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November 15, 2009

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Krolicki’s plan for revenue OK’d

Friday, May 10, 2002 | 11:19 a.m.

Attorneys for the Nevada Legislature have cleared a plan by state Treasurer Brian Krolicki to make an extra $20 million for the state in revenues collected for bond payments.

The Legislative Interim Finance Committee asked for a legal opinion whether Krolicki's plan would violate the law on investments.

William Keane, principal deputy legislative counsel, said in a legal opinion released Thursday that "more likely than not, the state Board of Finance may enter into the prospective contract."

The state collects 15 cents from the property tax to pay off its construction loans. Krolicki would send this revenue to a financial institution, which would invest it at a higher rate than the state, which has restrictions on where it can put the money.

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