2005 Nevada Revised Statutes - Chapter 349 — State Obligations
CHAPTER 349 - STATE OBLIGATIONS
STATE ELECTIONS FOR ISSUANCE OF BONDS
NRS 349.005 Bondquestion defined.
NRS 349.010 Submissionof proposal to issue bonds at special, primary or general election; limitationon special elections.
NRS 349.013 Publicationof notice of election; Secretary of State to certify proposal to county clerks.
NRS 349.015 Contentsof sample ballot and notice of election; consolidation with primary or generalelection.
NRS 349.017 Noticeof registration of electors for special election; hours for registration.
NRS 349.020 Ballots:Form.
NRS 349.030 Ballotboxes; mechanical recording devices for voting.
NRS 349.040 Specialelection: Appointment and duties of inspectors and clerks; election board andprecincts.
NRS 349.050 Qualificationsof electors; absent voting.
NRS 349.060 Canvassof votes; certification of results; abstract transmitted by county clerk toSecretary of State.
NRS 349.070 Approvalor rejection of bonds: Procedure.
ISSUANCE AND REDEMPTION OF SECURITIES BY STATE BOARD OFFINANCE
NRS 349.071 Powersof State Board of Finance.
NRS 349.072 StateBond Issuance Account: Creation; appropriations.
INTEREST RATES; DISCOUNTS; LIMITATION ON ISSUANCE
NRS 349.075 Definitions.
NRS 349.076 Maximumrate of interest on securities issued by State.
NRS 349.077 Discounts.
NRS 349.078 Limitationon issuance or sale after date of election.
CONSOLIDATED BOND INTEREST AND REDEMPTION FUND
NRS 349.080 Purposeof NRS 349.080 to
NRS 349.090 Creation;records of accounting.
NRS 349.100 Depositsof money in fund.
NRS 349.110 Paymentof principal, interest and charges for bonds.
NRS 349.120 Legislativeappropriations from State General Fund.
NRS 349.130 Deficienciesin Fund made up from State General Fund.
NRS 349.140 Effectof NRS 349.080 to
STATE SECURITIES LAW
NRS 349.150 Shorttitle.
NRS 349.152 Purpose;supplemental nature.
NRS 349.154 Definitions.
NRS 349.156 Acquisitionand acquire defined.
NRS 349.158 Chairmanand Chairman of the Commission defined.
NRS 349.160 Commercialbank defined.
NRS 349.162 Commissiondefined.
NRS 349.164 Condemnationand condemn defined.
NRS 349.166 Controllerdefined.
NRS 349.168 Costof any project defined.
NRS 349.169 Disposaland dispose defined.
NRS 349.1695 Equipand equipment defined.
NRS 349.170 Facilitiesdefined.
NRS 349.172 FederalGovernment defined.
NRS 349.174 Federalsecurities defined.
NRS 349.176 Governordefined.
NRS 349.178 Grossrevenues and gross pledged revenues defined.
NRS 349.180 Hereby,herein, hereinabove, hereinafter, hereinbefore, hereof, hereto,hereunder, heretofore and hereafter defined.
NRS 349.182 Holderdefined.
NRS 349.184 Improvementand improve defined.
NRS 349.186 Netrevenues and net pledged revenues defined.
NRS 349.188 Operationand maintenance expenses defined.
NRS 349.192 Pledgedrevenues defined.
NRS 349.194 Projectdefined.
NRS 349.196 Secretarydefined.
NRS 349.198 Statesecurities and securities defined.
NRS 349.200 Statedefined.
NRS 349.202 Taxationdefined.
NRS 349.204 Taxesdefined.
NRS 349.206 Treasurerdefined.
NRS 349.208 Trustbank defined.
NRS 349.210 UnitedStates defined.
NRS 349.212 Powersof State in connection with projects.
NRS 349.213 Powerof eminent domain; reimbursement of public utility for removal and relocation.
NRS 349.214 Powerof State to become obligated and issue securities for project.
NRS 349.216 Typesof securities which may be issued; series.
NRS 349.218 Notesand warrants: Maturity; extension or funding.
NRS 349.220 Temporarybonds: Conditions, terms and provisions; rights and remedies of holder.
NRS 349.222 Resolutionauthorizing issuance of securities: Description of purposes.
NRS 349.223 Saleof securities as investment to defray anticipated costs of college.
NRS 349.224 Generalobligations: Types of securities.
NRS 349.225 Generalobligation bonds subject to review and approval of State Board of Finance;exception.
NRS 349.226 Specialobligations: Types of securities.
NRS 349.227 Variablerates of interest for securities; agreement with third party for assurance ofpayment for securities; reimbursement for advances made pursuant to agreement.
NRS 349.2275 Variablerates of interest: Exemption from limitations; conclusive findings ofCommission that procedure for determination of rates is reasonable.
NRS 349.228 Securitiesissued as general obligations payable from gross revenues: Covenant requiringappropriations to pay expenses of operation and maintenance.
NRS 349.230 Securitiesissued as general obligations constitute outstanding indebtedness of State;exceptions.
NRS 349.232 Securitiesissued as special obligations do not constitute outstanding indebtedness ofState.
NRS 349.234 Recitalsrequired in state securities.
NRS 349.236 Paymentof principal of and interest on general obligation bonds from Consolidated BondInterest and Redemption Fund.
NRS 349.238 Annuallevy of special tax to pay interest on and retire securities issued as generalobligations; proceeds of tax kept in two special funds.
NRS 349.240 Timeand duration of levy of special tax.
NRS 349.242 Paymentfrom State General Fund when taxes insufficient to pay amount due on securitiesissued as general obligations; reimbursement of State General Fund.
NRS 349.244 Applicationof other available money to payment of interest on and principal of securitiesissued as general obligations.
NRS 349.248 Proceedsof taxes specially appropriated to payment of principal and interest.
NRS 349.250 Paymentof state securities not to be secured by encumbrance, mortgage or pledge ofStates property; exception.
NRS 349.251 Agreementfor exchange of payments based on interest rates for state securities issued orproposed to be issued by Commission: Conditions; rates of interest; term ofagreement; agreement does not constitute outstanding indebtedness of State;limitations on rate of interest on state securities inapplicable; money pledgedto debt service of state securities may be used to make payments required byagreement.
NRS 349.252 Recourseagainst members of Commission and state officers and agents: Acceptance ofsecurities constitutes waiver and release.
NRS 349.254 Covenantsin resolution authorizing issuance of special obligations impose no liabilityagainst State or its general credit.
NRS 349.256 Faithof State pledged against repeal, amendment or modification of State SecuritiesLaw.
NRS 349.260 Detailsof state securities provided by resolution.
NRS 349.262 Issuanceof state securities.
NRS 349.270 Securitiessold publicly to be sold to responsible bidder making best bid; equal bids.
NRS 349.274 Recitalin securities conclusive evidence of validity and regularity of issuance.
NRS 349.276 Denomination,negotiability and maturity of state securities; rate of interest.
NRS 349.278 Paymentof principal, interest and premium when due without further order.
NRS 349.280 Interestcoupons.
NRS 349.282 Execution,signing, countersigning and authentication of state securities and coupons.
NRS 349.284 Facsimilesignatures and seals.
NRS 349.286 Securitiesnot invalid because signatories cease to fill offices.
NRS 349.288 Adoptionof facsimile signature of predecessor in office.
NRS 349.290 Redemptionbefore maturity.
NRS 349.292 Repurchaseof state securities.
NRS 349.294 Useof money received from issuance of state securities.
NRS 349.296 Dispositionof unexpended balance of proceeds after completion of project.
NRS 349.298 Validityof securities not dependent on proceedings relating to project or completion ofpurpose; purchasers not responsible for application of proceeds.
NRS 349.300 Specialfunds and accounts: Creation; purposes.
NRS 349.302 Employmentof legal and other expert services; contracts for sale and other purposes.
NRS 349.303 Delegationof power of Commission to State Treasurer or his designee to sign contracts oraccept binding bids for purchase of bonds; establishment of certainrequirements and approval of certain terms by Commission for purchase of bonds.
NRS 349.304 Investmentand reinvestment of revenues and proceeds of taxes and securities in federalsecurities or certain money market mutual funds.
NRS 349.306 Covenantsand other provisions in state securities.
NRS 349.308 Pledgedrevenues received or credited subject to immediate lien; priority and validityof lien.
NRS 349.310 Rightsand powers of holders of state securities and trustees.
NRS 349.312 Receivers:Appointment; powers and duties.
NRS 349.314 Rightsand remedies cumulative.
NRS 349.316 Failureof holder to proceed does not relieve State, Commission and officers, agentsand employees of State of liability for nonperformance of duties.
NRS 349.318 Interimdebentures: Issuance for general or special obligations.
NRS 349.320 Issuanceof state securities constituting debt to fund or refund special obligations notconstituting indebtedness: Conditions; restrictions.
NRS 349.322 Interimdebentures: Maturity; use of proceeds; issuance.
NRS 349.324 Interimdebentures: Security for payment.
NRS 349.326 Interimdebentures: Extension and funding.
NRS 349.328 Interimdebentures: Funding by reissuance of bonds pledged as collateral security;issuance of other bonds.
NRS 349.330 Refundingof general and special obligation bonds: Resolution; trust indenture.
NRS 349.332 Callsfor prior redemption: Limitations.
NRS 349.334 Exchangeof outstanding securities held by State or its agencies for funding orrefunding.
NRS 349.336 Refundingof outstanding securities evidencing long-term loans.
NRS 349.338 Refundingbonds: Exchange for outstanding bonds or federal securities; public or privatesale.
NRS 349.340 Conditionsfor refunding bonds.
NRS 349.342 Refundingbonds: Disposition of proceeds; accrued interest and premium; costs; escrow;trusts.
NRS 349.344 Proceedsof refunding bonds in escrow or trust: Investment; security; sufficient amount;purchaser not responsible for application of proceeds.
NRS 349.346 Refundingbonds payable from taxes or pledged revenues.
NRS 349.348 Issuanceof bonds separately or in combination.
NRS 349.350 Otherstatutory provisions applicable to refunding bonds.
NRS 349.352 Conclusivedetermination of Commission that statutory limitations have been met.
NRS 349.354 Bondsand other securities exempt from taxation; exceptions.
NRS 349.356 Securitiesissued as general obligations are legal investments for state money.
NRS 349.358 Legalinvestments for other persons.
NRS 349.362 Sufficiencyof State Securities Law.
NRS 349.364 Liberalconstruction.
REVENUE BONDS FOR INDUSTRIAL DEVELOPMENT
NRS 349.400 Definitions.
NRS 349.405 Biomassdefined.
NRS 349.410 Boarddefined.
NRS 349.420 Bondsand revenue bonds defined.
NRS 349.425 Corporationfor public benefit defined.
NRS 349.430 Costof a project defined.
NRS 349.440 Directordefined.
NRS 349.450 Expenseof operation and maintenance defined.
NRS 349.460 Financeand financing defined.
NRS 349.470 Financingagreement defined.
NRS 349.475 Fuelcell defined.
NRS 349.480 Healthand care facility defined.
NRS 349.485 Historicstructure defined.
NRS 349.490 Mortgagedefined.
NRS 349.500 Obligordefined.
NRS 349.510 Projectdefined.
NRS 349.515 Renewableenergy defined.
NRS 349.517 Renewableenergy generation project defined.
NRS 349.520 Revenuesdefined.
NRS 349.530 Supplementalfacility for a health and care facility defined.
NRS 349.540 Warehousingdefined.
NRS 349.550 Applicabilityof definitions contained in county and city economic development revenue bondlaws.
NRS 349.555 Exerciseof powers for general welfare; liberal construction.
NRS 349.560 Legislativedeclaration.
NRS 349.565 Restrictionson Directors powers.
NRS 349.570 Generalpower of Director to issue bonds.
NRS 349.580 Prerequisitesto financing project.
NRS 349.590 Additionalprerequisites to financing project.
NRS 349.595 Prerequisitesto financing costs related to equipment for project; establishment ofguidelines.
NRS 349.597 Confidentialityof information concerning obligor.
NRS 349.600 Bondsto be special obligations.
NRS 349.610 Formand terms of bonds; sale; employment of financial and legal consultants.
NRS 349.620 Security.
NRS 349.630 Regulations.
NRS 349.640 Refunding.
NRS 349.650 Limitationof actions.
NRS 349.660 Faithof State pledged against repeal, amendment or modification of
NRS 349.670 Sufficiencyof NRS 349.400 to
REVENUE BONDS FOR FINANCING EXPORTATION OF GOODS
NRS 349.700 Legislativedeclaration.
NRS 349.710 Definitions.
NRS 349.715 Bondsdefined.
NRS 349.720 Directordefined.
NRS 349.725 Exporterdefined.
NRS 349.730 Guaranteedfunding defined.
NRS 349.735 Lossdefined.
NRS 349.740 Participatingfinancial institution defined.
NRS 349.745 Programdefined.
NRS 349.750 Director:Administration of provisions; powers; biennial report to State Board of Financeand Legislative Commission.
NRS 349.755 Director:Delegation of duties.
NRS 349.760 Transactionseligible for guaranteed funding: Criteria.
NRS 349.765 Guaranteedfunding provided to participating financial institution: Limitation on amount;finding of Director of necessity for funding; term of and interest on loan toexporter.
NRS 349.770 Investigationof credit available to exporter prerequisite for guaranteed funding.
NRS 349.775 Confidentialityof information concerning exporter.
NRS 349.780 Feescharged to participating financial institution.
NRS 349.785 Agreementsexcusing payment on guaranteed funding and loan to exporter; fee charged toexporter.
NRS 349.790 Directorsubrogated to rights of exporter and participating financial institution upondefault by exporter.
NRS 349.795 Guarantee:Not general obligation of State; limitation on termination, cancellation orrevocation; presumption of validity.
NRS 349.800 AdvisoryCommittee on Financing Exports: Creation; composition; terms of members.
NRS 349.805 AdvisoryCommittee on Financing Exports: Meetings; quorum; officers; rules; compensationand expenses.
NRS 349.810 AdvisoryCommittee on Financing Exports: Powers and duties.
NRS 349.815 Regulationsfor operation of program.
NRS 349.820 Limitationon personal liability of Director or person acting on his behalf.
NRS 349.825 Issuanceof revenue bonds: Director required to submit findings to Advisory Committee onFinancing Exports and State Board of Finance; approval of State Board ofFinance; limitation on amount of bonds.
NRS 349.830 Bonds:Special obligations of State.
NRS 349.835 Bonds:Form and terms; sale.
NRS 349.840 Bonds:Repurchase.
NRS 349.845 Bonds:Refunding.
NRS 349.850 Bonds:Legal investments.
NRS 349.855 Director:Establishment of funds and accounts; investments and deposits.
NRS 349.857 Director:Loans of securities.
NRS 349.860 Insurance.
NRS 349.865 Faithof State pledged against repeal, amendment or modification of
NRS 349.870 Sufficiencyof NRS 349.700 to
REVENUE BONDS FOR VENTURE CAPITAL
NRS 349.900 Legislativedeclaration.
NRS 349.901 Definitions.
NRS 349.902 Accountfor Venture Capital defined.
NRS 349.903 Agreementdefined.
NRS 349.904 Boarddefined.
NRS 349.905 Bondsand revenue bonds defined.
NRS 349.906 Directordefined.
NRS 349.907 Expenseof operation and maintenance defined.
NRS 349.908 Fundfor the Retirement of Bonds defined.
NRS 349.909 Managementcompany defined.
NRS 349.910 Generalpowers of Director; promotion of funds for venture capital; liberalconstruction.
NRS 349.911 Limitationon personal liability of Director or person acting on his behalf.
NRS 349.912 Director:Selection of management company; agreement; regulations; expenses of operationand maintenance; employees, advisers and consultants.
NRS 349.913 Director:Restriction on operation or management of enterprise.
NRS 349.914 Director:Allocation of proceeds of bonds.
NRS 349.915 Contentsof agreement.
NRS 349.916 Objectiveof investments for Account for Venture Capital.
NRS 349.917 Formof investments of management company; management company to be managed byexperienced person.
NRS 349.918 Prerequisitesfor management company.
NRS 349.919 Issuanceof revenue bonds: Director required to submit findings to Board; approval ofBoard; limitation on amount of bonds.
NRS 349.920 Issuanceof bonds: Findings of Director and Board.
NRS 349.921 Bonds:Safety as to repayment of principal and interest; Fund for Retirement of Bonds;investment of money in Fund.
NRS 349.922 Bonds:Special obligations of State.
NRS 349.923 Bonds:Form and terms; sale.
NRS 349.924 Bonds:Regulations for investment and reinvestment of proceeds and management ofproceeds by banks or trust companies.
NRS 349.925 Bonds:Refunding.
NRS 349.926 Limitationof actions.
NRS 349.927 Faithof State pledged against repeal, amendment or modification of
NRS 349.928 Sufficiencyof NRS 349.900 to
NRS 349.929 Accountfor Venture Capital to be entrusted to management company; proceeds of bondsmay be entrusted to another management company.
FINANCING OF WATER PROJECTS
NRS 349.935 Definitions.
NRS 349.936 Boarddefined.
NRS 349.937 Costof a water project defined.
NRS 349.938 Directordefined.
NRS 349.939 Expenseof operation and maintenance defined.
NRS 349.940 Mortgagedefined.
NRS 349.941 Obligordefined.
NRS 349.942 Revenuebonds defined.
NRS 349.943 Statesecurities defined.
NRS 349.944 Taxdefined.
NRS 349.945 Waterproject defined.
NRS 349.946 Generalpowers of Director; adoption of regulations.
NRS 349.947 Liberalconstruction.
NRS 349.948 Prerequisitesfor financing water projects.
NRS 349.949 Formsand terms of bonds; sale; employment of financial and legal consultants.
NRS 349.950 Issuanceof state securities or revenue bonds: Limitation on amount; payment;legislative declaration.
NRS 349.951 Directormay charge fee against obligor; use of proceeds.
NRS 349.952 Accountfor the Financing of Water Projects: Deposits; application of revenue;investment of money from revenue bonds.
NRS 349.953 Refunding.
NRS 349.954 Limitationof actions.
NRS 349.955 Faithof State pledged against repeal, amendment or modification of
NRS 349.956 Exemptionof water projects from requirements of other statutes.
NRS 349.957 Boardfor Financing Water Projects: Creation; members.
NRS 349.958 Boardfor Financing Water Projects: Compensation of members.
NRS 349.959 Boardfor Financing Water Projects: Election of Chairman; meetings.
NRS 349.960 StateEngineer may advise Board; State Engineer and Director may assist inpreparation of preliminary plan.
NRS 349.961 Waterprojects: Preliminary plan; approval.
GRANTS FOR CAPITAL IMPROVEMENTS TO PUBLICLY OWNED WATERSYSTEMS
NRS 349.980 Definitions.
NRS 349.981 Programto provide grants for water conservation and capital improvements to certainwater systems; sole discretion of Board to determine who receives grants.
NRS 349.982 Powersand duties of Board for Financing Water Projects: Administration of program;adoption of regulations; use of money in Fund to defray certain costs andexpenses; imposition of administrative fee.
NRS 349.983 Purveyorsof water that are eligible to receive grants; preference for smaller systems;matching money from other sources.
NRS 349.984 Fundfor Grants for Water Conservation, Capital Improvements to Certain WaterSystems and Improvements to Certain Sewage Disposal Systems: Creation; use;payment of claims.
NRS 349.985 Fundfor Grants for Water Conservation and Capital Improvements to Certain WaterSystems: Deposit of money; interest and income credited to Fund.
NRS 349.986 Generalobligation bonds.
NRS 349.987 Applicabilityof State Securities Law and certain provisions governing financing of waterprojects.
_________
STATE ELECTIONS FOR ISSUANCE OF BONDS
NRS
(Added to NRS by 1975, 856; A 1993, 1065)
NRS
1. Whenever the State of Nevada proposes to issuebonds or provide for loans in any amount which does not contravene the limit ofindebtedness provided by the Constitution of the State of Nevada, the proposalfor the bond issue or loan may be submitted to the electors of the State at aspecial, primary or general election.
2. A special election may be held only if the StateBoard of Finance determines, by a unanimous vote, that an emergency exists. Thedetermination made by the Board is conclusive unless it is shown that the Boardacted with fraud or a gross abuse of discretion. An action to challenge thedetermination made by the Board must be commenced within 15 days after theBoards determination is final. As used in this subsection, emergency meansany unexpected occurrence or combination of occurrences which requiresimmediate action by the State Board of Finance to prevent or mitigate asubstantial financial loss to the State or to enable the State to provide anessential service to the residents of the State.
[Part 2:70:1937; A 1956, 219](NRS A 1959, 240; 1969,1584; 1975, 856; 1993, 1065; 1995, 2236)
NRS
1. Whenever the State has ordered a bond election, theclerk of each county in the State shall cause notice of the election to bepublished in some newspaper printed in and having a general circulation in thecounty once in each calendar week for 2 successive calendar weeks by two weeklyinsertions a week apart, the first publication to be not more than 30 days norless than 22 days next preceding the date of the election.
2. If no newspaper is printed in the county, thenpublication of the notice of election shall be made in some newspaper printedin the State of Nevada and having a general circulation in the county.
3. The Secretary of State shall certify to each countyclerk the proposal for the bond issue or loan at least 40 days prior to theelection.
(Added to NRS by 1969, 1584)
NRS
1. Except as otherwise provided in subsection 3, thesample ballot required to be mailed pursuant to
(a) The time and places of holding the election.
(b) The hours during the day in which the polls will beopen, which must be the same as provided for general elections.
(c) The purposes for which the bonds are to be issued.
(d) A disclosure of any:
(1) Future increase or decrease in costs whichcan reasonably be anticipated in relation to the purposes for which theobligations are to be issued and its probable effect on the tax rate; and
(2) Requirement relating to the bond questionwhich is imposed pursuant to a court order or state or federal statute and theprobable consequences which will result if the bond question is not approved bythe voters.
(e) An estimate of the annual cost to operate, maintainand repair any buildings, structures or other facilities or improvements to beconstructed or acquired with the proceeds of the bonds.
(f) The maximum amount of the bonds.
(g) The maximum rate of interest.
(h) The maximum number of years which the bonds are torun.
2. Any election called pursuant to
3. If the election is consolidated with a generalelection, the notice of election need not set forth the places of holding theelection, but may instead state that the places of holding the election will bethe same as those provided for the general election.
(Added to NRS by 1969, 1584; A 1987, 1468; 1993,1065, 1418; 1995, 554; 1997, 3476)
NRS
1. If the bond question is submitted at a generalelection, no notice of registration of electors is required other than thatrequired by the laws for a general election.
2. If the bond question is submitted at a specialelection, the clerk of each county shall cause to be published,
3. Except as otherwise provided in subsection 4, theoffice of the county clerk in each county of this State must be open for such aspecial election, from 9 a.m. to 12 m. and 1 p.m. to 5 p.m. on Mondays throughFridays, with Saturdays, Sundays and legal holidays excepted, for theregistration of any qualified elector.
4. The office of the county clerk must be open from 9a.m. to 5 p.m. and from 7 p.m. to 9 p.m. on Monday through Saturday, withSundays and any legal holidays excepted, during the last days of registrationas provided in subsection 2 of NRS 293.560.
5. The office of the county clerk must be open forregistration of voters for such a special election up to but excluding the 30thday next preceding that election and during regular office hours.
(Added to NRS by 1969, 1584; A 1971, 91; 1973, 559;1975, 856; 1997, 3476)
1. The election officers of the State who are chargedwith the duty of providing for and conducting the election shall provideprinted ballots for the use of the voters entitled to vote at the election. Anybond question may be submitted on the same ballot as otherwise used at theelection, if any, or may be submitted by separate ballot, as the commission,board or other agency of the State ordering the submission of the bondquestion, if any, or otherwise the Secretary of State, may determine.
2. There shall be printed on all ballots:
(a) Instructions respecting the manner of marking theballots.
(b) A statement of the proposal to be voted upon. Nodefect in the statement other than in the statement of the maximum amount ofthe bonds to be authorized shall invalidate the bonds.
[Part 3:70:1937; A 1953, 322](NRS A 1971, 92)
NRS
1. The election officers of the State who are chargedwith the duty of providing for and conducting the election shall provide oneballot box at each polling place for the purpose of the election. If a bondelection is held in conjunction with a general election or any other electionfor other than the submission of the bond question, the same single ballot boxmust be used at each polling place.
2. Notwithstanding any other provision of
[Part 3:70:1937; A 1953, 322](NRS A 1969, 1585;1971, 92; 1987, 1378)
NRS
1. When a special election is called, on or before 15days before the date of the election the several boards of county commissionersof this state shall, subject to the provisions of subsection 3, select andappoint suitable persons, who shall be citizens and qualified voters in theState, county and in the precinct where they are appointed, to act asinspectors and clerks of the election.
2. The inspectors and clerks of the election shall:
(a) Be selected, appointed and paid, if payment isclaimed, as provided by law; and
(b) Perform such duties in holding the election and inmaking due return thereof as are required by the general election laws of thisstate, so far as the same are not inconsistent with or in conflict with theprovisions of NRS 349.010 to
3. Only one election board shall be appointed for eachvoting precinct in the State. For the purposes of the special election, theseveral boards of county commissioners, in providing for and proclaiming theelection precincts, shall divide their respective counties into any number ofvoting precincts as they may deem necessary without regard to the number ofqualified voters in any one precinct.
[4.5:70:1937; added 1956, 219]
NRS
1. Every citizen of the United States, 18 years of ageor over, who has resided in the State and in the county 30 days next precedingsuch election, is entitled to vote at the election if he has complied with theregistration laws of this state.
2. The provisions of the election laws of this staterelating to absent voting shall apply to all bond elections under
3. Subsection 1 does not exclude the registration ofeligible persons whose 18th birthday or the date of whose completion of therequired residence occurs on or before the election at which is submitted theproposal for a bond issue or otherwise for the incurrence of a loan under
[Part 4:70:1937; A 1953, 322; 1955, 162](NRS A 1969,1585; 1971, 92, 1267; 1975, 856)
NRS
1. Immediately after the closing of the polls, theelection officers shall proceed to canvass the ballots.
2. The results disclosed by the canvass shall becertified by the election officers of each county to the county clerk.
3. The board of county commissioners of each countyshall open the returns of votes cast, make abstracts of the votes, and causethe county clerk to make a copy of such abstract and to transmit the same tothe Secretary of State as provided by the election laws of the State.
[Part 4:70:1937; A 1953, 322; 1955, 162](NRS A 1969,1586)
NRS
1. If a majority of the electors voting on the bondquestion is in favor of the issuance of the bonds, the proposal to issue themshall have been carried, and the proper officers of the State shall, in themanner provided by law or in the manner expressed in the notice of the election,proceed to complete the printing, execution, advertisement and sale of thebonds.
2. If the majority of the electors voting on the bondquestion is against the issuance of the bonds, the proposal to issue them shallhave failed, and the proper officers of the State shall proceed no further withthe printing, execution, advertisement or sale of the bonds, but they shallcertify the result of the election to the proper officers, board or governingboard of the State.
[Part 4:70:1937; A 1953, 322; 1955, 162](NRS A 1971,94)
ISSUANCE AND REDEMPTION OF SECURITIES BY STATE BOARD OFFINANCE
NRS
1. The State Board of Finance may issue and redeemsecurities on behalf of the State, when such issue is authorized by law, in themanner provided by the State Securities Law.
2. The State Board of Finance constitutes thesuccessor of the State Board of Examiners, the State General Obligation BondCommission and any similar commission created before April 25, 1967.
3. In connection with any outstanding state securitiesissued on behalf of the State of Nevada by the State Board of Examiners, theState General Obligation Bond Commission or any such predecessor commission,the State Board of Finance may fund, refund and reissue such securities and mayotherwise exercise on behalf of the State the supplemental powers provided inthe State Securities Law.
(Added to NRS by 1967, 1380; A 1973, 1471; 1995,2237)
NRS
(Added to NRS by 1967, 1380; A 1971, 373; 1973, 1472)
INTEREST RATES; DISCOUNTS; LIMITATION ON ISSUANCE
NRS
1. Par means the principal amount of a security plusthe accrued interest thereon from the date of the bonds to the date of deliveryand full payment.
2. Security means a bond or other evidence ofindebtedness.
(Added to NRS by 1967, 218)
NRS
1. For general obligations, the Index of Twenty Bonds;and
2. For special obligations, the Index of RevenueBonds,
which wasmost recently published before the bids are received or a negotiated offer isaccepted.
(Added to NRS by 1967, 218; A 1969, 1288; 1971, 2110;1975, 857; 1981, 1399; 1983, 570)
NRS
(Added to NRS by 1967, 218; A 1969, 1288; 1971, 2110;1975, 857; 1981, 1399; 1983, 570)
NRS
(Added to NRS by 1967, 219)
CONSOLIDATED BOND INTEREST AND REDEMPTION FUND
NRS
[4:197:1939; 1931 NCL 7056.03]
NRS
[1:197:1939; 1931 NCL 7056](NRS A 1985, 711)
NRS
[2:197:1939; 1931 NCL 7056.01]
NRS
[3:197:1939; 1931 NCL 7056.02](NRS A 1965, 55;1967, 158)
NRS
1. For each biennium, moneys must be provided bydirect legislative appropriation from the State General Fund sufficient inamount to meet the bond interest and redemption requirements of the State ofNevada, as designated by the various issues of bonds for which the faith of theState of Nevada has been or may hereafter be pledged. The amount must bedetermined by the Legislature from time to time so as to effectuate thepurposes of NRS 349.080 to
2. All moneys so appropriated must be placed in theConsolidated Bond Interest and Redemption Fund. All moneys so appropriated andplaced are hereby expressly set apart and appropriated to discharge theobligations of the State of Nevada for bond interest and redemption of bondsissued before, on or after March 28, 1939.
[5:197:1939; 1931 NCL 7056.04](NRS A 1957, 232;1997, 1610)
NRS
[6:197:1939; 1931 NCL 7056.05](NRS A 1957, 233)
NRS
[7:197:1939; 1931 NCL 7056.06]
STATE SECURITIES LAW
NRS
(Added to NRS by 1967, 771; A 1985, 2088; 1993, 2279;1995, 2237; 1997, 1291, 3012)
NRS
(Added to NRS by 1967, 771)
NRS
(Added to NRS by 1967, 771)
NRS
(Added to NRS by 1967, 771)
NRS
(Added to NRS by 1967, 771)
NRS
1. A state or national bank or trust company that is amember of the Federal Deposit Insurance Corporation, including, withoutlimitation, a branch of the Federal Reserve Bank.
2. A credit union whose deposits are insured by theNational Credit Union Share Insurance Fund or by a private insurer approvedpursuant to NRS 678.755.
(Added to NRS by 1967, 771; A
NRS
(Added to NRS by 1967, 771; A 1973, 1472; 1995, 2237)
NRS
(Added to NRS by 1967, 771; A 1985, 276)
NRS
(Added to NRS by 1967, 772)
NRS
1. Preliminary expenses advanced by the State fromfunds available for use therefor, or advanced by the Federal Government, orfrom any other source, with the approval of the Commission or any board orother agency of the State responsible for the project or defraying the costthereof, or any combination thereof;
2. The costs in the making of surveys, audits,preliminary plans, other plans, specifications, estimates of costs and otherpreliminaries;
3. The costs of premiums on builders risk insuranceand performance bonds, or a reasonably allocable share thereof;
4. The costs of appraising, printing, estimates,advice, services of engineers, architects, financial consultants, attorneys atlaw, clerical help or other agents or employees;
5. The costs of making, publishing, posting, mailingand otherwise giving any notice in connection with a project, the filing orrecordation of instruments, the taking of options, the issuance of bonds andother securities, and bank fees and expenses;
6. The cost of contingencies;
7. The costs of the capitalization with proceeds ofbonds or other securities issued hereunder of any operation and maintenanceexpenses appertaining to any facilities to be acquired as a project and of anyinterest on bonds or other securities for any period not exceeding the periodestimated by the Commission to effect the project plus 1 year, of any discounton bonds or other securities, and of any reserves for the payment of theprincipal of and interest on the bonds or other securities, or any replacementexpenses, and of any other cost of issuance of the bonds or other securities;
8. The costs of amending any resolution or otherinstrument authorizing the issuance of or otherwise appertaining to outstandingbonds or other securities of the State;
9. The costs of funding any short-term financing,construction loans and other temporary loans of not exceeding 5 yearsappertaining to a project and of the incidental expenses incurred in connectionwith such loans;
10. The costs of any properties, rights, easements orother interests in properties, or any licenses, privileges, agreements andfranchises;
11. The costs of demolishing, removing or relocatingany buildings, structures or other facilities on land acquired for any project,and of acquiring lands to which such buildings, structures or other facilitiesmay be moved or relocated; and
12. All other expenses necessary or desirable andappertaining to a project, as estimated or otherwise ascertained by thecommission.
(Added to NRS by 1967, 772; A 1975, 857)
NRS
(Added to NRS by 1971, 2109)
NRS
(Added to NRS by 1971, 2110)
NRS
(Added to NRS by 1967, 773)
NRS
(Added to NRS by 1967, 773)
NRS
(Added to NRS by 1967, 773)
NRS
(Added to NRS by 1967, 773)
NRS
(Added to NRS by 1967, 773)
NRS
(Added to NRS by 1967, 773)
NRS
(Added to NRS by 1967, 773)
NRS
(Added to NRS by 1967, 774)
NRS
(Added to NRS by 1967, 774)
NRS
1. Operation and maintenance expenses, or any phraseof similar import, means all reasonable and necessary current expenses of theState, paid or accrued, of operating, maintaining and repairing the facilitiesor of levying, collecting and otherwise administrating any excise taxespertaining to the pledged revenues for the payment of the bonds or othersecurities issued hereunder; and the term may include at the Commissionsoption (except as limited by contract or otherwise limited by law), withoutlimiting the generality of the foregoing:
(a) Engineering, auditing, reporting, legal and otheroverhead expenses of the various state departments directly related andreasonably allocable to the administration of the facilities;
(b) Fidelity bond and property and liability insurancepremiums appertaining to the facilities, or a reasonably allocable share of apremium of any blanket bond or policy pertaining to the facilities;
(c) Payments to pension, retirement, health andhospitalization funds and other insurance;
(d) Any taxes, assessments, excise taxes or othercharges which may be lawfully imposed on the State, any facilities, revenuestherefrom, or any privilege in connection with any facilities or theiroperation;
(e) The reasonable charges of any paying agent, orcommercial bank, trust bank or other depositary bank appertaining to anysecurities issued by the State or appertaining to any facilities;
(f) Contractual services, professional services,salaries, other administrative expenses, and costs of materials, supplies,repairs and labor, appertaining to the issuance of any state securities and toany facilities, including without limitation the expenses and compensation ofany trustee, receiver or other fiduciary under the State Securities Law;
(g) The costs incurred by the Commission in thecollection and any refunds of all or any part of the pledged revenues,including without limitation revenues appertaining to any facilities;
(h) Any costs of utility services furnished to thefacilities by the State or otherwise;
(i) Any lawful refunds of any pledged revenues;
(j) Reasonable allowances for the depreciation offurniture and equipment for the facilities; and
(k) All other administrative, general and commercialexpenses.
2. The term operation and maintenance expenses doesnot include:
(a) Any allowance for depreciation, except as otherwiseprovided in paragraph (j) of subsection 1 of this section;
(b) Any costs of reconstruction, improvements,extensions or betterments;
(c) Any accumulation of reserves for capitalreplacements;
(d) Any reserves for operation, maintenance or repairof any facilities;
(e) Any allowance for the redemption of any bond orother state security evidencing a loan or other obligation or for the paymentof any interest thereon;
(f) Any liabilities incurred in the acquisition orimprovement of any properties comprising any project or any existingfacilities, or any combination thereof; and
(g) Any other ground of legal liability not based oncontract.
(Added to NRS by 1967, 774)
NRS
1. May include at the Commissions discretion moneysderived from one, all or any combination of revenue sources appertaining to anyfacilities, including without limitation use and service charges, rents, feesand any other income derived from the operation or ownership of, from the useor services of, or from the availability of or services appertaining to, thelease of, any sale or other disposal of, any contract or other arrangement, orotherwise derived in connection with any facilities or all or any part of anyproperty appertaining to any facilities;
2. May so include all loans, grants or contributionsto the State, if any, conditional or unconditional, from the Federal Governmentfor the payment of the principal of, the interest on, and any prior redemptionpremiums due in connection with any state securities issued hereunder, or anycombination thereof; and
3. May so include the proceeds of any excise taxeslevied and collected by the State and authorized by law (other than the StateSecurities Law) to be pledged for the payment of state securities issued inaccordance with the provisions of the State Securities Law, but excluding theproceeds of any taxes as defined in NRS349.204.
(Added to NRS by 1967, 775; A 1971, 2110)
NRS
(Added to NRS by 1967, 775)
NRS
(Added to NRS by 1967, 775)
NRS
(Added to NRS by 1967, 775)
NRS
(Added to NRS by 1967, 775; A 1971, 2110; 1995, 815)
NRS
(Added to NRS by 1967, 775; A 1969, 1586; 1989, 2107;1991, 1710)
NRS
(Added to NRS by 1967, 775)
NRS
(Added to NRS by 1967, 775)
NRS
1. A commercial bank as defined in
2. A branch of the Federal Reserve Bank.
3. A credit union whose deposits are insured by theNational Credit Union Share Insurance Fund or by a private insurer approvedpursuant to NRS 678.755 that isauthorized to exercise and is exercising trust powers.
(Added to NRS by 1967, 775; A
NRS
(Added to NRS by 1967, 775; A 1971, 2110)
NRS
1. Sue and be sued;
2. Acquire and hold real or personal property, orrights or interests therein, and water rights;
3. Dispose of unnecessary or obsolete property, orproperty obtained for persons or political subdivisions within the State,including without limitation water or water rights, or rights or interests inany such property;
4. Make contracts and execute all instrumentsnecessary or convenient, as determined by the Commission;
5. Acquire by contract or contracts or by its ownagents and employees or otherwise acquire any properties for any project orprojects, and operate and maintain such properties; and
6. Accept grants of money or materials or property ofany kind from the Federal Government, the State, any agency or politicalsubdivision thereof, or any person, upon such terms and conditions as theFederal Government, the State or such agency or political subdivision or personmay impose.
(Added to NRS by 1967, 775)
NRS
1. The Commission may:
(a) Exercise on behalf of the State the power ofeminent domain in the manner provided in chapter37 of NRS, except as herein otherwise provided;
(b) Take any property necessary to carry out any of theobjects or purposes concerning such a project, whether the property is alreadydevoted to the same use by any person (but not the Federal Government, theState or any other body corporate and politic); and
(c) Condemn any existing works or improvements of anysuch person now or hereafter used.
2. The power of eminent domain vested in theCommission includes the power to condemn, in the name of the State, either thefee simple or any lesser estate or interest in any real property which theCommission by resolution determines is necessary for carrying out the purposeshereof. The resolution is prima facie evidence that the taking of the feesimple, easement or other interest, as the case may be, is necessary. TheCommission shall not abandon any condemnation proceedings after the date uponwhich it has taken possession of the property being acquired.
3. If the construction or other acquisition of anyproject, or any part thereof, makes necessary the removal and relocation of anypublic utilities, whether on private or public right-of-way, or otherwise, theCommission shall reimburse the owner of the public utility facility for theexpense of removal and relocation, including the cost of any necessary land orrights in land, except where the cost of removal and relocation is or has beenconsidered a proper element of just compensation in any settlement bynegotiation or in any eminent domain proceeding.
(Added to NRS by 1985, 275)
NRS
(Added to NRS by 1967, 776)
NRS
1. Notes, evidencing any amount borrowed by the State;
2. Warrants, evidencing the amount due to any personfor any services or supplies, equipment or other materials furnished to or forthe benefit of the State and appertaining to a project;
3. Bonds, evidencing any amount borrowed by the Stateand constituting long-term financing;
4. Temporary bonds, pending the preparation of andexchangeable for definitive bonds of like character and in like principalamount when prepared and issued in compliance with the conditions andlimitations herein provided; and
5. Interim debentures, evidencing any short-termfinancing, construction loans, and other temporary loans of not exceeding 5years, in supplementation of long-term financing and the issuance of bonds, asprovided in NRS 349.318 to
(Added to NRS by 1967, 776; A 1975, 858)
NRS
(Added to NRS by 1967, 776)
NRS
(Added to NRS by 1967, 776)
NRS
(Added to NRS by 1967, 777)
NRS
1. A particular issue of state securities may be soldas an investment for the purpose of accumulating money for the future generallyor to defray prospectively the anticipated costs of college if:
(a) The resolution authorizing its issuance states thatpurpose and the State Board of Finance approves the sale for that purpose; and
(b) The resolution for issuance provides for thepayment of compound interest on the securities.
2. The resolution authorizing the issuance ofsecurities for the purposes described in subsection 1:
(a) May describe the securities by a designationincluding the word saving or the phrase saving for college;
(b) Must include a disclaimer that the State does notguarantee that the amount received at maturity will be adequate to meet thecosts of college or other intended purpose; and
(c) Must include a disclaimer that the State does notguarantee the price for which a security may be sold before it matures.
(Added to NRS by 1993, 2279; A 1995, 2237)
NRS
1. Notes;
2. Warrants;
3. Interim debentures;
4. Bonds; and
5. Temporary bonds,
payable fromtaxes, or payable from taxes and additionally securing such payment by a pledgeof net revenues or gross revenues, as the Commission may determine, except asmay be otherwise provided in any act supplemental hereto.
(Added to NRS by 1967, 777)
NRS
(Added to NRS by 1995, 2236; A
NRS
1. Notes;
2. Warrants;
3. Interim debentures;
4. Bonds; and
5. Temporary bonds,
inanticipation of net pledged revenues but not under any circumstances undertheir terms and the proceedings authorizing their issuance in anticipation oftaxes nor in anticipation of gross pledged revenues. Such special obligationstate securities may be payable from, secured by a pledge of, and constitute alien on net pledged revenues.
(Added to NRS by 1967, 777)
NRS
1. The act or resolution authorizing the issuance ofany state securities or any trust indenture or other instrument appertainingthereto may fix a rate or rates of interest or provide for the determination ofthe rate or rates from time to time by a designated agent according to theprocedure specified in that resolution or other instrument. The rate sodetermined must approximate the rates then being paid for other securitieswhich contain similar provisions and have an equivalent rating. The Commissionmay contract with or select any person to make that determination.
2. The Commission may enter into an agreement with athird party for an assurance of payment of the principal of, the interest on,or premiums, if any, due in connection with any state securities issued by theCommission. The obligation of the Commission to reimburse that third party forany advances made pursuant to that agreement may be provided in that agreement,recited in those securities or evidenced by another instrument as designated inthe act or resolution authorizing the issuance of those securities or any otherinstrument appertaining thereto. The Commission may assign its rights underthat agreement.
(Added to NRS by 1985, 2088)
NRS
(Added to NRS by 1985, 2088)
NRS
(Added to NRS by 1967, 777)
NRS
1. For the purpose of defraying extraordinaryexpenses, as mentioned in the last sentence of the first paragraph of Section 3of Article 9 of the Constitution; or
2. For one of the purposes mentioned in the secondparagraph of that section.
(Added to NRS by 1967, 777; A 1977, 795)
NRS
(Added to NRS by 1967, 777)
NRS
1. State securities issued hereunder and constitutingspecial obligations shall recite in substance that the securities and theinterest thereon are payable solely from the net revenues pledged to thepayment thereof.
2. State securities issued hereunder and constitutinggeneral obligations shall pledge the full faith and credit of the State fortheir payment, shall so state, and shall state that they are payable fromtaxes.
3. General obligation state securities the payment ofwhich is additionally secured by a pledge of revenues shall recite insubstance, in addition to the statements required by subsection 2 of thissection, that the payment of the securities and the interest thereon isadditionally secured by a pledge of the net revenues or the gross revenues, asthe case may be, designated in the securities.
(Added to NRS by 1967, 777)
NRS
(Added to NRS by 1967, 778; A 1969, 1587)
NRS
1. There must be levied annually a special tax on allproperty, both real and personal, subject to taxation within the boundaries ofthe State of Nevada, fully sufficient together with the revenue which willresult from application of the rate to the net proceeds of minerals, withoutregard to any statutory limitations now or hereafter existing, to pay theinterest on the general obligation state securities and to pay and retire thesecurities as provided in the State Securities Law and in any act supplementalhereto. The amount of money to be raised by the tax must be included in theannual estimate or budget for each county in the state for each year for whichthe tax is hereby required to be levied. The tax must be levied and collectedin the same manner and at the same time as other taxes are levied andcollected.
2. The proceeds thereof levied to pay interest on thesecurities must be kept by the State Treasurer in a special fund, separate andapart from all other funds, and the proceeds of the tax levied to pay theprincipal of the securities must be kept by the Treasurer in a special fund,separate and apart from all other funds. The two special funds must be used forno other purpose than the payment of the interest on the securities and theprincipal thereof, respectively, when due.
(Added to NRS by 1967, 778; A 1989, 44)
NRS
(Added to NRS by 1967, 778; A 1975, 858)
NRS
(Added to NRS by 1967, 778)
NRS
(Added to NRS by 1967, 778)
NRS
(Added to NRS by 1967, 779)
NRS
(Added to NRS by 1967, 779)
NRS
1. A Commission that has issued or proposes to issuestate securities may enter into an agreement for an exchange of payments basedon interest rates as provided in this section if it finds that such anagreement would be in the best interest of the State.
2. A Commission may enter into an agreement toexchange payments based on interest rates only if:
(a) The long-term debt obligations of the person withwhom the Commission enters the agreement are rated A or better by anationally recognized rating agency; or
(b) The obligations pursuant to the agreement of theperson with whom the Commission enters the agreement are:
(1) Guaranteed by a person whose long-term debtobligations are rated A or better by a nationally recognized rating agency;or
(2) Collateralized by obligations deposited withthe Commission or an agent of the Commission which would be legal investmentsfor the State pursuant to NRS 355.140and which have a market value at the time agreement is made of not less thanthe principal amount upon which the exchange of payments based on interestrates is based.
3. A Commission may agree, with respect to securitiesthat the Commission has issued or proposes to issue bearing interest at avariable rate, to pay sums equal to interest at a fixed rate or rates or at adifferent variable rate determined pursuant to a formula set forth in theagreement on an amount not to exceed the principal amount of the statesecurities with respect to which the agreement is made, in exchange for anagreement to pay sums equal to interest on the same principal amount at a variablerate determined pursuant to a formula set forth in the agreement.
4. A Commission may agree, with respect to securitiesthat the Commission has issued or proposes to issue bearing interest at a fixedrate or rates, to pay sums equal to interest at a variable rate determinedpursuant to a formula set forth in the agreement on an amount not to exceed theoutstanding principal amount of the state securities with respect to which theagreement is made, in exchange for an agreement to pay sums equal to intereston the same principal amount at a fixed rate or rates set forth in theagreement.
5. The term of an agreement entered into pursuant tothis section must not exceed the term of the state securities with respect towhich the agreement was made.
6. An agreement entered into pursuant to this sectionis not a debt or indebtedness of the State for the purposes of any limitationupon the indebtedness of the State or any requirement for an election withregard to the issuance of securities that is applicable to the State.
7. Limitations upon the rate of interest on a statesecurity do not apply to interest paid pursuant to an agreement entered intopursuant to this section.
8. A Commission which has entered into an agreementpursuant to this section with respect to those securities may treat the amountor rate of interest on the securities as the amount or rate of interest payableafter giving effect to the agreement for the purpose of calculating:
(a) Rates and charges of a revenue-producing enterprisewhose revenues are pledged to or used to pay state securities;
(b) Statutory requirements concerning revenue coveragethat are applicable to state securities;
(c) Tax levies to pay debt service on state securities;and
(d) Any other amounts which are based upon the rate ofinterest of state securities.
9. Subject to covenants applicable to the securities,any payments required to be made by the Commission under the agreement may bemade from money pledged to pay debt service on the securities with respect towhich the agreement was made or from any other legally available source.
(Added to NRS by 1997, 1289)
NRS
(Added to NRS by 1967, 779; A 1975, 858)
NRS
(Added to NRS by 1967, 779)
NRS
(Added to NRS by 1967, 779)
NRS
1. In such a form;
2. Issued in such a manner, at, above or below par ata discount not exceeding 9 percent of the principal amount of the securities,and at a price which will result in an effective interest rate which does notexceed the limit provided in NRS 349.076;
3. Issued with such provisions:
(a) For the application of any accrued interest and anypremium from the sale of any bonds or other state securities hereunder asprovided in NRS 349.294;
(b) For the registration of the bonds or othersecurities for payment as to principal only, or as to both principal andinterest, at the option of any holder of a bond or other security, or forregistration for payment only in either manner designated;
(c) For the endorsement of payments of interest on thebonds or other securities or for reconverting the bonds or other securitiesinto coupon bonds or other coupon securities, or both for such endorsement andsuch reconversion, where any bond or other security is registered for payment asto interest; and where interest accruing on the securities is not representedby interest coupons the securities may provide for the endorsing of payments ofinterest thereon;
(d) For the endorsement of payments of principal on thebonds or other securities, where any bond or other securities are registeredfor payment as to principal;
(e) For the initial issuance of one or more bonds orother securities aggregating the amount of the entire issue or any portionthereof, and the endorsement of payments of interest or principal, or bothinterest and principal, on the securities;
(f) For the manner and circumstances in and under whichany such bond or other securities may in the future, at the request of theholder thereof, be converted into bonds or other securities of larger orsmaller denominations, which bonds or other securities of larger or smallerdenominations may in turn be either coupon bonds or other coupon securities or bondsor other securities registered for payment, or coupon bonds or other couponsecurities with provisions for registration for payment;
(g) For the reissuance of any outstanding bonds orother securities, and the terms and conditions thereof, whether lost,apparently destroyed, wrongfully taken, or for any other reason, as provided inthe Uniform Commercial CodeInvestment Securities, or otherwise;
(h) For the deposit of money, federal securities orother securities of the Federal Government, or both money and such securities,with and securing their repayment by a commercial bank or commercial bankswithin or without or both within and without this state; and
(i) For the payment of costs or expenses incident tothe enforcement of the securities or of the provisions of the resolution or ofany covenant or contract with the holders of the securities; and
4. Issued otherwise with such recitals, terms,covenants, conditions and other provisions,
as may beprovided by the Commission in a resolution authorizing their issuance and inany indenture or other proceedings appertaining thereto.
(Added to NRS by 1967, 780; A 1969, 1289; 1971, 2111;1975, 859; 1981, 1399; 1983, 570)
NRS
1. Notwithstanding the provisions of any other law,notes or bonds may be issued at public or private sale.
2. Warrants may be issued to evidence the amount dueto any person furnishing services or materials as provided in the StateSecurities Law.
3. Temporary bonds must be issued to a purchaser ofthe definitive bonds in anticipation of the exchange of the former for thelatter.
4. Interim debentures may be issued at public orprivate sale.
(Added to NRS by 1967, 781; A 1971, 2112; 1973, 559;1989, 2182)
NRS
1. If securities are sold publicly and subject to theright of the Commission to reject any and all bids, the securities must be soldto the responsible bidder making the best bid.
2. If there are two or more equal bids for thesecurities and such equal bids are the best bids received and not less than theprincipal amount of the securities and accrued interest, except for anypermitted discount, the Commission shall determine which bid must be accepted.
(Added to NRS by 1967, 782; A 1969, 1587; 1997, 3012)
NRS
(Added to NRS by 1967, 782)
NRS
1. As the Commission may determine, any bonds andother state securities issued hereunder, except as otherwise provided in theConstitution of the State, or in the State Securities Law, or in any actsupplemental thereto, must:
(a) Be of a convenient denomination or denominations;
(b) Be fully negotiable within the meaning of and forall the purposes of the Uniform Commercial CodeInvestment Securities;
(c) Mature at such a time or serially at such times inregular numerical order at annual or other designated intervals in such amountsas designated and fixed by the Commission;
(d) Be made payable in lawful money of the UnitedStates, at the office of the treasurer or any commercial bank or commercialbanks within or without or both within and without the State as may be providedby the Commission; and
(e) Be printed at such a place within or without thisstate, as the Commission may determine.
2. Any such bonds or other state securities must bearinterest at a rate or rates which do not exceed the limit provided in
(a) If the security constitutes a debt subject to thelimitations stated in the first paragraph of Section 3 of Article 9 of theConstitution of this state, not less often than semiannually.
(b) If the security does not constitute a debt or isissued for the protection and preservation of the States property or naturalresources or for the purpose of obtaining the benefits thereof, at intervalswhich the Commission shall designate, and the first interest payment may be foranother period.
3. General obligation bonds must mature within 20years from their date or within 20 years from the date of passage of the actauthorizing their issuance or the issuance of any securities funded or refundedthereby, whichever limitation is shorter; but any bonds constituting a debtwhich is not subject to the limitations stated in the first paragraph ofSection 3 of Article 9 of the Constitution of this state must mature within 50years from their date.
4. Special obligation bonds must mature within 50years from their date.
(Added to NRS by 1967, 782; A 1969, 1290; 1971, 2113;1975, 860; 1977, 34, 252; 1981, 1400; 1983, 571; 1985, 276;
NRS
(Added to NRS by 1967, 783)
NRS
(Added to NRS by 1967, 783)
NRS
(Added to NRS by 1967, 783)
NRS
(Added to NRS by 1967, 783; A 1985, 277)
NRS
(Added to NRS by 1967, 783)
NRS
(Added to NRS by 1967, 784)
NRS
(Added to NRS by 1967, 784; A 1971, 2113; 1975, 860;1981, 1401)
NRS
(Added to NRS by 1967, 784)
NRS
(Added to NRS by 1967, 784)
NRS
(Added to NRS by 1967, 784)
NRS
1. The validity of any securities shall not bedependent on nor affected by the validity or regularity of any proceedingsrelating to a project or the proper completion of any purpose for which thesecurities are issued.
2. The purchaser or purchasers of the securities shallin no manner be responsible for the application of the proceeds of thesecurities by the State or any of its officers, agents and employees.
(Added to NRS by 1967, 784)
NRS
(Added to NRS by 1967, 785)
NRS
1. The Commission on the behalf of the State mayemploy legal, fiscal, engineering and other expert services in connection withany project or any facilities, or both such project and facilities, and theauthorization, sale and issuance of bonds and other securities hereunder.
2. The Commission on the behalf of the State isauthorized to enter into any contracts or arrangements, not inconsistent withthe provisions hereof, with respect to the sale of bonds or other securitieshereunder, the employment of engineers, architects, financial consultants andbond counsel, and other matters as the Commission may determine to be necessaryor desirable in accomplishing the purposes hereof.
(Added to NRS by 1967, 785)
NRS
1. The Commission may, before any sale of bonds,delegate to the treasurer or his designee the authority to sign a contract forthe purchase of the bonds or to accept a binding bid for the bonds subject tothe requirements specified by the Commission concerning:
(a) The rate of interest on the bonds;
(b) The dates on which and the prices at which thebonds may be called for redemption before maturity;
(c) The price at which the bonds will be sold; and
(d) The principal amount of the bonds and the amount ofprincipal maturing in any particular year.
2. All terms of the bonds other than:
(a) The rate of interest;
(b) The dates and prices for the redemption of thebonds;
(c) The price for the sale of the bonds;
(d) The principal amount of the bonds; and
(e) The requirements for the principal maturing inparticular years,
must beapproved by the Commission before the bonds are delivered.
3. The final rate of interest, dates and prices ofredemption, price for the sale of the bonds, principal amount and the requirementsfor the principal amount maturing in particular years are not required to beapproved by the Commission if each of those terms complies with therequirements specified by the Commission before the contract for the purchaseof the bonds is signed or the bid for the bonds is accepted.
(Added to NRS by 1997, 3011; A
NRS
1. The Commission, subject to any contractuallimitations from time to time imposed upon the State by any act or resolutionauthorizing the issuance of the States outstanding securities or by any trustindenture or other proceedings appertaining thereto, may cause to be investedand reinvested any proceeds of taxes, any pledged revenues and any proceeds ofbonds or other state securities issued hereunder in:
(a) Federal securities and other securities of theFederal Government.
(b) Money market mutual funds that:
(1) Are registered with the Securities andExchange Commission;
(2) Are rated by a nationally recognized ratingservice as AAA or its equivalent; and
(3) Invest only in securities issued orguaranteed as to payment of principal and interest by the Federal Government,or its agencies or instrumentalities, or in repurchase agreements that arefully collateralized by such securities.
TheCommission may cause such proceeds of taxes, revenues, state securities,federal securities, other securities of the Federal Government and money marketmutual funds to be deposited in any trust bank or trust banks within or withoutor both within and without this state and secured in such manner and subject tosuch terms and conditions as the Commission may determine, with or without thepayment of any interest on such deposit, including, without limitation, timedeposits evidenced by certificates of deposit.
2. Any federal securities, other securities of theFederal Government, shares in money market mutual funds and any suchcertificates of deposit thus held may, from time to time, be sold, and theproceeds may be so reinvested or redeposited as provided in this section.
3. Sales and redemptions of any federal securities,other securities of the Federal Government, shares in money market mutual fundsand such certificates of deposit thus held must, from time to time, be madein season so that the proceeds may be applied to the purposes for which themoney with which such securities, shares in money market mutual funds andcertificates of deposit were originally acquired was placed in the StateTreasury.
4. Any gain from any such investments or reinvestmentsmay be credited to any fund or account pledged for the payment of any statesecurities issued hereunder, including any reserve therefor, or any other fundor account appertaining to a project or any facilities or the States GeneralFund, subject to any contractual limitations in any proceedings appertaining tooutstanding state securities.
5. It is lawful for any commercial bank incorporatedunder the laws of this state which may act as depository of the proceeds of anysecurities issued hereunder, any federal securities, other securities of theFederal Government and shares in money market mutual funds owned by the State,any proceeds of taxes, any pledged revenues and any money otherwiseappertaining to a project or any facilities, or any combination thereof, tofurnish such indemnifying bonds or to pledge such federal securities, suchother securities issued by the Federal Government, such shares in money marketmutual funds and such other securities as may be required by the Commission.
(Added to NRS by 1967, 785; A 1997, 2865)
NRS
1. The pledged revenues and, in the case of generalobligations, the taxes to be fixed, charged or levied and the collection, useand disposition thereof, including but not limited to the foreclosure of liensfor delinquencies, the discontinuance of services, facilities or use of anyproperties or facilities, prohibition against free service, the collection ofpenalties and collection costs, and the use and disposition of any moneys ofthe State, derived or to be derived, from any source herein designated;
2. The acquisition, improvement or equipment of all orany part of properties pertaining to any project or any facilities;
3. The creation and maintenance of reserves or sinkingfunds to secure the payment of the principal of and interest on any securitiesor of operation and maintenance expenses of any facilities, or part thereof,and the source, custody, security, regulation, use and disposition of any suchreserves or funds, including but not limited to the powers and duties of anytrustee with regard thereto;
4. A fair and reasonable payment by the State from itsGeneral Fund or other available moneys to the account of any designatedfacilities for services rendered thereby to the State;
5. The payment of the cost of any project bydelineating the purpose or purposes to which the proceeds of the sale ofsecurities may be applied, and the custody, security, use, expenditure,application and disposition thereof;
6. The temporary investment and any reinvestment ofproceeds of bonds, other securities, any taxes or pledged revenues, or anycombination thereof, in federal securities and other securities issued by theFederal Government;
7. The pledge of and the creation of a lien uponpledged revenues or the proceeds of bonds or other state securities pendingtheir application to defray the cost of any project, or both such revenues andproceeds of such securities, to secure the payment of bonds or other securitiesissued hereunder;
8. The payment of the principal of and interest on anysecurities, and any prior redemption premiums due in connection therewith, andthe sources and methods thereof, the rank or priority of any securities as toany lien or security for payment, or the acceleration of any maturity of anysecurities, or the issuance of other or additional securities payable from orconstituting a charge against or lien upon any pledged revenues or other moneyspledged for the payment of securities and the creation of future liens andencumbrances thereagainst;
9. The use, regulation, inspection, management,operation, maintenance or disposition, or any limitation or regulation of theuse, of all or any part of the facilities or any property of the Stateappertaining thereto;
10. The determination or definition of pledgedrevenues from any facilities or of operation and maintenance expenses offacilities, the use and disposition of such revenues and the manner of andlimitations upon paying such expenses;
11. The creation of special funds and accountsappertaining to any pledged revenues or to the bonds or other securities issuedhereunder;
12. The insurance to be carried by the State or anyother person in interest and use and disposition of insurance moneys, theacquisition of completion, performance, surety and fidelity bonds appertainingto any project or funds, or both, and the use and disposition of any proceedsof such bonds;
13. Books of account, the inspection and auditthereof, and other records appertaining to any project, facilities or pledgedrevenues;
14. The assumption or payment or discharge of anyobligation, lien or other claim relating to any part of any project, anyfacilities or any securities having or which may have a lien on any part of anypledged revenues or other moneys of the state;
15. Limitations on the powers of the State to acquireor operate, or permit the acquisition or operation of, any structures,facilities or properties which may compete or tend to compete with anyfacilities;
16. The vesting in a corporate or other trustee ortrustees of such property, rights, powers and duties in trust as the Commissionmay determine, which may include any or all of the rights, powers and duties ofthe trustee appointed by the holders of securities, and limiting or abrogatingthe right of such holders to appoint a trustee, or limiting the rights, dutiesand powers of such trustee;
17. Events of default, rights and liabilities arisingtherefrom, and the rights, liabilities, powers and duties arising upon thebreach by the State of any covenants, conditions or obligations;
18. The terms and conditions upon which the holders ofthe securities or any portion, percentage or amount of them may enforce anycovenants or provisions made hereunder or duties imposed thereby;
19. The terms and conditions upon which the holders ofthe securities or of a specified portion, percentage or amount thereof, or anytrustee therefor, shall be entitled to the appointment of a receiver, whichreceiver may enter and take possession of any facilities or service, operateand maintain the same, prescribe fees, rates and charges, and collect, receiveand apply all revenues thereafter arising therefrom in the same manner as theState itself might do;
20. A procedure by which the terms of any resolutionauthorizing securities, or any other contract with any holders of securities,including but not limited to an indenture of trust or similar instrument, maybe amended or abrogated, and as to the proportion, percentage or amount ofsecurities the holders of which must consent thereto, and the manner in whichsuch consent may be given;
21. The terms and conditions upon which any or all ofthe securities shall become or may be declared due before maturity, and as tothe terms and conditions upon which such declaration and its consequences maybe waived; and
22. All such acts and things as may be necessary orconvenient or desirable in order to secure the securities, or in the discretionof the Commission tend to make the securities more marketable, notwithstandingthat such covenant, act or thing may not be enumerated herein, it being theintention hereof to give the Commission power to do in the name and on behalfof the State all things in the issuance of state securities and for theirsecurity except as herein expressly limited.
(Added to NRS by 1967, 786)
NRS
1. Revenues pledged for the payment of any securities,as received by or otherwise credited to the State, shall immediately be subjectto the lien of each such pledge without any physical delivery thereof, anyfiling or further act.
2. The lien of each such pledge and the obligation toperform the contractual provisions made in the authorizing resolution or otherinstrument appertaining thereto shall have priority over any or all otherobligations and liabilities of the State, except as may be otherwise providedherein or in the resolution or other instrument, and subject to any priorpledges and liens theretofore created.
3. The lien of each such pledge shall be valid andbinding as against all persons having claims of any kind in tort, contract orotherwise against the State irrespective of whether such persons have noticethereof.
(Added to NRS by 1967, 788)
NRS
1. By mandamus or other suit, action or proceeding atlaw or in equity to enforce his rights against the State, the Commission, andany other of the officers, agents and employees of the State, to require andcompel the State, the Commission, or any such officers, agents or employees toperform and carry out their respective duties, obligations or other commitmentshereunder and their respective covenants and agreements with the holder of anysecurity;
2. By action or suit in equity to require the State toaccount as if it is the trustee of an express trust;
3. By action or suit in equity to have appointed areceiver, which receiver may enter and take possession of any facilities andany pledged revenues for the payment of the securities, prescribe sufficientfees derived from the facilities, and collect, receive and apply all pledgedrevenues or other moneys pledged for the payment of the securities in the samemanner as the State itself might do in accordance with the obligations of theState; and
4. By action or suit in equity to enjoin any acts orthings which may be unlawful or in violation of the rights of the holder of anysecurities and to bring suit thereupon.
(Added to NRS by 1967, 788)
NRS
1. If a resolution of the Commission authorizing orproviding for the issuance of any securities of any series or any otherproceedings appertaining thereto contains a provision authorized by subsection19 of NRS 349.306 and further providesin substance that any trustee appointed pursuant to subsection 16 of
2. Any receiver appointed as permitted by subsection19 of NRS 349.306 may enter upon andtake possession of the facilities and property appertaining thereto, and,subject to any pledge or contract with the holders of such securities, shalltake possession of all moneys and other property derived from or applicable tothe acquisition, operation, maintenance or improvement of the facilities andproceed with such acquisition, operation, maintenance or improvement which theCommission on the behalf of the State is under any obligation to do, andoperate, maintain, equip and improve the facilities, and fix, charge, collect,enforce and receive the service charges and all revenues thereafter arisingsubject to any pledge thereof or contract with the holders of such securitiesrelating thereto and perform the public duties and carry out the contracts andobligations of the State in the same manner as the Commission itself might doand under the direction of the court.
(Added to NRS by 1967, 789)
NRS
(Added to NRS by 1967, 789)
NRS
(Added to NRS by 1967, 789)
NRS
1. Notwithstanding any limitation or other provisionherein, whenever the State is authorized to issue general obligation bonds,regardless of whether majorities of the qualified electors of the State votingon a proposal to issue the general obligation bonds have authorized theirissuance by the State for any project, the State is authorized to borrow moneywithout any other election in anticipation of the proceeds of taxes, the proceedsof the bonds, the proceeds of pledged revenues, or any other moneys of theState, or any combination thereof, and to issue general obligation interimdebentures to evidence the amount so borrowed.
2. The State also is authorized to borrow moneywithout any election in anticipation of the proceeds of revenue bonds or anyother special obligations of the State and of its pledged revenues, or anycombination thereof, but excluding the proceeds of any taxes, and to issuespecial obligation interim debentures to evidence the amount so borrowed.
(Added to NRS by 1967, 789)
NRS
1. Except as otherwise provided in subsections 2 to 5,inclusive, this section does not authorize the State to issue any statesecurities constituting a debt for the purpose of funding or refunding statesecurities constituting special obligations which do not constitute anindebtedness.
2. Any special obligation securities of the Statepertaining to any project may be funded or refunded by general obligationsecurities pertaining to the project only if the State is authorized by law toissue those funding or refunding securities at the time of their issuance, eventhough the State was not so authorized to issue them at the time of theissuance of any such funded or refunded securities.
3. If the issuance of general obligation bonds todefray the cost of the project is conditioned upon their approval by thequalified electors of the State at a special, primary or general election, anygeneral obligation securities pertaining to the project and creating anindebtedness, by funding or refunding special obligation securities orotherwise, may be issued only if the bonds have been so approved at a special,primary or general election in the manner provided by law.
4. If a debt limitation pertains to any generalobligation bonds or other securities of the State constituting an indebtednessand relating to any project, no general obligation securities pertaining to theproject and creating an indebtedness, by funding or refunding specialobligation securities or otherwise (in contradistinction to funding orrefunding bonds merely reevidencing an indebtedness formerly evidenced by thesecurities funded or refunded), may be issued in a principal amount exceedingthat debt limitation.
5. No bonds of the State may be refunded by theissuance of its interim debentures, its notes or its warrants. No interimdebentures of the State may be funded by the issuance of its notes or itswarrants.
(Added to NRS by 1967, 790; A 1969, 1587; 1993, 1066)
NRS
1. Any interim debentures may mature at such time ortimes not exceeding a period of time equal to the estimated time needed toeffect the purpose or purposes for which they are issued or for which the bondsare authorized to be issued, but not exceeding 5 years from the date of theinterim debentures, as the Commission may determine.
2. The proceeds of interim debentures shall be used todefray the cost of a project.
3. Any notes or warrants or both notes and warrantsmay be funded with the proceeds of interim debentures, as well as bondsauthorized by the Commission authorizing the issuance of the funded securities.
4. Except as otherwise provided in
(Added to NRS by 1967, 790; A 1969, 1587; 1975, 861)
NRS
1. Except as otherwise provided in
2. Any bonds pledged as collateral security for thepayment of any interim debentures must mature at such time or times as theCommission may determine, except as otherwise provided in subsections 3 and 4of NRS 349.276.
3. Any bonds pledged as collateral security must notbe issued in an aggregate principal amount exceeding the aggregate principalamount of the interim debenture or interim debentures secured by a pledge ofsuch bonds, nor shall they bear interest at any time which, with any interestaccruing at the same time on the interim debenture or interim debentures sosecured, exceeds the rate permitted on the debenture or debentures secured,computed from the appropriate index which was most recently published beforethe bids are received or a negotiated offer is accepted.
(Added to NRS by 1967, 790; A 1969, 1290; 1971, 2113;1975, 861; 1977, 35; 1981, 1401; 1983, 572)
NRS
(Added to NRS by 1967, 790)
NRS
1. For the purpose of funding any interim debentures,any bonds pledged as collateral security to secure the payment of such interimdebentures, upon their surrender as pledged property, may be reissued withoutan election, and any bonds not previously issued but authorized to be issued,at an election in the case of general obligation bonds required by law so to beauthorized, and otherwise merely by the Commission, for a purpose or purposesthe same as or encompassing the purpose or purposes for which the interimdebentures were issued, may be issued for such a funding.
2. Any such bonds shall mature at such time or timesas the Commission may determine, except as otherwise provided in subsections 3and 4 of NRS 349.276.
3. Bonds for funding (including but not necessarilylimited to any such reissued bonds) and bonds for any other purpose or purposesmay be issued separately or issued in combination in one series or more.
4. Except as otherwise provided in
(Added to NRS by 1967, 790; A 1977, 36)
NRS
1. For the acceleration, deceleration or othermodification of the payment of such obligations, including any interest thereonin arrears, or about to become due for any period not exceeding 3 years fromthe date of the refunding bonds, unless the capitalization of interest on bondsconstituting an indebtedness increases the state debt in excess of the Statesdebt limitation in the State Constitution;
2. For the purpose of reducing interest costs oreffecting other economies;
3. For the purpose of modifying or eliminatingrestrictive contractual limitations appertaining to the issuance of additionalbonds, otherwise concerning the outstanding bonds, or otherwise relating to anyfacilities appertaining thereto;
4. For any combination of the purposes stated insubsections 1, 2 and 3.
(Added to NRS by 1967, 791; A 1969, 1588)
NRS
(Added to NRS by 1967, 791; A 1969, 1588)
NRS
(Added to NRS by 1967, 791; A 1969, 1589)
NRS
(Added to NRS by 1967, 792)
NRS
1. Any bonds issued for refunding purposes may eitherbe delivered in exchange for the outstanding bonds being refunded or may bepublicly or privately sold.
2. The refunding bonds, or any part thereof, except aslimited by subsection 2 of NRS 349.344,may be exchanged by the State for federal securities and other securities ofthe Federal Government which have been made available for escrow investment byany purchaser of refunding bonds, upon terms of exchange mutually agreed upon,and any such securities so received by the State shall be placed in escrow asprovided in NRS 349.342 and
(Added to NRS by 1967, 792)
NRS
1. No bonds may be refunded hereunder unless theholders thereof voluntarily surrender them for exchange or payment, or unlessthey either mature or are callable for prior redemption under their termswithin 25 years from the date of issuance of the refunding bonds. Provisionmust be made for paying the securities within that period.
2. The maturity of any bond refunded may not beextended beyond 25 years, or beyond 1 year next following the date of the lastoutstanding maturity, whichever limitation is later, nor in any event in thecase of any bonds constituting a debt in contravention of any stateconstitutional debt limitation, nor may any interest on any bond refunded beincreased to any rate exceeding the limit provided in
3. The principal amount of the refunding bonds mayexceed the principal amount of the refunded bonds, but in the case of any bondsconstituting a debt the principal of the bonds may not be increased to anyamount in excess of any state debt limitation in the State Constitutionpertaining thereto.
4. The principal amount of the refunding bonds mayalso be less than or the same as the principal amount of the bonds beingrefunded so long as provision is duly and sufficiently made for their payment.
(Added to NRS by 1967, 792; A 1969, 1291; 1971, 2114;1975, 861; 1981, 1402; 1983, 573, 1033, 1594)
NRS
1. Except as herein otherwise provided, the proceeds ofrefunding bonds shall either be immediately applied to the retirement of thebonds to be refunded or be placed in escrow or trust in any trust bank or trustbanks within or without or both within and without this state to be applied tothe payment of the refunded bonds or the refunding bonds, or both the refundedbonds and the refunding bonds, upon their presentation therefor to the extent,in such priority and otherwise in the manner which the Commission maydetermine.
2. The incidental costs of refunding bonds may be paidby the purchaser of the refunding bonds or be defrayed from any general fund(subject to appropriations therefor as otherwise provided by law) or otheravailable revenues of the State under the control of the Commission or from theproceeds of the refunding bonds, or from the interest or other yield derivedfrom the investment of any refunding bond proceeds or other moneys in escrow ortrust, or from any other sources legally available therefor, or any combinationthereof, as the Commission may determine.
3. Any accrued interest and any premium appertainingto a sale of refunding bonds may be applied to the payment of the interestthereon or the principal thereof, or to both interest and principal, or may bedeposited in a reserve therefor, or may be used to refund bonds by deposit inescrow, trust or otherwise, or may be used to defray any incidental costsappertaining to the refunding, or any combination thereof, as the Commissionmay determine, but in no event by the incurrence of additional debt in excessof any state debt limitation in the State Constitution.
(Added to NRS by 1967, 793)
NRS
1. Any such escrow or trust shall not necessarily belimited to proceeds of refunding bonds but may include other moneys availablefor its purpose.
2. Any proceeds in escrow or trust, pending such use,may be invested or reinvested in federal securities, and in the case of anescrow or trust for the refunding of outstanding state special obligation (butnot general obligation) securities, in other securities issued by the FederalGovernment if the resolution authorizing the issuance of such outstanding statesecurities or any trust indenture or other proceedings appertaining theretoexpressly permits any such investment or reinvestment in such securities issuedby the Federal Government other than federal securities.
3. Any trust bank accounting for federal securitiesand other securities issued by the Federal Government in such escrow or trustmay place them for safekeeping wholly or in part in any trust bank or trustbanks within or without or both within and without this state.
4. Any trust bank shall continuously secure any moneysplaced in escrow or trust and not so invested or reinvested in federalsecurities and other securities issued by the Federal Government by a pledge inany trust bank or trust banks within or without or both within and without theState of federal securities in an amount at all times at least equal to thetotal uninvested amount of such moneys accounted for in such escrow or trust.
5. Such proceeds and investments in escrow or trust,together with any interest or other gain to be derived from any suchinvestment, shall be in an amount at all times at least sufficient to payprincipal, interest, any prior redemption premiums due, and any charges of theescrow agent or trustee and any other incidental expenses payable therefrom,except to the extent provision may have been previously otherwise madetherefor, as such obligations become due at their respective maturities or dueat designated prior redemption date or dates in connection with which the Commissionhas exercised or is obligated to exercise a prior redemption option on behalfof the State.
6. The computations made in determining suchsufficiency shall be verified by a certified public accountant licensed topractice in this state or in any other state.
7. Any purchaser of any refunding bond issuedhereunder shall in no manner be responsible for the application of the proceedsthereof by the State, the Commission or any of the officers, agents oremployees of the State.
(Added to NRS by 1967, 793)
NRS
(Added to NRS by 1967, 794)
NRS
(Added to NRS by 1967, 794)
NRS
(Added to NRS by 1967, 794)
NRS
(Added to NRS by 1967, 794; A 1969, 1589)
NRS
1. Except as otherwise provided in subsection 2, bondsand other securities issued pursuant to the provisions of the State SecuritiesLaw, their transfer and the income therefrom must forever be and remain freeand exempt from taxation by this state or any subdivision thereof.
2. The provisions of subsection 1 do not apply to thetax on estates imposed pursuant to the provisions of
(Added to NRS by 1967, 794; A 1989, 2107; 1991, 1710)
NRS
(Added to NRS by 1967, 794)
NRS
1. It is legal for any bank, trust company, banker,savings bank or institution, savings and loan association, investment companyand any other person carrying on a banking or investment business, anyinsurance company, insurance association, or any other person carrying on aninsurance business, and any executor, administrator, curator, trustee or anyother fiduciary, to invest funds or money in his custody in any of the bonds orother securities issued in accordance with the provisions of the StateSecurities Law.
2. Nothing contained in this section with regard tolegal investments relieves any representative of any corporation or otherperson of any duty of exercising reasonable care in selecting securities.
(Added to NRS by 1967, 794; A 1983, 131)
NRS
1. The State Securities Law, without reference toother statutes of this state, except as herein otherwise expressly provided,shall constitute full authority for the exercise of the incidental powersherein granted concerning the borrowing of money and any other incurrence ofobligations to defray wholly or in part the cost of any project appertaining tothe State and otherwise authorized by law, or to refinance outstanding loans,or both, and the issuance of bonds or other securities to evidence such loansor other obligations or to fund or refund outstanding securities, or anycombination thereof, as the Commission may determine.
2. No other act or law with regard to theauthorization or issuance of securities or the exercise of any other powerherein granted that requires an election or another approval or in any wayimpedes or restricts the carrying out of the acts herein authorized to be doneshall be construed as applying to any proceedings taken hereunder or acts donepursuant hereto, except as otherwise provided in the State Securities Law or inany act supplemental hereto.
3. The powers conferred by the State Securities Law shallbe in addition and supplemental to, and not in substitution for, and thelimitations imposed by the State Securities Law shall not affect the powersconferred by, any other law.
4. Nothing contained in the State Securities Law shallbe construed as preventing the exercise of any power granted to the State,acting by and through the Commission, or any officer, agent or employee of theState, or otherwise, by any other law.
5. No part of the State Securities Law shall repeal oraffect any other law or part thereof, it being intended that the StateSecurities Law shall provide a separate method of accomplishing its objectivesand not an exclusive one; and the State Securities Law shall not be construedas repealing, amending or changing any such other law.
(Added to NRS by 1967, 796)
NRS
(Added to NRS by 1967, 796)
REVENUE BONDS FOR INDUSTRIAL DEVELOPMENT
NRS
(Added to NRS by 1981, 1624; A 1985, 2175; 1997, 497;1999, 3357;
NRS
1. Agricultural crops and agricultural wastes andresidues;
2. Wood and wood wastes and residues;
3. Animal wastes;
4. Municipal wastes; and
5. Aquatic plants.
(Added to NRS by
NRS
(Added to NRS by 1981, 1624)
NRS
(Added to NRS by 1981, 1624)
NRS
1. Recognized as exempt pursuant to section 501(c)(3)of the Internal Revenue Code of 1986, 26 U.S.C. 501(c)(3), future amendmentsto that section and the corresponding provisions of future internal revenuelaws; or
2. Organized for a public or charitable purpose andwhich, upon dissolution, must distribute its assets to the United States, astate, or a person which is recognized as exempt pursuant to section 501(c)(3)of the Internal Revenue Code of 1986, 26 U.S.C. 501(c)(3), future amendmentsto that section and the corresponding provisions of future internal revenuelaws.
(Added to NRS by 1997, 497; A
NRS
1. Surveys, audits, preliminary plans, other plans,specifications, estimates and other costs of preparations;
2. Appraising, printing, estimating, advice, servicesof engineers, architects, financial consultants, attorneys, clerical personneland other agents and employees;
3. Publishing, posting, mailing and otherwise givingnotice, filing or recording instruments, taking options and fees to banks;
4. Establishment of a reserve for contingencies;
5. Interest on bonds for any time which does notexceed the estimated period of construction plus 1 year, discounts on bonds,reserves for the payment of the principal of and interest on bonds, replacementexpenses and other costs of issuing bonds;
6. Amending any resolution or other instrumentauthorizing the issuance of, or otherwise relating to, bonds for the project;and
7. Short-term financing,
and theexpense of operation and maintenance of the project.
(Added to NRS by 1981, 1624; A
NRS
(Added to NRS by 1981, 1625; A 1993, 1569)
NRS
1. Expenses for engineering, auditing, reporting,legal services and other expenses of the Director which are directly related tothe administration of projects.
2. Premiums for fidelity bonds and policies ofproperty and liability insurance pertaining to projects, and shares of thepremiums of blanket bonds and policies which may be reasonably allocated to theState.
3. Payments to pension, retirement, health insuranceand other insurance funds.
4. Reasonable charges made by any paying agent,commercial bank, credit union, trust company or other depository bankpertaining to any bonds.
5. Services rendered under the terms of contracts,services of professionally qualified persons, salaries, administrative expensesand the cost of materials, supplies and labor pertaining to the issuance of anybonds, including the expenses of any trustee, receiver or other fiduciary.
6. Costs incurred in the collection and any refund ofrevenues from the project, including the amount of the refund.
(Added to NRS by 1981, 1625; A
NRS
(Added to NRS by 1981, 1625)
NRS
1. Make payments (directly or through notes,debentures, bonds or other secured or unsecured debt obligations of the obligorexecuted and delivered by the obligor to the Director or his designee orassignee, including a trustee, pursuant to the financing agreement) sufficientto pay the principal of, premium if any, and interest on the bonds;
2. Pay other amounts required by
3. Comply with all other applicable provisions of
(Added to NRS by 1981, 1625)
NRS
(Added to NRS by
NRS
(Added to NRS by 1981, 1626; A 1985, 1758)
NRS
(Added to NRS by 1985, 2174)
NRS
(Added to NRS by 1981, 1626)
NRS
(Added to NRS by 1981, 1626)
NRS
1. Any land, building or other improvement and allreal and personal properties necessary in connection therewith, excludinginventories, raw materials and working capital, whether or not in existence,suitable for new construction, improvement, rehabilitation or redevelopmentfor:
(a) Industrial uses, including assembling, fabricating,manufacturing, processing or warehousing;
(b) Research and development relating to commerce orindustry, including professional, administrative and scientific offices andlaboratories;
(c) Commercial enterprises;
(d) Civic and cultural enterprises open to the generalpublic, including theaters, museums and exhibitions, together with buildingsand other structures, machinery, equipment, facilities and appurtenancesthereto which the Director deems useful or desirable in connection with theconduct of any such enterprise;
(e) An educational institution operated by a nonprofitorganization not otherwise directly funded by the State which is accredited bya nationally recognized educational accrediting association;
(f) Health and care facilities and supplementalfacilities for health and care;
(g) The purposes of a corporation for public benefit;or
(h) A renewable energy generation project.
2. Any real or personal property appropriate foraddition to a hotel, motel, apartment building, casino or office building toprotect it or its occupants from fire.
3. The preservation of a historic structure or itsrestoration for its original or another use, if the plan has been approved bythe Office of Historic Preservation of the Department of Cultural Affairs.
(Added to NRS by 1981, 1626; A 1985, 2175; 1993,1569; 1997, 497; 2001,939, 3256)
NRS
1. Renewable energy means a source of energy thatoccurs naturally or is regenerated naturally, including, without limitation:
(a) Biomass;
(b) Fuel cells;
(c) Geothermal energy;
(d) Solar energy;
(e) Waterpower; and
(f) Wind.
2. The term does not include coal, natural gas, oil,propane or any other fossil fuel, or nuclear energy.
(Added to NRS by
NRS
1. Renewable energy generation project means aproject involving an electric generating facility or system that uses renewableenergy as its primary source of energy to generate electricity.
2. The term does not include a project involving anelectric generating facility or system that uses nuclear energy, in whole or inpart, to generate electricity.
(Added to NRS by
NRS
(Added to NRS by 1981, 1626)
NRS
(Added to NRS by 1981, 1626)
NRS
(Added to NRS by 1981, 1626)
NRS
1. NRS 244A.673to 244A.693, inclusive, have themeanings ascribed to them in those sections for the purpose of issuing bonds toobtain money for the support of an industrial development project within acounty, except that if a board makes a request to the Director to issue bonds,all references to the issuance of bonds by a county or the entering into offinancial agreements with the county shall be deemed to refer to the bondsissued by the Director and agreements to be executed by the Director; and
2. NRS 268.515to 268.523, inclusive, have the meaningsascribed to them in those sections for the purpose of issuing bonds to obtainmoney for the support of an industrial development project within a city,except that if a city makes a request to the Director to issue bonds, allreferences to the issuance of bonds by a city or the entering into of financingagreements with the city shall be deemed to refer to the bonds issued by theDirector and agreements to be executed by the Director.
(Added to NRS by 1981, 1626)
NRS
1. The director has all the powers necessary toaccomplish the purposes set forth in NRS349.560, but these powers must be exercised for the health, safety,convenience, prosperity and welfare of the inhabitants of this state.
2. NRS 349.400to 349.670, inclusive, must be liberallyconstrued in conformity with the purposes set forth in
(Added to NRS by 1985, 2174)
NRS
1. Promote industry and employment and develop tradeby inducing manufacturing, industrial, warehousing and commercial enterprisesand organizations for research and development to locate, remain or expand inthis state to further prosperity throughout the State and to further the use ofthe agricultural products and the natural resources of this state.
2. Enhance public safety by protecting hotels, motels,apartment buildings, casinos, office buildings and their occupants from fire.
3. Promote the public health by enabling theacquisition, development, expansion and maintenance of health and carefacilities and supplemental facilities for health and care facilities whichwill provide services of high quality at reasonable rates to the residents ofthe community in which the facilities are situated.
4. Promote the educational, cultural, economic andgeneral welfare of the public by financing civic and cultural enterprises,certain educational institutions and the preservation or restoration ofhistoric structures.
5. Promote the social welfare of the residents of thisstate by enabling a corporation for public benefit to acquire, develop, expandand maintain facilities that provide services for those residents.
6. Promote the generation of electricity in thisstate.
(Added to NRS by 1981, 1627; A 1985, 2176; 1997, 498;2001, 3257)
NRS
1. The Director may not, under
(a) Operate any manufacturing, industrial, warehousingor commercial enterprise or an organization for research and development or anyhealth and care facility to which he provided assistance; or
(b) Except as otherwise provided in subsection 2,assist any manufacturing, industrial, warehousing or commercial enterprise oran organization for research and development to locate in a county or citywhich would result in the abandonment or closure of an existing facility of alike nature located within that county or city, unless the existing facility isoperated by the contemplated lessee, purchaser or other obligor or an affiliateof such a person and the facility is to be abandoned or closed because ofobsolescence, lack of available labor or limitations at the site of the facility.
2. The provisions of paragraph (b) of subsection 1 donot apply to:
(a) Health and care facilities and supplementalfacilities for a health and care facility;
(b) Civic and cultural enterprises open to the generalpublic;
(c) Enterprises located in a redevelopment area createdpursuant to NRS 279.382 to
(d) Enterprises located in an area designated as anempowerment zone pursuant to sections 1391 to 1397, inclusive, of the InternalRevenue Code of 1986, 26 U.S.C. 1391-97, future amendments to those sectionsand the corresponding provisions of future internal revenue laws;
(e) Facilities established by a corporation for publicbenefit;
(f) Enterprises whose products are substantially sold,used or distributed outside this state; and
(g) Renewable energy generation projects.
(Added to NRS by 1985, 2175; A
NRS
(Added to NRS by 1981, 1627)
NRS
1. The Director finds that:
(a) The project to be financed has been approved forfinancing pursuant to the requirements of NRS244A.669 to 244A.763, inclusive,or 268.512 to
(b) There has been a request by a city or county tohave the Director issue bonds to finance the project; or
2. The Director finds and both the Board and thegoverning body of the city or county where the project is to be located approvethe findings of the Director that:
(a) The project consists of any land, building or otherimprovement and all real and personal properties necessary in connectiontherewith, excluding inventories, raw materials and working capital, whether ornot in existence, which is suitable for new construction, improvement,preservation, restoration, rehabilitation or redevelopment:
(1) For manufacturing, industrial, warehousing,civic, cultural or other commercial enterprises, educational institutions,corporations for public benefit or organizations for research and development;
(2) For a health and care facility or asupplemental facility for a health and care facility;
(3) Of real or personal property appropriate foraddition to a hotel, motel, apartment building, casino or office building toprotect it or its occupants from fire;
(4) Of a historic structure; or
(5) For a renewable energy generation project;
(b) The project will provide a public benefit;
(c) The contemplated lessee, purchaser or other obligorhas sufficient financial resources to place the project in operation and tocontinue its operation, meeting the obligations of the lease, purchase contractor financing agreement;
(d) There are sufficient safeguards to assure that allmoney provided by the Department will be expended solely for the purposes ofthe project;
(e) The project would be compatible with existingfacilities in the area adjacent to the location of the project;
(f) The project:
(1) Is compatible with the plan of the State foreconomic diversification and development or for the marketing and developmentof tourism in this state; or
(2) Promotes the generation of electricity inthis state;
(g) Through the advice of counsel or other reliablesource, the project has received all approvals by the local, state and federalgovernments which may be necessary to proceed with construction, improvement,rehabilitation or redevelopment of the project; and
(h) There has been a request by a city, county, lessee,purchaser, other obligor or other enterprise to have the Director issue revenuebonds for industrial development to finance the project.
(Added to NRS by 1981, 1628; A 1985, 2085, 2177;
NRS
1. Determine the total amount of money necessary to beprovided by the Director for financing the project.
2. Except as otherwise provided in this subsection,receive a 5-year operating history from the contemplated lessee, purchaser orother obligor or from any other enterprise that will make or guarantee thepayment of the principal, premium, if any, and interest on any bonds issued. Anoperating history is not required if the bonds:
(a) Are to be sold only to qualified institutionalbuyers, as defined in Rule 144A of the Securities and Exchange Commission, 17C.F.R. 230.144A, in minimum denominations of at least $100,000; or
(b) Will receive a rating within one of the top fourrating categories of Moodys Investors Service, Inc., Standard and PoorsRating Services or Fitch IBCA, Inc.
3. Consider whether the contemplated lessee,purchaser, other obligor or other enterprise that will make or guarantee thepayment of the principal, premium, if any, and interest on any bonds issued hasreceived within the 12 months preceding the date of the findings of theDirector, or then has or has not in effect, a rating within one of the top fourrating categories of Moodys Investors Service, Inc., Standard and PoorsRatings Services or Fitch IBCA, Inc.
4. Identify any existing facilities of a like naturewithin the county or city in which the project will be located and consider theapplicability of paragraph (b) of subsection 1 of
5. Consider the extent to which the project isaffected by any federal, state or local governmental action, activity, programor development.
6. Consider whether the lessee, purchaser, otherobligor or other enterprise of the project has maintained facilitiesappropriate to the community in this state for 10 years or longer.
(Added to NRS by 1981, 1628; A 1997, 1610;
NRS
1. The Director may provide financing for a projectpursuant to this section if:
(a) The financing is limited in amount and purpose tothe payment of the costs associated with:
(1) The acquisition, refurbishing, replacementand installation of equipment for the project; and
(2) The issuance of bonds pursuant to thissection;
(b) The total amount of the bonds issued pursuant tothis section for a particular project does not exceed $2,500,000;
(c) The Director determines that the bonds will:
(1) Be sold only to qualified institutionalbuyers, as defined in Rule 144A of the Securities and Exchange Commission, 17C.F.R. 230.144A, in minimum denominations of at least $100,000; or
(2) Receive a rating within one of the top fourrating categories of Moodys Investors Service, Inc., Standard and PoorsRating Services or Fitch IBCA, Inc.;
(d) The Director makes the findings set forth inparagraphs (a) to (e), inclusive, (g) and (h) of subsection 2 of
(e) The Director complies with the guidelinesestablished pursuant to subsection 2.
2. The Board shall establish guidelines for theprovision of financing for a project pursuant to this section.
(Added to NRS by
NRS
1. Except as otherwise provided in subsection 2, theDirector, the Board and the governing body of the county or city where aproject is located shall make available for public inspection, upon request,information furnished by an obligor to obtain the Directors assistance infinancing a project pursuant to NRS 349.400to 349.670, inclusive.
2. Except as ordered by a court of competentjurisdiction or as required by federal law, the Director, the Board and thegoverning body of the county or city where the project is located shall not,without the prior consent of the obligor, disclose proprietary information orfinancial statements or records of the obligor or guarantor that are nototherwise available to the public unless the obligor has:
(a) Requested in writing that the information, statementsor records be made public; or
(b) Furnished the information, statements or recordsfor a purpose other than obtaining the Directors assistance in financing aproject pursuant to NRS 349.400 to
3. As used in this section:
(a) Proprietary information means any trade secret orother information which, if disclosed to members of the general public, mayresult in a competitive disadvantage to the obligor, including, withoutlimitation:
(1) Documents concerning the marketing orstrategic planning of the obligor;
(2) Data, studies and reports concerning thedevelopment of new products or services; and
(3) Data that identify the share of the marketof the obligor.
(b) Trade secret has the meaning ascribed to it in
(Added to NRS by
NRS
1. All bonds issued by the Director pursuant to
2. The bonds and interest coupons, if any, which are apart of those bonds do not constitute the debt or indebtedness of the State orany city or county within the meaning of any provision or limitation of theConstitution of the State of Nevada or statutes, and do not constitute or giverise to a pecuniary liability of the State or a charge against its generalcredit or taxing powers. This limitation must be plainly stated on the face ofeach bond.
(Added to NRS by 1981, 1629)
NRS
1. The bonds must be authorized by an order of theDirector, and must:
(a) Be in the denominations;
(b) Bear the date or dates;
(c) Mature at the time or times, not exceeding 40 yearsafter their respective dates;
(d) Bear interest at a rate or rates specified in theorder;
(e) Be in the form;
(f) Carry the registration privileges;
(g) Be executed in the manner;
(h) Be payable at the place or places within or withoutthe State; and
(i) Be subject to the terms of redemption,
which theorder authorizing their issue provides.
2. The bonds may be sold in one or more series at par,or below or above par, in the manner and for the price or prices which theDirector determines in his discretion. As an incidental expense to any projectto be financed by the bonds, the Director may employ financial and legalconsultants in regard to the financing of the project.
3. The bonds are fully negotiable under the terms ofthe Uniform Commercial CodeInvestment Securities.
(Added to NRS by 1981, 1629)
1. The principal of, the interest on and any priorredemption premiums due in connection with the bonds issued pursuant to
(a) A mortgage or mortgages covering all or part of anyproject financed with the proceeds of the bonds, or upon any other property ofthe lessees, purchasers or obligors of those projects, or by a pledge of thelease, the agreement of sale or the financing agreement with respect to one ormore of the projects, or both.
(b) A pledge of one or more notes, debentures, bonds orother secured or unsecured debt obligations of the obligor of one or more ofthe projects.
(c) The proceeds of the bonds and income frominvestment of the proceeds and of revenues.
2. The State, a city or a county may pledge only theproperty of the project or the revenues therefrom.
(Added to NRS by 1981, 1629)
NRS
1. Investment and reinvestment of the proceeds fromthe sale of bonds, including, but not limited to:
(a) Bonds or other obligations of the United States ofAmerica.
(b) Bonds or other obligations, the payment of theprincipal and interest of which is unconditionally guaranteed by the UnitedStates of America.
(c) Obligations issued or guaranteed as to principaland interest by any agency or person controlled or supervised by and acting asan instrumentality of the United States of America pursuant to authoritygranted by the Congress of the United States of America.
(d) Obligations issued or guaranteed by any state ofthe United States of America, or any political subdivision of any state.
(e) Prime commercial paper.
(f) Prime finance company paper.
(g) Bankers acceptances drawn on and accepted bycommercial banks.
(h) Repurchase agreements fully secured by obligationsissued or guaranteed as to principal and interest by the United States ofAmerica or by any person controlled or supervised by and acting as aninstrumentality of the United States of America pursuant to authority grantedby the Congress of the United States of America.
(i) Certificates of deposit issued by credit unions orcommercial banks, including banks domiciled outside of the United States ofAmerica.
(j) Money market mutual funds that:
(1) Are registered with the Securities andExchange Commission;
(2) Are rated by a nationally recognized ratingservice as AAA or its equivalent; and
(3) Invest only in securities issued orguaranteed as to payment of principal and interest by the Federal Government,or its agencies or instrumentalities, or in repurchase agreements that arefully collateralized by such securities.
2. Receiving, holding and disbursing of proceeds ofthe sale of bonds by one or more banks, credit unions or trust companieslocated within or out of this state.
(Added to NRS by 1981, 1630; A 1997, 2866;
1. Any bonds issued under the provisions of
2. Refunding may be carried out whether the bonds tobe refunded have matured or thereafter mature, either by sale of the refundingbonds and the application of the proceeds to the payment of the bonds to berefunded, or by exchange of the refunding bonds for the bonds to be refunded.The holders of the bonds to be refunded must not be compelled, without theirconsent, to surrender their bonds for payment or exchange before the date onwhich they are payable by maturity, option to redeem or otherwise, or if theyare called for redemption before the date on which they are by their termssubject to redemption by option or otherwise.
3. All refunding bonds issued pursuant to this sectionmust be payable solely from revenues and other money out of which the bonds tobe refunded thereby are payable or from revenues out of which bonds of the samecharacter may be made payable under this or any other law then in effect at thetime of the refunding.
4. The Director shall not issue refunding bonds unlessbefore the refinancing he finds that issuance of refunding bonds will provide alower cost of financing for the obligor or provide some other public benefit,but the findings and determinations required by
(Added to NRS by 1981, 1630; A
NRS
(Added to NRS by 1981, 1631)
NRS
(Added to NRS by 1981, 1631)
NRS
1. NRS 349.400to 349.670, inclusive, without referenceto other statutes of the State, constitute full authority for the exercise ofpowers granted in those sections, including but not limited to theauthorization and issuance of bonds.
2. No other act or law with regard to theauthorization or issuance of bonds that provides for an election, requires anapproval, or in any way impedes or restricts the carrying out of the actsauthorized in NRS 349.400 to
3. The provisions of no other law, either general orlocal, except as provided in NRS 349.400to 349.670, inclusive, apply to thedoing of the things authorized in those sections to be done, and no board,agency, bureau, commission or official not designated in those sections has anyauthority or jurisdiction over the doing of any of the acts authorized in thosesections to be done, except as otherwise provided in those sections.
4. A project is not subject to any requirementsrelating to public buildings, structures, ground works or improvements imposedby the statutes of this state or any other similar requirements which may belawfully waived by this section, and any requirement of competitive bidding orother restriction imposed on the procedure for award of contracts for suchpurpose or the lease, sale or other disposition of property is not applicableto any action taken pursuant to NRS 349.400to 349.670, inclusive, except that theprovisions of NRS 338.010 to
5. Any bank or trust company located within or withoutthis state may be appointed and act as a trustee with respect to bonds issuedand projects financed pursuant to NRS349.400 to 349.670, inclusive,without the necessity of associating with any other person or entity ascofiduciary, but such an association is not prohibited.
6. The powers conferred by
7. No part of NRS349.400 to 349.670, inclusive,repeals or affects any other law or part thereof, except to the extent thatthose sections are inconsistent with any other law, it being intended thatthose sections provide a separate method of accomplishing its objectives, andnot an exclusive one.
8. The Director or a person designated by him may takeany actions and execute and deliver any instruments, contracts, certificatesand other documents, including the bonds, necessary or appropriate for the saleand issuance of the bonds or accomplishing the purposes of
(Added to NRS by 1981, 1631; A 1991, 2348)
REVENUE BONDS FOR FINANCING EXPORTATION OF GOODS
NRS
(Added to NRS by 1985, 2014)
NRS
(Added to NRS by 1985, 2014)
NRS
(Added to NRS by 1985, 2014)
NRS
(Added to NRS by 1985, 2014; A 1993, 1570)
NRS
(Added to NRS by 1985, 2014)
NRS
(Added to NRS by 1985, 2014)
NRS
1. The insolvency of the foreign customer or otherfailure of the customer to pay to the exporter when due, all or part of themoney due from the transaction as denominated in United States currency; or
2. War, revolution, the diversion of goods, revocationof licenses, embargoes and other similar political incidents occurring in thecustomers country or any delay in obtaining payment in dollars.
(Added to NRS by 1985, 2014)
NRS
1. Any office or subsidiary of a foreign bankingcorporation licensed or approved by the Commissioner of Financial Institutions;or
2. Any bank, trust company, savings and loanassociation, credit union, thrift company or other financial institutionorganized under the laws of this state or organized under the laws of theUnited States and authorized to do business under the laws of this state,
which hasreceived the approval of the Director to participate in guaranteed funding forany eligible transaction.
(Added to NRS by 1985, 2014; A 1987, 1876)
NRS
(Added to NRS by 1985, 2014)
NRS
1. The Director shall administer the provisions of
(a) Employ or contract for the services of attorneys,accountants, financial experts, and other advisers, employees, consultants andagents as the Director determines to be necessary.
(b) Enter into any agreement or other transaction with,or accept any grant from and cooperate with any governmental entity or othersource in furtherance of the purposes of NRS349.700 to 349.870, inclusive.
(c) Within the financial resources made available tohim in administering the program:
(1) Create or cause to be created any nonprofitcorporation, pursuant to chapter 82 of NRS,which he determines is necessary or convenient for the furtherance of thepurposes of NRS 349.700 to
(2) Promote and assist the creation of anycorporate entity formed under the general corporation laws of this or any otherstate or nation for the purpose of qualifying as a shared foreign salescorporation or other similar entity pursuant to 26 U.S.C. 922 to 927,inclusive. The State must not have any financial interest in such acorporation.
2. If revenue bonds have been issued pursuant to
(Added to NRS by 1985, 2014; A 1987, 1348; 1991,1313; 1995, 644)
NRS
(Added to NRS by 1985, 2015; A 1993, 1570)
NRS
1. Promotes the sale abroad of goods whose final stageof production occurs in Nevada and which constitutes at least 10 percent of thecontract price;
2. Provides for the rendering of services abroad by abusiness located in Nevada if at least 10 percent of the contract priceconsists of wages or other payments made to persons normally residing in thisstate;
3. Promotes the sale abroad of goods distributed by abusiness located in Nevada if:
(a) At least 10 percent of the contract price consistsof wages or other payments made to persons or businesses normally residing orlocated in this state, a governmental organization of this state or acombination thereof; or
(b) The business has a significant relationship withthis state based upon:
(1) The amount of capital investments it haswhich are located in this state;
(2) The number of residents of this state whoare employed by the business;
(3) The amount of business transacted in thisstate; or
(4) Any combination thereof; or
4. Provides both for the sale abroad of goods whosefinal stage of production occurs in Nevada and for the rendering of servicesabroad by residents of Nevada, the aggregate value of which is at least 10percent of the contract price.
(Added to NRS by 1985, 2015)
NRS
1. The Director may provide guaranteed funding to aparticipating financial institution that is providing the financing for aneligible transaction, but the amount of this funding is limited to 90 percentof the principal of the loan made to the exporter. The exporter must insure orobtain a guarantee against nonpayment on the loan resulting from a loss. Themaximum amount payable under any guarantee must be specifically set forth in awriting signed by the Director.
2. The Director shall not agree to provide guaranteedfunding unless he finds that the guaranteed funding is reasonably necessary tostimulate or facilitate:
(a) The making of a loan for an eligible transaction;or
(b) The financing of an eligible transaction by a participatingfinancial institution or other private source that is not otherwise able tofinance it.
3. The money provided by the Director to theparticipating financial institution to guarantee the financing of an eligibletransaction must be re-lent to the exporter by the participating financialinstitution for a term no shorter than and at a rate of interest no higher thanthat fixed by the Director, excluding any usual and customary fees and chargesfor lending and the fee provided for in subsection 3 of
4. The Director may condition the allowance ofguaranteed funding upon such other terms and conditions as he determines to bedesirable.
(Added to NRS by 1985, 2015)
NRS
(Added to NRS by 1985, 2016)
NRS
(Added to NRS by 1985, 2016)
NRS
(Added to NRS by 1985, 2016)
NRS
1. The Director shall agree that the participatingfinancial institution is excused from the payment to the Director of theprincipal of or interest on the guaranteed funding to the extent of theexporters nonpayment resulting from a loss.
2. The institution shall, as a condition of its loanto the exporter, agree that if the exporter incurs a loss, he is excused frompayment of the principal of or interest on the loan to the extent of the losssuffered by him or of the amount which that institution is excused from payingto the Director, whichever is less.
3. The institution may charge the exporter a fee forthe protection provided in subsection 2, but this fee must not exceed the feecharged by the Director for providing guaranteed funding to that institution.
(Added to NRS by 1985, 2016)
NRS
(Added to NRS by 1985, 2016)
NRS
(Added to NRS by 1985, 2017)
NRS
1. If the Director certifies to the Governor thatthere is a need to issue revenue bonds to carry out the program and that it isfeasible to do so, the Governor may issue an executive order creating anAdvisory Committee on Financing Exports, consisting of three members appointedby the Director.
2. The Director, in consultation with the ExecutiveDirector of the Commission on Economic Development and with the approval of theGovernor, shall appoint to serve as members of the Committee three persons whohave proven experience in international trade and economic development whichthey acquired while engaged in finance, manufacturing, business administration,municipal finance, economics, law or general business.
3. After the initial terms, the term of each member is3 years.
(Added to NRS by 1985, 2017)
NRS
1. If the Advisory Committee on Financing Exports iscreated, it shall meet when requested by the Director and at such other timesas its Chairman may designate.
2. A majority of the members of the Committeeconstitutes a quorum.
3. The members of the Committee shall elect a Chairmanand a Secretary.
4. The Committee shall adopt rules for its ownmanagement.
5. Each member of the Committee is entitled to receivea salary of $60 for each days attendance at a meeting of the Committee.
(Added to NRS by 1985, 2017)
NRS
1. If the Advisory Committee on Financing Exports iscreated, it has only the powers and duties authorized by law.
2. If created, the Committee shall review and makerecommendations to the Director concerning:
(a) Any regulations proposed by the Director to carryout the program;
(b) The findings of the Director pursuant to
(c) Those long-term financial commitments for more than1 year, limits on credit, and transactions, concerning any one exporter, whichinvolve $50,000 or more.
(Added to NRS by 1985, 2017)
NRS
1. The maximum aggregate amount of guaranteed fundingavailable to any exporter and the maximum amount of guaranteed fundingavailable for any transaction eligible for guaranteed funding;
2. The limits on the interest which may be charged forguaranteed funding or for loans to exporters;
3. The fees which a participating financialinstitution may charge for making loans to exporters;
4. The nature and extent of any insurance which anexporter may be required to procure;
5. The collateral required on loans to exporters;
6. The terms of and the procedures for repayment onthe guaranteed funding or on a loan;
7. The procedures for:
(a) Making an application for guaranteed funding;
(b) Disbursing the guaranteed funding to aparticipating financial institution;
(c) Making a claim on the guarantee in the event of adefault;
(d) Collecting a loan in the event of a default; and
(e) Qualifying as a participating financialinstitution; and
8. The specific standards to be used to determinewhether a business has a significant relationship with this state pursuant toparagraph (b) of subsection 3 of NRS 349.760.
(Added to NRS by 1985, 2017)
NRS
(Added to NRS by 1985, 2018)
NRS
1. Subject to the limitations imposed by subsection 2,the Director may, if he finds it feasible, issue revenue bonds to the extentnecessary to provide sufficient money for guaranteed funding, pay the intereston the bonds until the proceeds are so used, procure insurance, create reservesto cover guarantees he is obligated to honor, and pay all other expensesincurred in providing guaranteed funding and administering the program.
2. Before any bonds may be issued pursuant to thissection, except those issued for the purpose of refunding outstanding bonds,the Director shall submit to the Advisory Committee on Financing Exports, ifcreated, his findings that:
(a) All of the conditions prerequisite to providingguaranteed funding, as set forth in NRS349.760 and 349.765, are met;
(b) A satisfactory plan of repayment or an assurance ofrepayment by a third party is available so as to make any bonds issued pursuantto this section marketable; and
(c) The anticipated revenues from the program aresufficient to repay the bonds issued pursuant to this section.
3. The Advisory Committee on Financing Exports, ifcreated, shall recommend approval, with or without conditions, or disapprovalof the findings of the Director made pursuant to subsection 2. The Directorshall submit to the State Board of Finance a copy of his findings and therecommendations of the Advisory Committee on Financing Exports, if any. If theBoard approves, the Director may proceed to issue the bonds in the amountapproved, but the aggregate principal amount of the outstanding bonds issuedmust not exceed $50,000,000, exclusive of any bonds or obligations which havebeen refunded.
(Added to NRS by 1985, 2018)
NRS
1. All bonds issued by the Director are special,limited obligations of the State. The principal of, the interest on, andpremiums, if any, due in connection with the bonds issued are payable from,secured by a pledge of and constitute a lien, subject to the provisions of
2. The bonds and interest coupons, if any, which are apart of those bonds do not constitute the debt or indebtedness of the Statewithin the meaning of any provision or limitation of the Constitution orstatutes of the State of Nevada, and do not constitute or give rise to apecuniary liability of the State or a charge against its general credit ortaxing powers. This limitation must be plainly stated on the face of each bond.
(Added to NRS by 1985, 2019)
NRS
1. The bonds must be authorized by an order of theDirector, and must:
(a) Be in the denominations;
(b) Bear the date or dates;
(c) Mature at the time or times;
(d) Bear interest at a specified rate or rates;
(e) Be in the form;
(f) Carry the registration privileges;
(g) Be executed in the manner;
(h) Be payable at the place or places within or withoutthe State; and
(i) Be subject to the terms of redemption,
which theorder authorizing their issue provides.
2. The bonds must be signed by the Director, who mayuse a facsimile signature for this purpose. If the Director whose signatureappears on any bonds ceases to act in that capacity before the delivery of thebonds, his signature is valid and sufficient for all purposes as if he hadremained in office until their delivery.
3. The bonds may be sold in one or more series above,at or below par and at public or private sale at such prices, at such times andin such manner as the Director determines.
4. The bonds are fully negotiable under the terms ofthe Uniform Commercial CodeInvestment Securities.
(Added to NRS by 1985, 2019)
NRS
1. The redemption price then applicable plus accruedinterest to the date of the next interest payment thereon if the bonds are thenredeemable; or
2. The redemption price applicable on the first dateafter the purchase upon which the bonds become subject to redemption, plusaccrued interest to that date, if the bonds are not redeemable.
(Added to NRS by 1985, 2019)
1. Any bonds issued may be refunded by the Director bythe issuance of refunding bonds in an amount which he considers necessary torefund the principal of the bonds to be refunded, any unpaid interest thereonand any premiums and incidental expenses necessary to be paid in connectionwith refunding.
2. Refunding may be carried out whether the bonds tobe refunded have matured or thereafter mature, either by sale of the refundingbonds and the application of the proceeds to the payment of the bonds to berefunded, or by exchange of the refunding bonds for the bonds to be refunded.The holders of the bonds to be refunded must not be compelled, without theirconsent, to surrender their bonds for payment or exchange before the date onwhich they are payable by maturity, option to redeem or otherwise, or if theyare called for redemption before the date on which they are by their termssubject to redemption by option or otherwise.
3. All refunding bonds issued pursuant to this sectionmust be payable solely from revenues and other money out of which the bonds tobe refunded thereby are payable.
(Added to NRS by 1985, 2020)
NRS
(Added to NRS by 1985, 2020)
NRS
1. Establish such funds or accounts as may benecessary or desirable for carrying out the provisions of
2. Subject to any agreement with the holders of thebonds, invest or deposit any money received or held by the Director pursuant toNRS 349.700 to
(Added to NRS by 1985, 2020)
NRS
1. The Director may lend any securities in which he investspursuant to NRS 349.855 if he receivescollateral from the borrower in the form of cash or marketable securities thatare:
(a) Acceptable to the Director; and
(b) At least 102 percent of the value of the securitiesborrowed.
2. The Director may enter into such contracts as arenecessary to extend and manage loans pursuant to this section.
(Added to NRS by
NRS
1. Insure against the programs risk of loss resultingfrom the failure of the exporter to repay the loan provided by a participatingfinancial institution; and
2. Purchase insurance to secure the payment of theprincipal of, interest on, and premium, if any, due in connection with anybonds issued.
(Added to NRS by 1985, 2020)
NRS
(Added to NRS by 1985, 2021)
NRS
1. The provisions of NRS349.700 to 349.870, inclusive,without reference to other statutes of the State, constitute full authority forthe exercise of powers granted in those sections, including but not limited tothe authorization and issuance of bonds.
2. No other act or law with regard to theauthorization or issuance of bonds that provides for an election, requires anapproval, or in any way impedes or restricts the carrying out of the actsauthorized in NRS 349.700 to
3. The provisions of no other law, either general orlocal, except as provided in NRS 349.700to 349.870, inclusive, apply to thedoing of the things authorized in those sections to be done, and no board,agency, bureau, commission or official not designated in those sections has anyauthority or jurisdiction over the doing of any of the acts authorized in thosesections to be done, except as otherwise provided in those sections.
4. Any bank or trust company located within or withoutthis state may be appointed and act as a trustee with respect to bonds issuedpursuant to NRS 349.700 to
5. The powers conferred by
6. No part of NRS349.700 to 349.870, inclusive,repeals or affects any other law or part thereof, except to the extent thatthose sections are inconsistent with any other law, it being intended thatthose sections provide a separate method of accomplishing its objectives, and notan exclusive one.
7. The Director or a person designated by him may takeany actions and execute and deliver any instruments, contracts, certificatesand other documents, including the bonds, necessary or appropriate for the saleand issuance of the bonds or accomplishing the purposes of
8. NRS 349.700to 349.870, inclusive, must be liberallyconstrued to effectuate the purposes of this act.
(Added to NRS by 1985, 2021)
REVENUE BONDS FOR VENTURE CAPITAL
NRS
1. Promote in the broadest sense the economicdiversification and safe growth of the economy of the State;
2. Provide an attractive opportunity for theinvestment of venture capital within the State;
3. Correct the serious shortage of venture capitalavailable or dedicated to development of new enterprises within the State;
4. Ensure that the investment strategies pursuedpursuant to NRS 349.900 to
5. Ensure that the enterprises funded with the moneydeveloped for venture capital pursuant to NRS349.900 to 349.929, inclusive, arecompatible with the plan of the State for economic diversification anddevelopment or for the marketing and development of tourism and anymodifications thereto, and are of the type that will not cause significantinjury to the environment of the State.
(Added to NRS by 1987, 1404)
NRS
(Added to NRS by 1987, 1405)
NRS
(Added to NRS by 1987, 1405)
NRS
(Added to NRS by 1987, 1405)
NRS
(Added to NRS by 1987, 1405; A 1995, 2238)
NRS
(Added to NRS by 1987, 1405)
NRS
(Added to NRS by 1987, 1405; A 1993, 1570)
NRS
1. Expenses for engineering, auditing, reporting orlegal services and any other expense incurred by the Director which aredirectly related to the administration of the financing;
2. Premiums for fidelity bonds and policies ofproperty and liability insurance pertaining to the financing;
3. Premiums for blanket bonds and policies, or anyportion thereof, which may be reasonably allocated to the State;
4. Payments to pension, retirement and healthinsurance and other insurance funds;
5. Reasonable charges by any paying agent, commercialbank, credit union, trust company or other depository bank pertaining to anybonds;
6. Salaries or fees paid pursuant to any contract forprofessional services;
7. Cost of materials, supplies and labor pertaining tothe issuance of any bonds, including the expenses of any trustee, receiver orother fiduciary; and
8. Costs incurred in the collection and any refund ofrevenues pursuant to the financing.
(Added to NRS by 1987, 1405; A
NRS
(Added to NRS by 1987, 1406)
NRS
(Added to NRS by 1987, 1406)
NRS
1. The Director has all the powers necessary toaccomplish the purposes set forth in NRS349.900 to 349.929, inclusive, butthese powers must be exercised for the health, safety, convenience, prosperityand welfare of the inhabitants of this state and for the economicdiversification and development of the State and the marketing and developmentof tourism.
2. Within the limits of the financial resources availableto him, and without issuing bonds, the Director may promote the establishmentof any privately financed fund for venture capital designed to accomplish thelegislative goals set forth in NRS 349.900or to assist the Director in achieving the purposes of
3. The Legislature intends that
(Added to NRS by 1987, 1406; A 1989, 1668)
NRS
(Added to NRS by 1987, 1406)
NRS
1. Select the management company;
2. Enter into an agreement;
3. Adopt regulations necessary to carry out theprovisions of NRS 349.900 to
4. Charge the Account for Venture Capital for theexpenses of operation and maintenance; and
5. Employ or contract for the services of attorneys,accountants, financial experts and any other advisers, employees, consultantsand agents as the Director determines to be necessary to carry out theprovisions of NRS 349.900 to
(Added to NRS by 1987, 1406)
NRS
(Added to NRS by 1987, 1406)
NRS
(Added to NRS by 1987, 1406)
NRS
1. Specify the length of the term of the agreement,the compensation to be paid the management company and the method by which theagreement may be terminated before the expiration of its term.
2. Impose a fiduciary duty on the management companyin the administration of the Account for Venture Capital, including thepreservation and protection of the money and other assets in the Account forVenture Capital before their investment.
3. Prohibit the Director from participating in thedecisions regarding the investment of the money and other assets in the Accountfor Venture Capital.
4. Specify the grounds for terminating the agreementfor cause other than the poor performance of certain enterprises in which themoney is invested.
5. Authorize the Director or the management company toterminate the agreement without cause upon written notice to the other party.The amount of time necessary for notice may be negotiated between the Directorand the management company.
6. Authorize the Director to require the managementcompany to adhere to certain objectives and policies for investment applicableto the Account for Venture Capital to ensure the achievement of the goalsprescribed in NRS 349.900, and toterminate the contract if the management company fails to adhere to thoseobjectives and policies.
7. Prohibit the management company, upon terminationof the agreement for any reason, from making any additional investment for theAccount for Venture Capital after the date of notice of the termination, unlessthe investment is authorized in writing by the Director.
(Added to NRS by 1987, 1406)
NRS
(Added to NRS by 1987, 1407)
NRS
1. The investments of the management company for theAccount for Venture Capital may take the form of an equity investment, a loanor a purchase of warrants or options to purchase stock.
2. The management company must be managed by a personwho is experienced in various aspects of the development of new enterprises.
(Added to NRS by 1987, 1407)
NRS
1. Aware of and responsive to local issues;
2. Capable of supervising and financing an enterprisethroughout its development;
3. Familiar with and able to cooperate with any agencyor program of the United States for the development or promotion of smallenterprises; and
4. Willing to locate branch offices in Nevadarestricted to Nevada financing.
(Added to NRS by 1987, 1407)
NRS
1. The Director may, if he finds it feasible, issuerevenue bonds to the extent necessary to provide sufficient money for theAccount for Venture Capital and sufficient to pay the interest on the bondsuntil the proceeds are so used and to pay all other expenses incurred inproviding the financing.
2. The Director shall submit to the Board a copy ofhis findings relevant to the issuance of the bonds. If the Board approves, the Directormay proceed to issue the bonds in the amount approved, but the aggregateprincipal amount of outstanding bonds issued, based upon the face value of theinitial issue, must not exceed $100,000,000. The Director may issue bonds theinterest on which is not exempt from federal income tax or excluded from grossrevenue for the purposes of federal income tax.
(Added to NRS by 1987, 1407)
NRS
1. The financing will provide a public benefit.
2. There are sufficient safeguards to ensure that allmoney provided pursuant to NRS 349.900to 349.929, inclusive, will be expendedsolely for the purposes stated in NRS349.900 to 349.929, inclusive.
3. There are existing and projected needs for venturecapital and the money would alleviate an existing shortage of venture capitalin the State.
4. The financing is compatible with the investmentobjectives as stated in the agreement.
5. The financing is compatible with the plan of theState for economic diversification and development or for the marketing anddevelopment of tourism in this state, and any modifications thereto.
6. The total amount of money to be provided by theDirector is adequate to create the Account for Venture Capital.
7. The agreement is consistent with the provisions of
8. The management company has the experience,reputation, capital, and personnel to be able to accomplish its obligations asspecified in the agreement.
(Added to NRS by 1987, 1408)
NRS
1. The bonds issued pursuant to
2. A portion of the proceeds of the bonds must beplaced in a Fund for the Retirement of the Bonds. The money in this Fund mustbe invested in:
(a) Direct obligations of, or obligations the paymentof the principal of and the interest of which are unconditionally guaranteed bythe United States;
(b) Obligations issued or guaranteed as to principaland interest by any agency or instrumentality of the United States; or
(c) Money market mutual funds that:
(1) Are registered with the Securities andExchange Commission;
(2) Are rated by a nationally recognized ratingservice as AAA or its equivalent; and
(3) Invest only in securities issued orguaranteed as to payment of principal and interest by the Federal Government,or its agencies or instrumentalities, or in repurchase agreements that arefully collateralized by such securities.
3. The amount of the deposit in the Fund for theRetirement of Bonds must be determined on the basis of the yields availablefrom the securities in which that money may be invested on the date of thedeposit and calculated so as to produce, without reinvestment, a balance in theFund sufficient to pay the principal amount due on the bonds at maturity.
(Added to NRS by 1987, 1408; A 1997, 2867)
NRS
1. All bonds issued by the Director pursuant to
2. The bonds and interest coupons, if any, which are apart of those bonds do not constitute the debt or indebtedness of the State orany city or county within the meaning of any provision or limitation of theConstitution of the State of Nevada or of a statute, and do not constitute orgive rise to a pecuniary liability of the State or a charge against its generalcredit or taxing powers. This limitation must be plainly stated on the face ofeach bond.
(Added to NRS by 1987, 1408)
NRS
1. The bonds must be authorized by an order of theDirector, and must:
(a) Be in the denominations;
(b) Bear the date or dates;
(c) Mature at the time or times, not exceeding 40 yearsafter their respective dates;
(d) Be in the form;
(e) Be executed in the manner;
(f) Carry the registration privileges;
(g) Be payable at the place or places within or withoutthe State; and
(h) Be subject to the terms of redemption,
which the orderauthorizing their issue provides.
2. The bonds may be sold in one or more series at par,or below or above par, in the manner and for the price or prices which theDirector determines in his discretion. As an incidental expense to anyinvestment to be financed by the bonds, the Director may employ financial andlegal consultants in regard to the financing.
3. The bonds are fully negotiable under the terms ofthe Uniform Commercial CodeInvestment Securities.
(Added to NRS by 1987, 1409)
NRS
1. Investment and reinvestment of the proceedsdesignated for the Account for Venture Capital from the sale of bonds,including, but not limited to:
(a) Bonds or other obligations of the United States.
(b) Bonds or other obligations, the payment of theprincipal and interest of which is unconditionally guaranteed by the UnitedStates.
(c) Obligations issued or guaranteed as to principaland interest by any agency or person controlled or supervised by and acting asan instrumentality of the United States pursuant to authority granted by theCongress of the United States.
(d) Obligations issued or guaranteed by any state ofthe United States, or any political subdivision of any state.
(e) Prime commercial paper.
(f) Prime finance company paper.
(g) Bankers acceptances drawn on and accepted bycommercial banks.
(h) Repurchase agreements fully secured by obligationsissued or guaranteed as to principal and interest by the United States or byany person controlled or supervised by and acting as an instrumentality of theUnited States pursuant to authority granted by the Congress of the UnitedStates.
(i) Certificates of deposit issued by credit unions orcommercial banks, including banks domiciled outside of the United States.
(j) Money market mutual funds that:
(1) Are registered with the Securities andExchange Commission;
(2) Are rated by a nationally recognized ratingservice as AAA or its equivalent; and
(3) Invest only in securities issued orguaranteed as to payment of principal and interest by the Federal Government,or its agencies or instrumentalities, or in repurchase agreements that arefully collateralized by such securities.
2. Receiving, holding and disbursing of proceeds ofthe sale of bonds by one or more banks or trust companies located within oroutside of this state.
This sectiondoes not expand the authority for investing the proceeds of bonds placed in theFund for the Retirement of Bonds.
(Added to NRS by 1987, 1409; A 1997, 2867;
1. Any bonds issued under the provisions of
2. Refunding may be carried out whether the bonds tobe refunded have matured or thereafter mature, either by sale of the refundingbonds and the application of the proceeds to the payment of the bonds to berefunded, or by exchange of the refunding bonds for the bonds to be refunded.The holders of the bonds to be refunded must not be compelled, without theirconsent, to surrender their bonds for payment or exchange before the date onwhich they are payable by maturity, option to redeem or otherwise, or if theyare called for redemption before the date on which they are by their termssubject to redemption by option or otherwise.
3. All refunding bonds issued pursuant to this sectionmust be payable solely from revenues and other money out of which the bonds tobe refunded thereby are payable or from revenues out of which bonds of the samecharacter may be made payable under this or any other law in effect at the timeof the refunding.
(Added to NRS by 1987, 1410)
NRS
(Added to NRS by 1987, 1410)
NRS
(Added to NRS by 1987, 1410)
NRS
1. NRS 349.900to 349.929, inclusive, without referenceto other statutes of the State, constitute full authority for the exercise ofpowers granted in those sections, including but not limited to theauthorization and issuance of bonds.
2. No other act or law with regard to theauthorization or issuance of bonds that provides for an election, requires an approval,or in any way impedes or restricts the carrying out of the acts authorized in
3. The provisions of no other law, either general orlocal, except as otherwise provided in NRS349.900 to 349.929, inclusive, applyto the doing of the things authorized in those sections to be done, and noboard, agency, bureau, commission or officer not designated in those sectionshas any authority or jurisdiction over the doing of any of the acts authorizedin those sections to be done, except as otherwise provided in those sections.
4. Any bank or trust company located within or withoutthis state may be appointed and act as a trustee or custodian with respect tobonds issued pursuant to NRS 349.900 to
5. The powers conferred by
6. No part of NRS349.900 to 349.929, inclusive,repeals or affects any other law or part thereof, except to the extent thatthose sections are inconsistent with any other law, it being intended thatthose sections provide a separate method of accomplishing its objectives, andnot an exclusive one.
7. The Director or a person designated by him may takeany actions and execute and deliver any instrument, contract, certificate andother document, including the bonds, necessary or appropriate for the sale andissuance of the bonds or accomplishing the purposes of
(Added to NRS by 1987, 1410)
NRS
(Added to NRS by 1987, 1411)
FINANCING OF WATER PROJECTS
NRS
(Added to NRS by 1987, 2273)
NRS
(Added to NRS by 1987, 2273)
NRS
1. Surveys, audits, preliminary plans, other plans,specifications, estimates and other costs of preparations;
2. Appraising, printing, estimating, advice, servicesof engineers, architects, financial consultants, attorneys, clerical personneland other agents and employees;
3. Publishing, posting, mailing and otherwise givingnotice, filing or recording instruments, taking options and fees to banks;
4. Establishment of a reserve for contingencies;
5. Interest on bonds for any time which does notexceed the estimated period of construction plus 1 year, discounts on bonds,reserves for the payment of the principal of and interest on bonds, replacementexpenses and other costs of issuing bonds;
6. Amending any resolution or other instrumentauthorizing the issuance of, or otherwise relating to, bonds for the waterproject; and
7. Short-term financing,
and theexpense of operation and maintenance of the water project.
(Added to NRS by 1987, 2273)
NRS
(Added to NRS by 1987, 2274; A 1993, 1570)
NRS
1. Expenses for engineering, auditing, reporting,legal services and other expenses of the Director which are directly related tothe administration of water projects.
2. Premiums for fidelity bonds and policies ofproperty and liability insurance pertaining to water projects, and shares ofthe premiums of blanket bonds and policies which may be reasonably allocated tothe State.
3. Payments to pension, retirement, health insuranceand other insurance funds.
4. Reasonable charges made by any paying agent,commercial bank, credit union, trust company or other depository bankpertaining to any bonds.
5. Services rendered under the terms of contracts,services of professionally qualified persons, salaries, administrative expensesand the cost of materials, supplies and labor pertaining to the issuance of anybonds, including the expenses of any trustee, receiver or other fiduciary.
6. Costs incurred in the collection and any refund ofrevenues from the water project, including the amount of the refund.
(Added to NRS by 1987, 2274; A
NRS
(Added to NRS by 1987, 2274)
NRS
(Added to NRS by 1987, 2274)
NRS
(Added to NRS by 1987, 2274)
NRS
(Added to NRS by 1987, 2275)
NRS
(Added to NRS by 1987, 2275)
NRS
(Added to NRS by 1987, 2275)
NRS
(Added to NRS by 1987, 2275)
NRS
(Added to NRS by 1987, 2275)
NRS
1. The water project has been finally approved by theBoard after a public hearing on the matter.
2. The Director finds and the State Board of Financeapproves the findings of the Director that:
(a) The contemplated lessee, purchaser or other obligorhas sufficient financial resources to place the water project in operation andto continue its operation, meeting the obligations of the lease, purchasecontract or financing agreement;
(b) There are sufficient safeguards to assure that allmoney provided by the Director will be expended solely for the purposes of thewater project; and
(c) The total amount of money necessary to be providedby the Director for financing the water project has been determined in writingby the Board on a form acceptable to the Director.
3. For the issuance of state securities, the Directorand the State Board of Finance have received and approved the authorizingdocuments showing the legal authority for the obligor to borrow and repay theproceeds of the state securities.
4. For the issuance of revenue bonds, the Director andthe State Board of Finance have received and approved:
(a) The financial plan showing that the revenues to bederived from the water project are adequate to pay the principal and intereston such bonds;
(b) A 5-year operating history from the contemplatedlessee, purchaser or other obligor or from a parent or other guarantor, whoguarantees the payments of principal and interest on any bonds issued; and
(c) A written statement from the obligor affirming thatthe obligor does not undertake to commit the State, and any politicalsubdivision or municipality thereof to incur any pecuniary liability inconnection with the issuance of the bonds.
(Added to NRS by 1987, 2275; A 1995, 2238)
NRS
1. The bonds must be authorized by an order of theDirector, and must:
(a) Be in the denominations;
(b) Bear the date or dates;
(c) Mature at the time or times, not exceeding 30 yearsafter their respective dates;
(d) Bear interest at a rate or rates specified in theorder;
(e) Be in the form;
(f) Carry the registration privileges;
(g) Be executed in the manner;
(h) Be payable at the place or places within or withoutthe State; and
(i) Be subject to the terms of redemption,
which theorder authorizing their issue provides.
2. The bonds may be sold in one or more series at par,or below or above par, in the manner and for the price or prices which theDirector determines in his discretion.
3. State securities must be authorized by resolutionof the Board of Finance at the request of the Director.
4. As an incidental expense to any water project to befinanced by the bonds, the Director may employ:
(a) Financial and legal consultants in regard to thefinancing of the water project; and
(b) A person whose business is in Nevada or elsewhereto act as a trustee for the water project.
5. The bonds are fully negotiable under the terms ofthe Uniform Commercial CodeInvestment Securities.
(Added to NRS by 1987, 2276; A 1995, 2238)
NRS
1. The Director may, to pay the cost of any waterproject, borrow money or otherwise become obligated, and may provide evidenceof those obligations by issuing, except as otherwise provided in thissubsection, state securities or revenue bonds. If the obligor is not agovernmental entity, the Director shall issue only revenue bonds to fulfill theobligation.
2. Except as otherwise provided in this subsection,state obligations may be outstanding pursuant to this section in an aggregateprincipal amount of not more than $200,000,000. No state obligations, otherthan refunding obligations, may be issued pursuant to this section after August1, 2003.
3. State securities must be payable from taxes and maybe additionally secured by all or any designated revenues from one or morewater projects. Any governmental entity statutorily authorized to levy taxesfor the payment of bonded indebtedness may use the proceeds of those taxes topay the principal of, interest on and redemption premiums due in connectionwith state securities issued pursuant to this section. Any such statesecurities may be issued without an election or other preliminaries. No statesecurities may be issued to refund any municipal securities issued to finance awater project before July 1, 1987.
4. Provisions of NRS349.150 to 349.364, inclusive, whichare not inconsistent with the provisions of NRS349.935 to 349.961, inclusive, applyto the issuance of state securities under this section. Provisions of
5. The Legislature finds and declares that theissuance of state securities pursuant to NRS349.935 to 349.961, inclusive, isnecessary for the protection and preservation of the natural resources of thisstate and for the purpose of obtaining the benefits thereof, and constitutes anexercise of the authority conferred by the second paragraph of Section 3 ofArticle 9 of the Constitution of the State of Nevada.
(Added to NRS by 1987, 2276; A
NRS
1. The Director may charge the obligor a fee not toexceed 2 percent of the principal amount of the financing, including anonrefundable application fee not to exceed 0.25 percent of the principalamount or $7,500, whichever is less, payable either in advance or at the timethe bonds are issued. The Director shall deposit all money received pursuant tothis section, except money received from application fees, with the StateTreasurer for credit to the Account for the Financing of Water Projects.
2. Money received from application fees collectedpursuant to this section must be:
(a) Accounted for separately in the State General Fund.
(b) Used by the Director to support the operations ofhis office in administering the provisions of NRS349.935 to 349.961, inclusive.
3. Whether or not bonds are issued, the Director shalluse money received pursuant to this section, except money received fromapplication fees, to reimburse his office for the expenses and costs incurredin financing the water project and, within the limits of money available forthis purpose, to reimburse a municipality pursuant to the provisions of
(Added to NRS by 1987, 2277; A 1991, 2251; 1993, 638)
NRS
1. Except as otherwise provided in subsection 3 and
2. Any revenue from water projects financed with statesecurities which is in the Account must be applied in the following order ofpriority:
(a) Deposited into the Consolidated Bond Interest andRedemption Fund in amounts necessary to pay the principal of, interest on andredemption premiums due in connection with state securities issued for waterprojects.
(b) Deposited into any reserve account created for thepayment of the principal of, interest on and redemption premiums due inconnection with state securities issued for water projects, in amounts and attimes determined to be necessary.
(c) Paid out for expenses of operation and maintenance.
3. Any revenue from water projects financed withrevenue bonds may:
(a) Be deposited in the Account for the Financing ofWater Projects and subject to the provisions of subsection 2; or
(b) Subject to any agreement with the holders of thebonds, be invested, deposited or held by the Director in such funds or accountsas he deems necessary or desirable. If the Director is acting pursuant to thissubsection, he need not deposit the money in the State Treasury and theprovisions of chapters 355 and
(Added to NRS by 1987, 2277; A 1991, 2251; 1993, 639;2001, 2750)
1. Any bonds issued under the provisions of
2. Refunding may be carried out whether the bonds tobe refunded have matured or thereafter mature, either by sale of the refundingbonds and the application of the proceeds to the payment of the bonds to berefunded, or by exchange of the refunding bonds for the bonds to be refunded.The holders of the bonds to be refunded must not be compelled, without theirconsent, to surrender their bonds for payment or exchange before the date onwhich they are payable by maturity, option to redeem or otherwise, or if theyare called for redemption before the date on which they are by their terms subjectto redemption by option or otherwise.
3. All refunding bonds issued pursuant to this sectionmust be payable solely from revenues and other money out of which the bonds tobe refunded thereby are payable or from revenues out of which bonds of the samecharacter may be made payable under this or any other law then in effect at thetime of the refunding.
(Added to NRS by 1987, 2277)
NRS
(Added to NRS by 1987, 2278)
NRS
(Added to NRS by 1987, 2278)
NRS
(Added to NRS by 1987, 2278; A 1991, 2349)
NRS
1. The Board for Financing Water Projects is herebycreated. The Board consists of one ex officio member and five members appointedby the Governor.
2. The Governor shall appoint to the Board:
(a) One member who is a representative of the countywith the largest population in the State;
(b) One member who is a representative of the countywith the second largest population in the State; and
(c) Three members who are representatives of countiesin the State whose populations are less than 100,000,
of whom onemember is knowledgeable in the field of municipal finance and the remainingmembers are knowledgeable in the fields of planning and the development andreclamation of water resources.
3. The Administrator of the Division of EnvironmentalProtection of the State Department of Conservation and Natural Resources, or aperson he designates, shall serve ex officio as a nonvoting member of theBoard.
4. Not more than three voting members of the Board maybe members of the same political party, and not more than two may be residentsof the same county.
(Added to NRS by 1987, 2278; A 1991, 532; 1995, 2502;2005, 561)
NRS
1. Each voting member of the Board is entitled toreceive a salary of not more than $80 per day, as fixed by the Board, for hisservices while actually engaged in the performance of his duties as a member ofthe Board.
2. While engaged in the business of the Board, eachvoting member and employee of the Board is entitled to receive the per diemallowance and travel expenses provided for state officers and employeesgenerally.
(Added to NRS by 1987, 2279; A 1989, 1712; 1991, 533)
NRS
1. At its first meeting and annually thereafter electa Chairman from among its voting members.
2. Meet regularly at least once in each calendarquarter and at other times upon the call of the Chairman.
(Added to NRS by 1987, 2279; A 1991, 533)
NRS
1. The State Engineer shall advise the Board, upon itsrequest, of the existence and status of any water rights which affect a waterproject under consideration by the Board.
2. Upon the Boards request and within the limits ofavailable resources and staff, the State Engineer and the Director may on acase by case basis assist persons in the preparation of a preliminary plan fora water project.
(Added to NRS by 1987, 2279)
NRS
1. When any municipality or other obligor desires toundertake a water project, it may present its preliminary plan to the Board forapproval. If the proposed water project affects drinking water, the Board shallrequest that the Administrator of the Division of Environmental Protection ofthe State Department of Conservation and Natural Resources submit comments andrecommendations regarding the project. The Board shall analyze the potentialyield of the water project, and may tentatively approve it if it will preserveor increase the water available for beneficial use in this State.
2. If the Board, after a public hearing on the issue,tentatively approves the water project, the municipality or other obligor mayproceed to prepare a final plan and submit it for final approval. If the Boardfinally approves the water project, the cost of the final plan may be includedin the cost of the water project. If the Board does not finally approve thewater project, the Director may, within the limits of money available for thispurpose in the Account for the Financing of Water Projects, reimburse amunicipality for the costs incurred after the tentative approval.
(Added to NRS by 1987, 2279; A 1991, 533; 1993, 639;
GRANTS FOR CAPITAL IMPROVEMENTS TO PUBLICLY OWNED WATERSYSTEMS
NRS
1. Board means the Board for Financing WaterProjects created pursuant to NRS 349.957.
2. Community sewage disposal system means a publicsystem of sewage disposal which is operated for the benefit of a county, city,district or other political subdivision of this state.
3. Community water system means a public watersystem which:
(a) Has 15 or more service connections; or
(b) Serves 25 or more persons,
at placeswhich are intended for year-round occupancy.
4. Costs of capital improvements to community watersystems and nontransient water systems means the costs traditionallyassociated with capital improvements to such systems and includes costsassociated with the:
(a) Consolidation of existing systems; and
(b) Transfer and connection of a public water system toa system owned by a purveyor of water or a public utility.
5. Division of Environmental Protection means theDivision of Environmental Protection of the State Department of Conservationand Natural Resources.
6. Fundmeans the Fund for Grants for Water Conservation, Capital Improvements toCertain Water Systems and Improvements to Certain Sewage Disposal Systems.
7. Individualsewage disposal system means a single system of sewage treatment tanks andeffluent disposal facilities that serves:
(a) Asingle-family dwelling; or
(b) One or more buildings that are used exclusively forcommercial purposes and are not used as single-family dwellings.
8. Nontransient water system means a public watersystem that regularly serves 25 or more of the same persons for more than 6months per year, but which is not a community water system.
9. Public water system has the meaning ascribed toit in NRS 445A.840.
10. Purveyor of water means a political subdivisionof this state engaged in the business of furnishing water, for compensation, topersons within the political subdivision.
(Added to NRS by 1991, 1833; A
NRS
1. There is hereby established a program to providegrants of money to:
(a) A purveyor of water to pay for costs of capital improvementsto publicly owned community water systems and publicly owned nontransient watersystems required or made necessary by the State Environmental Commissionpursuant to NRS 445A.800 to
(b) An eligible recipient to pay for the cost ofimprovements to conserve water, including, without limitation:
(1) Piping or lining of an irrigation canal;
(2) Recovery or recycling of wastewater ortailwater;
(3) Scheduling of irrigation;
(4) Measurement or metering of the use of water;
(5) Improving the efficiency of irrigationoperations; and
(6) Improving the efficiency of the operation ofa facility for the storage of water, including, without limitation, efficiencyin diverting water to such a facility.
(c) An eligible recipient to pay the following costsassociated with connecting a domestic well or well with a temporary permit to amunicipal water system, if the well was in existence on or before October 1,1999, and the well is located in an area designated by the State Engineerpursuant to NRS 534.120 as an area wherethe groundwater basin is being depleted:
(1) Any local or regional fee for connection tothe municipal water system.
(2) The cost of any capital improvement that isrequired to comply with a decision or regulation of the State Engineer.
(d) An eligiblerecipient to pay the following costs associated with abandoning an individualsewage disposal system and connecting the property formerly served by theabandoned individual sewage disposal system to a community sewage disposalsystem, if the Division of Environmental Protection requires the individualsewage disposal system to be abandoned and the property upon which theindividual sewage disposal system was located to be connected to a communitysewage disposal system pursuant to the provisions of
(1) Any local or regional fee for connection tothe community sewage disposal system.
(2) The cost of any capital improvement that isrequired to comply with a statute of this State or a decision, directive, orderor regulation of the Division of Environmental Protection.
(e) An eligible recipient to pay the following costsassociated with connecting a well to a municipal water system, if the qualityof the water of the well fails to comply with the standards of the SafeDrinking Water Act, 42 U.S.C. 300f et seq., and the regulations adoptedpursuant thereto:
(1) Any local or regional fee for connection tothe municipal water system.
(2) The cost of any capital improvement that isrequired for the water quality in the area where the well is located to complywith the standards of the Safe Drinking Water Act, 42 U.S.C. 300f et seq.,and the regulations adopted pursuant thereto.
2. Except as otherwise provided in
3. As used in this section, eligible recipient meansa political subdivision of this State, including, without limitation, a city,county, unincorporated town, water authority, conservation district, irrigationdistrict, water district or water conservancy district.
(Added to NRS by 1991, 1833; A
NRS
1. The Board shall administer the program and shalladopt regulations necessary for that purpose.
2. The regulations must provide such requirements forparticipation in the program as the Board deems necessary.
3. The money in the Fund may be used to defray, inwhole or in part, the costs of administering the Fund and the expenses of theBoard in administering the program.
4. The Board may, by regulation, impose anadministrative fee which must be collected from each recipient of a grant fromthe Fund. If such a fee is imposed, all revenue derived from the fee must beused to defray, in whole or in part, the costs of administering the Fund andthe expenses of the Board in administering the program.
(Added to NRS by 1991, 1833; A
NRS
1. Grants may be made pursuant to paragraph (a) ofsubsection 1 of NRS 349.981 only for theLincoln County Water District and those community and nontransient watersystems that:
(a) Were in existence on January 1, 1995; and
(b) Are currently publicly owned.
2. In making its determination of which purveyors ofwater are to receive grants pursuant to paragraph (a) of subsection 1 of
3. Each recipient of a grant pursuant to paragraph (a)of subsection 1 of NRS 349.981 shallprovide an amount of money for the same purpose. The Board shall develop ascale to be used to determine that amount, but the recipient must not berequired to provide an amount less than 15 percent or more than 75 percent ofthe amount of the grant. The scale must be based upon the average householdincome of the customers of the recipient, and provide adjustments for thedemonstrated economic hardship of those customers, the existence of an imminentrisk to public health and any other factor that the Board determines to berelevant.
(Added to NRS by 1991, 1834; A 1993, 1236; 1995, 321;1999, 2122;
NRS
1. The Fund for Grants for Water Conservation, CapitalImprovements to Certain Water Systems and Improvements to Certain SewageDisposal Systems is hereby created.
2. Except as otherwise provided by subsections 3 and 4of NRS 349.982, the money in the Fundmust be used only to make grants in furtherance of the program.
3. All claims against the Fund must be paid as otherclaims against the State are paid.
(Added to NRS by 1991, 1834; A
NRS
1. The issuance of bonds pursuant to
2. Any other source,
must bedeposited with the State Treasurer to the credit of the Fund. The interest andincome earned on the money in the Fund, after deducting any applicable charges,must be credited to the Fund.
(Added to NRS by 1991, 1834)
NRS
1. The State Board of Finance shall issue generalobligation bonds of the State of Nevada to support the purposes of the programestablished by NRS 349.981. Theaggregate principal amount of such bonds outstanding at any one time may not exceed$125,000,000.
2. The net proceeds from the sale of the bonds must bedeposited in the Fund.
3. The bonds must be redeemed through the ConsolidatedBond Interest and Redemption Fund.
(Added to NRS by 1991, 1834; A 1995, 2239; 1997,1826; 1999, 2123;2001, 692;
NRS
1. The provisions of NRS349.150 to 349.364, inclusive, whichare not inconsistent with the provisions of NRS349.980 to 349.987, inclusive, applyto the bonds issued pursuant to NRS 349.986.
2. The provisions of NRS349.935 to 349.956, inclusive, and
(Added to NRS by 1991, 1834)
Disclaimer: These codes may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
