NRS387.1235. Local funds available for public schools; reserve of net proceeds from mineral extraction and royalties. [Effective November 25, 2014, if the provisions of Senate Joint Resolution No. 15 (2011) are approved and ratified by the voters at the 2014 General Election.]

      1.  Except as otherwise provided in subsection 2, local funds available are the sum of:

      (a) The amount of one-third of the tax collected pursuant to subsection 1 of NRS 387.195 for the school district for the concurrent school year; and

      (b) The proceeds of the local school support tax imposed by chapter 374 of NRS, excluding any amounts required to be remitted pursuant to NRS 360.850 and 360.855. The Department of Taxation shall furnish an estimate of these proceeds to the Superintendent of Public Instruction on or before July 15 for the fiscal year then begun, and the Superintendent shall adjust the final apportionment of the current school year to reflect any difference between the estimate and actual receipts.

      2.  The amount of the local funds computed pursuant to subsection 1 that is based on any assessed valuation attributable to the net proceeds from mineral extraction and royalties subject to the excise tax pursuant to the provisions of NRS 362.100 to 362.240, inclusive, must be held in reserve and may not be considered as local funds available until the succeeding fiscal year.

      (Added to NRS by 1977, 705; A 1979, 1243, 1588; 1983, 1906; 1999, 2925; 2003, 2941; 2005, 2080, 2375; 2007, 1560; 2013, 3139, effective November 25, 2014, if the provisions of Senate Joint Resolution No. 15 (2011) are approved and ratified by the voters at the 2014 General Election)