NRS355.280. Transfer of money from State Permanent School Fund to corporation for public benefit: Prerequisites; maximum amount.

  If the State Treasurer obtains the judicial determination required by subsection 3 of NRS 355.060, the State Treasurer may transfer an amount not to exceed $50 million from the State Permanent School Fund to the corporation for public benefit. Such a transfer must be made pursuant to an agreement that requires the corporation for public benefit to:

      1.  Provide, through the limited partnerships or limited-liability companies described in subsection 1 of NRS 355.270, private equity funding; and

      2.  Ensure that at least 70 percent of all private equity funding provided by the corporation for public benefit is provided to businesses:

      (a) Located in this State or seeking to locate in this State; and

      (b) Engaged primarily in one or more of the following industries:

             (1) Health care and life sciences.

             (2) Cyber security.

             (3) Homeland security and defense.

             (4) Alternative energy.

             (5) Advanced materials and manufacturing.

             (6) Information technology.

             (7) Any other industry that the board of directors of the corporation for public benefit determines will likely meet the targets for investment returns established by the corporation for public benefit for investments authorized by NRS 355.250 to 355.285, inclusive, and comply with sound fiduciary principles.

      (Added to NRS by 2011, 2582)