created pursuant to subsection 1 must not have an 42
equity interest in any: 43
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(a) External asset manager or venture capital or private equity 1
investment firm contracting with the board pursuant to NRS 2
355.275; or 3
(b) Business which receives private equity funding or a venture 4
capital investment pursuant to NRS 355.250 to 355.285, inclusive 5
[.] , and section 1 of this act. 6
7. The board of directors of the corporation for public benefit 7
created pursuant to subsection 1 shall: 8
(a) Comply with the provisions of chapter 281A of NRS. 9
(b) Meet at least quarterly and conduct any meetings of the 10
board of directors in accordance with chapter 241 of NRS. 11
(c) Review the performance of all external asset managers and 12
venture capital and private equity investment firms contracting with 13
the corporation for public benefit pursuant to NRS 355.275. 14
(d) On or before December 1 of each year, provide an annual 15
report to the Governor and the Director of the Legislative Counsel 16
Bureau for transmission to the next session of the Legislature, if the 17
report is submitted in an even-numbered year or to the Legislative 18
Commission, if the report is submitted in an odd-numbered year. 19
The report must include, without limitation: 20
(1) An accounting of all money received and expended by 21
the corporation for public benefit, including, without limitation, any 22
matching grant funds, gifts or donations; and 23
(2) The name and a brief description of all businesses 24
receiving [an] private equity funding or a venture capital 25
investment [of money] pursuant to the provisions of NRS 355.250 26
to 355.285, inclusive [.] , and section 1 of this act. 27
Sec. 3. NRS 355.275 is hereby amended to read as follows: 28
355.275 1. The corporation for public benefit may [place] 29
provide private equity funding or venture capital investments 30
[through the use or assistance of:] pursuant to NRS 355.250 to 31
355.285, inclusive, and section 1 of this act: 32
(a) Directly to eligible businesses. 33
(b) Pursuant to a contract entered into with: 34
[(a)] (1) External asset managers; [or 35
(b)] (2) Private equity investment firms [.] ; or 36
(3) Venture capital investment firms. 37
2. [Money received pursuant to NRS 355.280 by the] The 38
corporation for public benefit [may be used to make] shall ensure 39
that private equity funding and venture capital investments [.] are 40
provided pursuant to subsection 1 in a manner that: 41
(a) Ensures diversification among the businesses that receive 42
private equity funding or venture capital investments pursuant to 43
NRS 355.250 to 355.285, inclusive, and section 1 of this act. 44
(b) Gives priority to eligible businesses that: 45
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(1) Employ residents of this State; 1
(2) Provide jobs that are in demand and pay high wages to 2
residents of this State; 3
(3) Provide health insurance coverage to its employees; and 4
(4) Advance environmental sustainability in accordance 5
with the policies of this State set forth in NRS 445B.380 and 6
704.7820. 7
(c) Allows businesses the ability to create new job 8
opportunities. 9
(d) Supports new, emerging and expanding businesses in this 10
State. 11
Sec. 4. NRS 355.280 is hereby amended to read as follows: 12
355.280 If the State Treasurer obtains the judicial 13
determination required by subsection 3 of NRS 355.060, the State 14
Treasurer may transfer an amount not to exceed $75,000,000 from 15
the State Permanent School Fund to the corporation for public 16
benefit. Such a transfer must be made pursuant to an agreement that 17
requires the corporation for public benefit to: 18
1. Provide, through the limited partnerships or limited-liability 19
companies described in subsection 1 of NRS 355.270, private equity 20
funding [;] or venture capital investments, or both; and 21
2. Ensure that [more than 50 percent of all] private equity 22
funding and venture capital investments provided by the 23
corporation for public benefit, including, without limitation, private 24
equity funding and venture capital investments provided by a 25
corporation for public benefit to a pooled fund that includes 26
businesses located outside of this State, is provided to businesses [: 27
(a) Located in this State or seeking to locate in this State; and 28
(b) Engaged primarily in one or more of the following 29
industries: 30
(1) Health care and life sciences. 31
(2) Cyber security. 32
(3) Homeland security and defense. 33
(4) Alternative energy. 34
(5) Advanced materials and manufacturing. 35
(6) Information technology. 36
(7) Any other industry that the board of directors of the 37
corporation for public benefit determines will likely meet the targets 38
for investment returns established by the corporation for public 39
benefit for investments authorized by NRS 355.250 to 355.285, 40
inclusive, and comply with sound fiduciary principles.] that meet 41
the eligibility requirements set forth in section 1 of this act. 42
Sec. 5. NRS 355.285 is hereby amended to read as follows: 43
355.285 The State Treasurer: 44
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1. May adopt such regulations as he or she deems necessary to 1
carry out the provisions of NRS 355.250 to 355.285, inclusive [.] , 2
and section 1 of this act. 3
2. Shall adopt regulations: 4
(a) Requiring the performance of audits and the submission of 5
reports to ensure compliance with the provisions of NRS 355.250 to 6
355.285, inclusive, and section 1 of this act and the regulations 7
adopted pursuant to this section; 8
(b) Providing for appropriate leveraging of investments to 9
ensure that [investments] private equity funding and venture 10
capital investments provided pursuant to NRS 355.250 to 355.285, 11
inclusive, and section 1 of this act consist of money transferred 12
from the State Permanent School Fund pursuant to NRS 355.280 13
and money from private sources; 14
(c) Establishing a range or cap on servicing fees; 15
(d) Establishing limits on the amount or percentage of 16
investment in a single [venture capital project] business or by a fund 17
manager; and 18
(e) Requiring the return of the corpus of investments after a 19
defined investment period. 20
3. May adopt regulations which include, without limitation, 21
criteria for determining eligibility for and use of private equity 22
funding [,] and venture capital investments, but the corporation for 23
public benefit must have sole authority for the approval of 24
applications for and the management of private equity funding and 25
venture capital investments provided pursuant to NRS 355.250 to 26
355.285, inclusive [.] , and section 1 of this act. 27
4. May, by regulation, establish a Business Leadership 28
Council. The members of the Business Leadership Council must 29
serve without compensation and are subject to the provisions of 30
chapter 281A of NRS. 31
5. Shall provide the corporation for public benefit with such 32
assistance as is necessary to carry out the provisions of NRS 33
355.250 to 355.285, inclusive, and section 1 of this act and comply 34
with the regulations adopted pursuant to this section. 35
6. Shall ensure that businesses receiving private equity 36
funding or venture capital investments pursuant to NRS 355.250 to 37
355.285, inclusive, [have a presence in this State as evidenced by: 38
(a) Being domiciled in this State; 39
(b) Having a headquarters in this State; 40
(c) Having a significant percentage of employees residing in this 41
State; or 42
(d) Being in the process of expanding in this State or relocating 43
to this State.] and section 1 of this act continue to meet the 44
eligibility requirements set forth in section 1 of this act. 45
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Sec. 6. NRS 75A.350 is hereby amended to read as follows: 1
75A.350 1. The Secretary of State shall ensure that the state 2
business portal enables a person who applies through the state 3
business portal for the issuance or renewal of a state business license 4
pursuant to chapter 76 of NRS to indicate whether the applicant is a 5
minority-owned business, a woman-owned business, a veteran-6
owned business or an LGBTQ-owned business. 7
2. If a person who applies through the state business portal for 8
the issuance or renewal of a state business license pursuant to 9
chapter 76 of NRS indicates that the business is a minority-owned 10
business, a woman-owned business, a veteran-owned business or an 11
LGBTQ-owned business, the Secretary of State shall provide the 12
following information to the person in electronic form through the 13
state business portal: 14
(a) Information concerning programs to provide financing for 15
small businesses. The information must include, without limitation, 16
information concerning: 17
(1) Grants or loans of money from the Catalyst Account 18
created by NRS 231.1573; 19
(2) The issuance of revenue bonds for industrial development 20
pursuant to NRS 349.400 to 349.670, inclusive; 21
(3) The Nevada Collateral Support Program pursuant to 12 22
U.S.C. §§ 5701 et seq.; 23
(4) The Nevada Microenterprise Initiative Program pursuant 24
to 12 U.S.C. §§ 5701 et seq.; 25
(5) The Nevada New Markets Jobs Act pursuant to chapter 26
231A of NRS; 27
(6) [The Nevada Silver State Opportunities Fund] Private 28
equity funding and venture capital investments pursuant to NRS 29
[355.275;] 355.250 to 355.285, inclusive, and section 1 of this act; 30
(7) Loans from the Small Business Administration pursuant 31
to 15 U.S.C. §§ 631 et seq.; and 32
(8) Any other program to provide financing for small 33
businesses designated by the Secretary of State. 34
(b) Information concerning the process by which the business 35
may become certified as a disadvantaged business enterprise for the 36
purposes of 49 C.F.R. § 26.5 or a program to provide financing for 37
disadvantaged business enterprises. 38
3. The Secretary of State may adopt regulations as he or she 39
deems necessary to carry out the provisions of this section. 40
4. As used in this section: 41
(a) “LGBTQ” means lesbian, gay, bisexual, transgender, queer 42
or intersex or of any other nonheterosexual or noncisgender 43
orientation or gender identity or expression. 44
(b) “LGBTQ-owned business” means a business that: 45
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(1) Is owned by a natural person who identifies as LGBTQ; 1
or 2
(2) Has at least 51 percent of its ownership interest held by 3
one or more natural persons who identify as LGBTQ. 4
(c) “Veteran” has the meaning ascribed to it in NRS 417.005. 5
(d) “Veteran-owned business” means a business that: 6
(1) Is owned by a natural person who is a veteran; or 7
(2) Has at least 51 percent of its ownership interest held by 8
one or more veterans. 9
Sec. 7. NRS 225.081 is hereby amended to read as follows: 10
225.081 1. The Secretary of State shall include and maintain 11
on the Internet website of the Secretary of State information 12
concerning: 13
(a) Programs to provide financing for small businesses. The 14
information must include, without limitation, information 15
concerning: 16
(1) Grants or loans of money from the Catalyst Account 17
created by NRS 231.1573; 18
(2) The issuance of revenue bonds for industrial development 19
pursuant to NRS 349.400 to 349.670, inclusive; 20
(3) The Nevada Collateral Support Program pursuant to 12 21
U.S.C. §§ 5701 et seq.; 22
(4) The Nevada Microenterprise Initiative Program pursuant 23
to 12 U.S.C. §§ 5701 et seq.; 24
(5) The Nevada New Markets Jobs Act pursuant to chapter 25
231A of NRS; 26
(6) [The Nevada Silver State Opportunities Fund established 27
to make investments] Private equity funding and venture capital 28
investments pursuant to NRS 355.250 to 355.285, inclusive [;] , and 29
section 1 of this act; 30
(7) Loans from the Small Business Administration pursuant 31
to 15 U.S.C. §§ 631 et seq.; and 32
(8) Any other program to provide financing for small 33
businesses designated by the Secretary of State. 34
(b) The process by which the business may become certified as a 35
disadvantaged business enterprise for the purposes of 49 C.F.R. § 36
26.5 or a program to provide financing for disadvantaged business 37
enterprises. 38
2. The Secretary of State may adopt regulations as he or she 39
deems necessary to carry out the provisions of this section. 40
Sec. 8. NRS 231.14055 is hereby amended to read as follows: 41
231.14055 1. A business may apply, on a form prescribed by 42
regulation of the Office, to the Office for certification as a local 43
emerging small business. The application must be accompanied by 44
such proof as the Office requires to demonstrate that the applicant is 45
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in compliance with the criteria set forth in NRS 231.1405 and any 1
regulations adopted pursuant to NRS 231.1408. 2
2. Upon receipt of the application and when satisfied that the 3
applicant meets the requirements set forth in this section, NRS 4
231.1405 and any regulations adopted pursuant to NRS 231.1408, 5
the Office shall: 6
(a) Certify the business as a local emerging small business; and 7
(b) Provide to the business, in written or electronic form, 8
information concerning public and private programs to provide 9
financing for small businesses and the criteria for obtaining 10
financing through such programs. The information must include, 11
without limitation, information concerning: 12
(1) Grants or loans of money from the Catalyst Account 13
created by NRS 231.1573; 14
(2) The issuance of revenue bonds for industrial development 15
pursuant to NRS 349.400 to 349.670, inclusive; 16
(3) The Nevada Collateral Support Program pursuant to 12 17
U.S.C. §§ 5701 et seq.; 18
(4) The Nevada Microenterprise Initiative Program pursuant 19
to 12 U.S.C. §§ 5701 et seq.; 20
(5) The Nevada New Markets Jobs Act pursuant to chapter 21
231A of NRS; 22
(6) [The Nevada Silver State Opportunities Fund] Private 23
equity funding and venture capital investments pursuant to NRS 24
[355.275;] 355.250 to 355.285, inclusive, and section 1 of this act; 25
(7) Loans from the Small Business Administration pursuant 26
to 15 U.S.C. §§ 631 et seq.; and 27
(8) Any other private program to provide financing for small 28
businesses approved by the Office. 29
3. The Office shall compile a list of the local emerging small 30
businesses certified pursuant to this section and post the list on its 31
Internet website. 32
Sec. 9. Section 20 of the Regional Business Development 33
Advisory Council for Clark County Act, being chapter 7, Statutes of 34
Nevada 2003, 20th Special Session, as last amended by chapter 426, 35
Statutes of Nevada 2017, at page 2863, is hereby amended to read as 36
follows: 37
Sec. 20. 1. The Council shall propose and implement 38
policies, programs and procedures to encourage and promote 39
the use of local businesses owned and operated by 40
disadvantaged persons, particularly in the area of contracting 41
and procurement by public agencies in Clark County. 42
2. On or before November 1 of each year, each public 43
entity which has a representative on the Council pursuant to 44
subsection 1 of section 15 of this act shall prepare and deliver 45
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a written report to the Council for the immediately preceding 1
fiscal year which contains: 2
(a) The number of persons employed by the public entity, 3
disaggregated by major ethnic and racial categories, 4
including, without limitation, African-American, Asian, 5
Caucasian, Hispanic and Native American. 6
(b) Expenditures made by the public entity during the 7
immediately preceding fiscal year, disaggregated by 8
discretionary and nondiscretionary expenditures. 9
(c) The percentage of expenditures paid by the public 10
entity to local businesses owned and operated by 11
disadvantaged persons, disaggregated by ethnic and racial 12
categories and by gender. 13
(d) A summary of the efforts and programs used by the 14
public entity to encourage and increase the involvement in 15
contracting by local businesses owned and operated by 16
disadvantaged persons and any efforts or programs used by 17
the public entity to encourage the economic development of 18
local businesses owned and operated by disadvantaged 19
persons. 20
(e) Such other information as the Council determines is 21
necessary to achieve its goals. 22
3. The Council shall encourage each public and private 23
entity which has a representative on the Council pursuant to 24
subsection 2 of section 15 of this act to prepare and deliver to 25
the Council an annual report similar to the report required 26
pursuant to subsection 2. 27
4. The Council shall provide to local businesses owned 28
and operated by disadvantaged persons information, in 29
written or electronic form, concerning public and private 30
programs to provide financing for small businesses and the 31
criteria for obtaining financing through such programs. The 32
information must include, without limitation: 33
(a) Grants or loans of money from the Catalyst Account 34
created by NRS 231.1573; 35
(b) The issuance of revenue bonds for industrial 36
development pursuant to NRS 349.400 to 349.670, inclusive; 37
(c) The Nevada Collateral Support Program pursuant to 38
12 U.S.C. §§ 5701 et seq.; 39
(d) The Nevada Microenterprise Initiative Program 40
pursuant to 12 U.S.C. §§ 5701 et seq.; 41
(e) The Nevada New Markets Jobs Act pursuant to 42
chapter 231A of NRS; 43
(f) [The Nevada Silver State Opportunities Fund] Private 44
equity funding and venture capital investments pursuant to 45
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NRS [355.275;] 355.250 to 355.285, inclusive, and section 1 1
of this act; 2
(g) Loans from the Small Business Administration 3
pursuant to 15 U.S.C. §§ 631 et seq.; and 4
(h) Any other private lending opportunity for small 5
businesses with which the Council has a working 6
relationship. 7
5. On or before January 15 of each odd-numbered year, 8
the Council shall prepare a report regarding the policies, 9
programs and procedures that the Council proposed and 10
implemented during the immediately preceding 2 years to 11
encourage and promote the use of local businesses owned and 12
operated by disadvantaged persons, using the reports received 13
pursuant to this section, and shall submit the report to the 14
Director of the Legislative Counsel Bureau for transmittal to 15
the next regular session of the Legislature. 16
Sec. 10. 1. This section becomes effective upon passage and 17
approval. 18
2. Sections 1 to 9, inclusive, of this act become effective: 19
(a) Upon passage and approval for the purpose of adopting any 20
regulations and performing any other preparatory administrative 21
tasks that are necessary to carry out the provisions of this act; and 22
(b) On July 1, 2025, for all other purposes. 23
H