Nevada Economic Development Investment, Question 7 (1996)
The Nevada Economic Development Investment Question, also known as Question 7, was a legislatively-referred constitutional amendment on the November 5, 1996 election ballot in Nevada, where it was defeated.
|Question 7 (Economic Development Investment)|
Official results via: Nevada Legislative Counsel Bureau - Research Division
Text of measure
The language that appeared on the ballot:
- Shall the Nevada Constitution be amended to allow the prudent investment of state money in a company, association, or corporation to stimulate economic development or the creation of new jobs?
The language that appeared in the voter's guide:
- The Nevada Constitution prohibits the State from donating or loaning money or its credit to, or buying the stock of any company, association, or corporation, except corporations formed for educational or charitable purposes. The proposed amendment would enable the Legislature to consider and authorize the investment of state money in companies, associations, or corporations, subject to the following conditions:
- 1. That the investment supports economic development or the creation of new employment opportunities in the State; and
- 2. That the State can expect a reasonable rate of return on the investment, adjusted for the relative degree of risk.
- Each investment authorized by the Legislature must be made in cooperation with knowledgeable investors and be prudently managed. The State's participation must be on terms that are the same or more favorable than those of any private investors. The proposed amendment would require any law authorizing such investments to be approved by a two-thirds vote of each house of the Nevada Legislature.
- FISCAL NOTE
- Financial Impact - Cannot be determined. The proposal does not require any investment to be made. The amendment would simply permit the Legislature to consider proposals for investments subject to the terms and conditions in the amendment. Until specific legislation is enacted authorizing an investment, there would be no fiscal impact.