[Congressional Record Volume 150, Number 18 (Thursday, February 12, 2004)]
[Senate]
[Page S1295]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. REID (for himself and Mr. Ensign):
  S. 2085. A bill to modify the requirements of the land conveyance to 
the University of Nevada at Las Vegas Research Foundation; to the 
Committee on Energy and Natural Resources.
  Mr. REID. Mr. President, I rise today for myself and Senator Ensign 
to introduce the University of Nevada at Las Vegas Research Foundation 
Reinvestment Act, which enhances the long-term viability of the 
University of Nevada at Las Vegas by allowing proceeds from leases of 
the University of Nevada at Las Vegas Research Foundation property to 
be reinvested.
  Mr. President, through provisions of the Southern Nevada Public Land 
Management Act of 1998, the Clark County Department of Aviation 
acquired land that was formerly owned by the Federal Government. A 
subsequent law, the Clark County Conservation of Public Land and 
Natural Resources Act of 2002, transferred this land to the University 
of Las Vegas Research Foundation for construction of a research park 
and technology center.
  Under current law, only 10 percent of the proceeds from the sale, 
lease, or conveyance of this land may be reinvested. This restriction 
hinders efforts to promote research and development at the research 
park.
  Mr. President, the bill that I am introducing today amends the Clark 
County Conservation of Public Land and Natural Resources Act of 2002 to 
allow the proceeds of the Foundation's research park leases to be used 
to carry out the foundation's research mission.
  The foundation's research park and technology center in the greater 
Las Vegas area will enhance the research mission of the university, 
increasing the potential for the high-tech industry and 
entrepreneurship in the State. It provides the public with 
opportunities for high-tech education and research, and at the same 
time provides the State with opportunities for competition and economic 
development in the high-tech field. It is imperative that sufficient 
funds are always available to maintain and enhance the center.
  Mr. President, I ask unanimous consent that the full text of the bill 
be printed in the Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:

                                S. 2085

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``University of Nevada at Las 
     Vegas Research Foundation Reinvestment Act''.

     SEC. 2. CONVEYANCE TO THE UNIVERSITY OF NEVADA AT LAS VEGAS 
                   RESEARCH FOUNDATION.

       Section 702(b)(2) of Public Law 107-282 (116 Stat. 2013) is 
     amended by striking ``that if the land'' and all that follows 
     through ``conveyed by the Foundation.'' and inserting the 
     following: ``that provides that (except in a case in which 
     the gross proceeds of a sale, lease, or conveyance are 
     provided to the Foundation to carry out the purposes for 
     which the Foundation was established), if the land described 
     in paragraph (3) is sold, leased, or otherwise conveyed by 
     the Foundation--''.
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