2005 Nevada Revised Statutes - Chapter 315 — Housing Authorities

CHAPTER 315 - HOUSING AUTHORITIES

GENERALPROVISIONS

Termination of Housing Assistance

NRS 315.007 Availabilityof judicial review; requirements for retention of premises pending judicial review.

Eviction of Tenants of Public Housing for Convictions of LawsRegulating Controlled Substances

NRS 315.011 Legislativefindings and declarations.

NRS 315.021 Definitions.

NRS 315.031 Conditionsupon which tenant required to vacate public housing.

NRS 315.041 Noticeof termination of tenancy; contents of notice; affidavit filed by tenant;affidavit filed by housing authority or landlord; determination by justice ofthe peace.

NRS 315.051 Serviceof notices: Manner and proof.

NRS 315.061 Actionfor damages not precluded; appeal of decision of justice of the peace.

NRS 315.071 Returnof evicted tenant to public housing.

HOUSING AUTHORITIES LAW OF 1947

NRS 315.140 Shorttitle.

NRS 315.150 Definitions.

NRS 315.160 Areaof operation defined.

NRS 315.170 Authoritydefined.

NRS 315.180 Bondsdefined.

NRS 315.190 Citydefined.

NRS 315.200 Clerkdefined.

NRS 315.210 FederalGovernment defined.

NRS 315.220 Governingbody defined.

NRS 315.225 HousingAuthorities Law of 1943 defined.

NRS 315.226 HousingLaw of 1951 defined.

NRS 315.230 Housingproject defined.

NRS 315.240 Mayordefined.

NRS 315.250 Obligeeof the authority and obligee defined.

NRS 315.260 Personsof low income defined.

NRS 315.270 Realproperty defined.

NRS 315.280 Statepublic body defined.

NRS 315.290 Towndefined.

NRS 315.300 Veteranand serviceman defined.

NRS 315.310 Exemptionof real property from execution, process and judgment lien: Enforcement ofcertain encumbrances, pledges and liens.

NRS 315.320 Housingauthority: Nature; resolution of necessity to function.

NRS 315.330 Factualfindings required.

NRS 315.340 Determinationof unsafe or insanitary conditions: Considerations.

NRS 315.350 Actionsinvolving authoritys contracts; establishment of authority conclusivelypresumed; sufficiency of resolution.

NRS 315.360 Continuationof housing authorities organized under prior laws.

NRS 315.365 Effectof chapter 16, Statutes of Nevada 1975.

NRS 315.370 Appointmentof commissioners: Number; term; qualifications; vacancies.

NRS 315.380 Officersof authority.

NRS 315.390 Compensationand expenses of commissioner.

NRS 315.400 Conflictsof interest.

NRS 315.410 Removalof commissioners.

NRS 315.420 Natureand functions; power to effectuate purposes.

NRS 315.430 Generalpowers.

NRS 315.435 Areaof another authority.

NRS 315.440 Powersconcerning housing projects.

NRS 315.450 Contractsfor services or works: Compliance with wage and hour laws; conditions offederal aid.

NRS 315.460 Powersrelating to real and personal property.

NRS 315.470 Authorizedinvestments; redemption or repurchase of bonds.

NRS 315.480 Exerciseof powers granted in NRS 315.420 to 315.470, inclusive.

NRS 315.490 Acquisition,operation or disposition of property by public bodies: Law applicable.

NRS 315.500 Rentals.

NRS 315.510 Tenantselection: Preferences.

NRS 315.520 Remediesof authoritys obligee: Effect of NRS315.500 and 315.510.

NRS 315.530 Cooperationbetween authorities.

NRS 315.540 Paymentsin lieu of taxes.

NRS 315.550 Powersof state public bodies respecting housing projects.

NRS 315.560 Federalaid.

NRS 315.570 Housingin rural areas.

NRS 315.580 Housingfor veterans and servicemen.

NRS 315.590 Leaseof government war housing projects by authority.

NRS 315.600 Bondsfor corporate and refunding purposes.

NRS 315.610 Typesof bonds; additional security.

NRS 315.620 Liabilityon bonds; debt limitations.

NRS 315.630 Resolutionauthorizing bonds: Contents.

NRS 315.640 Sale.

NRS 315.650 Discontinuancein office: Negotiability.

NRS 315.660 Validity;conclusive presumptions.

NRS 315.670 Authorizedprovisions: Bonds; trust indentures; mortgages.

NRS 315.680 Pledgesand mortgages.

NRS 315.690 Limitationof further indebtedness; bond proceeds; lost and destroyed bonds; extension ofbond and interest payment; redemption.

NRS 315.700 Rentalincome; special funds.

NRS 315.710 Procedurerelating to bondholders contracts.

NRS 315.720 Use,maintenance and insurance of property.

NRS 315.730 Obligeespowers and duties.

NRS 315.740 Exerciseof enumerated powers.

NRS 315.750 Submissionto and certification of bonds by Attorney General.

NRS 315.760 Housingauthority bonds: Authorized investments.

NRS 315.770 Remediesof authoritys obligee.

NRS 315.780 Additionalremedies conferrable by authority on obligee.

RURAL HOUSING AUTHORITY

General Provisions

NRS 315.961 Policyof State; findings and declarations.

NRS 315.962 Definitions.

NRS 315.963 Areaof operation defined.

NRS 315.964 Authorityand State Authority defined.

NRS 315.965 Bondsdefined.

NRS 315.966 Citydefined.

NRS 315.967 ExecutiveDirector defined.

NRS 315.968 FederalGovernment defined.

NRS 315.969 Housingproject defined.

NRS 315.971 Localhousing authority and local authority defined.

NRS 315.972 Obligeedefined.

NRS 315.973 Personsof low and moderate income defined.

NRS 315.976 Towndefined.

 

Administration

NRS 315.977 Creationof Authority; appointment of commissioners; quorum; majority vote required tocarry question.

NRS 315.978 Certificateof appointment or reappointment of commissioner: Filing.

NRS 315.979 Organizationof Authority: Officers; bylaws and rules; employees; report andrecommendations.

NRS 315.980 Compensationof commissioners.

NRS 315.981 Conflictsof interest.

NRS 315.982 Removalof commissioners; filling of vacancy in office.

NRS 315.983 Natureand functions; general powers; creation of nonprofit organization fordevelopment of housing projects.

NRS 315.9835 Areaof operation.

NRS 315.984 Powersof Authority concerning housing projects and low-rent housing; power ofnonprofit organization concerning housing projects.

NRS 315.9845 Determinationof income.

NRS 315.985 Relinquishmentby local authority: Resolution; limitations. [Repealed.]

NRS 315.986 Statedetermination of need: Notice to local authority. [Repealed.]

NRS 315.987 Procedurefollowing state determination of need; construction and operation of projectsby State; local approval required. [Repealed.]

NRS 315.988 Powersof State Authority under Housing Authorities Law of 1947.

NRS 315.989 Stateprojects subject to local ordinances.

NRS 315.990 Paymentsin lieu of taxes.

NRS 315.991 Acquisition,operation or disposition of property by public agencies: Law applicable.

NRS 315.992 Exemptionof property from execution, process and judgment lien; enforcement of certainencumbrances, pledges and liens.

NRS 315.993 Projectsnot to be constructed or operated for profit; fixing of rentals or payments.

NRS 315.994 Tenantselection.

NRS 315.995 Remediesof Authoritys obligee: Effect of NRS315.993 and 315.994.

NRS 315.996 Powersof state public bodies respecting housing projects.

 

Financing

NRS 315.9981 Definitions.

NRS 315.99815 Lendinginstitution defined.

NRS 315.99818 Mortgagedefined.

NRS 315.9982 Mortgageloan defined.

NRS 315.99825 Realproperty defined.

NRS 315.99828 Residentialhousing defined.

NRS 315.9983 Mortgagesand loans: Generally.

NRS 315.99832 Mortgagesand loans: Security; repayment; interest.

NRS 315.99834 Mortgagesand loans: Related powers.

NRS 315.99836 Mortgagesand loans: Fees and charges.

NRS 315.99838 Mortgagesand loans: Insurance.

NRS 315.9984 Findingsnecessary for financing.

NRS 315.99842 Notes,bonds and other obligations: Issuance; amounts; payment.

NRS 315.99844 Notes,bonds and other obligations: Type; interest; sale.

NRS 315.99846 Notes,bonds and other obligations: Pledges.

NRS 315.99848 Notes,bonds and other obligations: Trust indentures.

NRS 315.9985 Notes,bonds and other obligations: Guarantees of payment.

NRS 315.99852 Notes,bonds and other obligations: Redemption; remarketing or refunding.

NRS 315.99854 Notes,bonds and other obligations: Provision for or requirement of means of assuringrepayment; payment of associated fees and costs.

NRS 315.99856 Notes,bonds and other obligations: Waiver of exemption of interest from federalincome taxation; issuance of obligations not exempt from taxation.

NRS 315.99858 Notes,bonds and other obligations: Refunding obligations.

NRS 315.9986 Notes,bonds and other obligations: Establishment, use and requirements for bond reservefunds.

NRS 315.99862 Notes,bonds and other obligations: Limitations on bond reserve funds.

NRS 315.99864 Notes,bonds and other obligations: Purpose of bond reserve fund requirements.

NRS 315.99866 Notes,bonds and other obligations: Remedies of bondholders and noteholders.

NRS 315.99868 Notes,bonds and other obligations: Pledge against impairment of holders rights andremedies; credit of State or political subdivision not pledged.

NRS 315.9987 Notes,bonds and other obligations: Submission to and certification by AttorneyGeneral.

NRS 315.99872 Notes,bonds and other obligations: Legal investments; securities.

NRS 315.99874 Notes,bonds and other obligations: Signatures of commissioners and officers.

_________

GENERAL PROVISIONS

Termination of housing Assistance

NRS 315.007 Availabilityof judicial review; requirements for retention of premises pending judicialreview.

1. The decision of a housing authority to terminate apersons housing assistance is a final decision for the purposes of judicialreview. A person aggrieved by such a final decision of the housing authority isentitled to judicial review of the decision in the manner provided in NRS 233B.130 to 233B.150, inclusive, for the review ofdecisions of administrative agencies in contested cases.

2. If a person who seeks judicial review of a finaldecision of a housing authority pursuant to subsection 1 retains possession ofthe premises during the pendency of the action, the person shall pay the rentand comply with all other provisions set forth in the underlying contract forpossession of the premises. If the person fails to pay such rent or comply withthe other provisions of the contract, the landlord may initiate proceedings foreviction. If the person is evicted, the housing authority is not required toissue a new voucher for housing assistance to the person unless and until theperson prevails in the action for judicial review.

3. As used in this section:

(a) Housing assistance means any financial assistancethat a person receives under the Housing Choice Voucher Program pursuant tosection 8 of the United States Housing Act of 1937, 42 U.S.C. 1437f, and anyregulations adopted pursuant thereto, or pursuant to any successor program.

(b) Housing authority means a housing authoritycreated pursuant to this chapter and includes, without limitation, the NevadaRural Housing Authority.

(c) Landlord has the meaning ascribed to it in NRS 315.021.

(d) Premises has the meaning ascribed to it in NRS 315.021.

(Added to NRS by 2005, 944)

Eviction of Tenants of Public housing for Convictions ofLaws Regulating Controlled Substances

NRS 315.011 Legislativefindings and declarations. The Legislaturehereby finds and declares that:

1. The policy of this State, to provide decent, safeand sanitary housing for persons of low income, is being thwarted by thefrequent occurrence in public housing of activities concerning the unlawfulpossession, distribution and use of controlled substances.

2. The provision of public housing has never beenintended to help subsidize criminal behavior.

3. These unlawful activities, conducted by anintimidating minority of the residents of public housing, are causing ourpublic housing to become increasingly infested with violence, degeneracy andsqualor, which imperils the physical and mental health of the peacefulresidents therein.

4. Persons residing with the active participants inthese unlawful activities commonly share in the proceeds thereof or have theability to prevent or interfere significantly in the conduct of the activities.

5. It will promote the public health, safety andwelfare of the residents of this State to require housing authorities to evictfrom public housing both the persons who actively participate in unlawfulactivities relating to the possession, distribution or use of controlledsubstances, and the persons who reside with them.

(Added to NRS by 1989, 1223)

NRS 315.021 Definitions. As used in NRS 315.021to 315.071, inclusive, unless thecontext otherwise requires:

1. Housing authority means a housing authoritycreated pursuant to this chapter.

2. Landlord means a person who owns or manages anypremises that he rents or leases to a tenant pursuant to a contract with ahousing authority.

3. Premises means a particular apartment or otherresidential unit of public housing occupied by a tenant, or a residential unitthat is occupied by a tenant pursuant to a federally assisted housing programadministered by a housing authority.

4. Public housing means the residentialaccommodations operated by a housing authority or a landlord.

(Added to NRS by 1989, 1224)

NRS 315.031 Conditionsupon which tenant required to vacate public housing. Atenant in public housing, and every person who resides with the tenant, isrequired to vacate public housing upon:

1. The conviction of the tenant, or any personresiding with the tenant, of a violation, while a resident of public housing,of any state or federal law regulating the possession, distribution or use of acontrolled substance; or

2. The determination by a juvenile court that anyminor residing with the tenant has committed, while a resident of publichousing:

(a) A second violation of any state or federal lawregulating the possession, distribution or use of a controlled substance; or

(b) A single violation of any state or federal lawregulating the possession, distribution or use of a controlled substance, if:

(1) There is a program of rehabilitation in thecommunity which is available to the minor; and

(2) The minor fails to enroll immediately in theprogram, or enrolls in the program and fails or refuses to comply with anyterm, condition or requirement thereof.

(Added to NRS by 1989, 1224)

NRS 315.041 Noticeof termination of tenancy; contents of notice; affidavit filed by tenant;affidavit filed by housing authority or landlord; determination by justice ofthe peace.

1. Except as otherwise required by federal law orregulation, or as a condition to the receipt of federal money, a housingauthority or a landlord shall, immediately upon learning of facts indicatingthat a tenant is required pursuant to NRS315.031 to vacate public housing, serve upon the tenant a written noticewhich:

(a) States that the tenancy is terminated at noon ofthe fifth full day following the day of service, and that the tenant mustsurrender the premises at or before that time;

(b) Sets forth the facts upon which the tenant isrequired to vacate the premises pursuant to NRS315.031;

(c) Advises the tenant of his right to contest thematter by filing, within 5 days, an affidavit with the justice of the peacedenying the occurrence of the conditions set forth in NRS 315.031; and

(d) Contains any other matter required by federal lawor regulation regarding the eviction of the tenant from those premises, or as acondition to the receipt of federal money.

If thetenant timely files the affidavit and provides the housing authority or thelandlord with a copy of the affidavit, stamped as filed with the justice of thepeace, the housing authority or the landlord shall not refuse the tenant, orany person who resides with the tenant, access to the premises.

2. Upon noncompliance with the notice:

(a) The housing authority or the landlord shall applyby affidavit to the justice of the peace of the township where the premises arelocated. If it appears to the justice of the peace that the conditions setforth in NRS 315.031 have occurred andthat the tenant is required by that section to vacate the premises, the justiceof the peace shall issue an order directing the sheriff or constable of the countyto remove the tenant and any other person on the premises within 24 hours afterreceipt of the order. The affidavit required by this paragraph must contain:

(1) The date when, and the facts upon which, thetenant became required to vacate the premises.

(2) The date when the written notice was given,a copy of the notice and a statement that the notice was served as provided in NRS 315.051.

(b) Except when the tenant has timely filed theaffidavit described in subsection 1 and provides the housing authority or thelandlord with a copy of the affidavit, stamped as filed with the justice of thepeace, the housing authority or the landlord may, in a peaceable manner, refusethe tenant, and any person who resides with the tenant, access to the premises.

3. Upon the filing by the tenant of the affidavitauthorized by subsection 1 and the filing by the housing authority or thelandlord of the affidavit required by subsection 2, the justice of the peaceshall hold a hearing, after service of notice of the hearing upon the parties,to determine the truthfulness and sufficiency of any affidavit or notice providedfor in this section. If the justice of the peace determines that the conditionsset forth in NRS 315.031 have occurredand that the tenant is required by that section to vacate the premises, thejustice of the peace shall issue a summary order for removal of the tenant andany other person on the premises, or an order refusing the tenant, and anyperson who resides with the tenant, admittance to the premises. If the justiceof the peace determines that the conditions set forth in NRS 315.031 have not occurred and that thetenant is not required by that section to vacate the premises, the justice ofthe peace shall refuse to grant any relief.

4. The provisions of NRS40.215 to 40.425, inclusive, do notapply to any proceeding brought pursuant to the provisions of NRS 315.011 to 315.071, inclusive.

(Added to NRS by 1989, 1224)

NRS 315.051 Serviceof notices: Manner and proof.

1. The notices required by NRS 315.041 must be served in any mannerrequired by federal law or regulation concerning the eviction of the tenantfrom those premises, or as a condition to the receipt of federal money, or, inthe absence of such a requirement, the notice may be served:

(a) By delivering a copy to the tenant personally, inthe presence of a witness; or

(b) If the tenant cannot be found with reasonablediligence, by leaving a copy with a person of suitable age and discretion atthe premises or the tenants usual place of business, mailing a copy to thetenant at the premises or his usual place of business, and posting a copy in aconspicuous place on the premises.

2. Before an order to remove a tenant is issuedpursuant to NRS 315.041, a housingauthority or a landlord must file with the court a proof of service of any noticerequired by that section. This proof must consist of a statement, signed by thetenant and a witness, acknowledging that the tenant received the notice on aspecified date, or:

(a) The endorsement of a sheriff, constable or otherprocess server stating the time and manner of service; and

(b) If service is accomplished in a manner whichrequires that a copy of the notice be mailed to the tenant, a certificate ofmailing issued by the United States Postal Service.

(Added to NRS by 1989, 1226)

NRS 315.061 Actionfor damages not precluded; appeal of decision of justice of the peace.

1. The issuance of a summary order for removal of atenant of public housing does not preclude an action by the tenant, or anyperson who resides with the tenant, for any damages or other relief to which heis entitled.

2. Either party may, within 10 days, appeal thedecision of the justice of the peace to the district court for that county. Anappeal by the tenant does not stay the order issued by the justice of thepeace.

(Added to NRS by 1989, 1226)

NRS 315.071 Returnof evicted tenant to public housing. If aperson required to vacate public housing pursuant to NRS 315.031:

1. Committed the actual violation or violations forwhich he is required to vacate public housing, a housing authority or alandlord, except as otherwise required by federal law or regulation, or as acondition to the receipt of federal money, shall not allow the person to againreside in public housing.

2. Did not commit the actual violation or violationsfor which he is required to vacate public housing, a housing authority or alandlord may again allow him to reside in public housing after he has vacatedpublic housing for a reasonable period.

(Added to NRS by 1989, 1224)

HOUSING AUTHORITIES LAW OF 1947

NRS 315.140 Shorttitle. NRS315.140 to 315.780, inclusive, maybe referred to as the Housing Authorities Law of 1947.

[1:253:1947; 1943 NCL 5470.01](NRS A 1975, 16;1977, 1184; 2005, 219)

NRS 315.150 Definitions. Unless the context otherwise requires, the definitionscontained in NRS 315.160 to 315.300, inclusive, govern the constructionof NRS 315.140 to 315.780, inclusive.

[Part 2:253:1947; A 1951, 8](NRS A 1975, 16; 1977,1184; 2005, 219)

NRS 315.160 Areaof operation defined.

1. In the case of an authority of a city or town,area of operation shall include such city or town and the area within 5 milesof the territorial boundaries thereof; but the area of operation of anauthority of any city or town shall not include any area which lies within theterritorial boundaries of some other city or town as herein defined, unless aresolution shall have been adopted by the governing body of such other city ortown (and by any authority which shall have been theretofore established andauthorized to exercise its powers in such city or town) declaring that there isa need for such authority to exercise its powers within that city or town.

2. In the case of an authority of a county, area ofoperation shall include all of the county for which it is created; but acounty authority shall not undertake any housing project or projects within theboundaries of any city or town, as herein defined, unless a resolution shallhave been adopted by the governing body of such city or town (and by anyauthority which shall have been theretofore established and authorized toexercise its powers in such city or town) declaring that there is a need forthe county authority to exercise its powers within such city or town.

[Part 2:253:1947; A 1951, 8](NRS A 2005, 220)

NRS 315.170 Authoritydefined. Authority means any of the publiccorporations created or authorized to be created by NRS 315.140 to 315.780, inclusive, and any housingauthority established and operating prior to July 1, 1975, under the provisionsof the Housing Authorities Law of 1943 or the Housing Law of 1951.

[Part 2:253:1947; A 1951, 8](NRS A 1975, 16; 1977,1184)

NRS 315.180 Bondsdefined. Bonds means any bonds, notes,interim certificates, debentures or other obligations issued by an authoritypursuant to NRS 315.140 to 315.780, inclusive.

[Part 2:253:1947; A 1951, 8](NRS A 1975, 16; 1977,1184)

NRS 315.190 Citydefined. City means any incorporated city.

[Part 2:253:1947; A 1951, 8]

NRS 315.200 Clerkdefined. Clerk means the clerk of the cityor town or the clerk of the county, as the case may be, or the officer chargedwith the duties customarily imposed on such clerk.

[Part 2:253:1947; A 1951, 8]

NRS 315.210 FederalGovernment defined. Federal Government includesthe United States of America or any agency or instrumentality of the UnitedStates of America.

[Part 2:253:1947; A 1951, 8]

NRS 315.220 Governingbody defined. Governing body means citycouncil, board of trustees, board of county commissioners, or other legislativebody of the city, town or county.

[Part 2:253:1947; A 1951, 8]

NRS 315.225 HousingAuthorities Law of 1943 defined. Housing AuthoritiesLaw of 1943 means former NRS315.010 to 315.130,inclusive (chapter 20, Statutes of Nevada 1943, as amended).

(Added to NRS by 1975, 15)

NRS 315.226 HousingLaw of 1951 defined. Housing Law of 1951means former NRS 315.800to 315.950, inclusive(chapter 286, Statutes of Nevada 1951).

(Added to NRS by 1975, 16)

NRS 315.230 Housingproject defined.

1. Housing project means any work or undertaking:

(a) To demolish, clear or remove buildings from anyarea acquired by the authority; or

(b) To provide decent, safe and sanitary urban or ruraldwellings, apartments or other living accommodations for persons of low income.Such work or undertaking may include buildings, land, equipment, facilities andother real or personal property for necessary, convenient or desirableappurtenances, streets, sewers, water service, utilities, parks, sitepreparation, landscaping, administrative, health, recreational, welfare orother purposes; or

(c) To accomplish a combination of the foregoing.

2. Housing project also may be applied to theplanning of the buildings and improvements, the acquisition of property, thedemolition of existing structures, the construction, reconstruction, alterationand repair of the improvements and all other work in connection therewith.

3. The term includes the acquisition or development ofmobile home parks and facilities, the leasing or rental of mobile home lots inthe park or the purchase, leasing or rental of mobile homes.

[Part 2:253:1947; A 1951, 8](NRS A 1979, 990)

NRS 315.240 Mayordefined. Mayor means the mayor of the cityor the officer thereof charged with the duties customarily imposed on the mayoror executive head of the city.

[Part 2:253:1947; A 1951, 8]

NRS 315.250 Obligeeof the authority and obligee defined. Obligeeof the authority or obligee shall include any bondholder, agents or trusteesfor any bondholders, or lessor demising to the authority property used inconnection with a housing project, or any assignee or assignees of suchlessors interest or any part thereof, and the Federal Government when it is aparty to any contract with the authority.

[Part 2:253:1947; A 1951, 8]

NRS 315.260 Personsof low income defined. Persons of lowincome means persons or families who lack the amount of income which isnecessary (as determined by the housing authority) to enable them, withoutfinancial assistance, to live in decent, safe and sanitary dwellings, withoutovercrowding.

[Part 2:253:1947; A 1951, 8]

NRS 315.270 Realproperty defined. Real property includesall lands, improvements and fixtures thereon, and every estate, interest andright therein.

[Part 2:253:1947; A 1951, 8]

NRS 315.280 Statepublic body defined. State public bodymeans any city, town, county, municipal corporation, commission, district,authority, other subdivision or public body of the State.

[Part 2:253:1947; A 1951, 8]

NRS 315.290 Towndefined. Town means any town for which theboard of county commissioners acts as a town board.

[Part 2:253:1947; A 1951, 8]

NRS 315.300 Veteranand serviceman defined. Veteran or servicemanmeans a person who has served in the Armed Forces of the United States at anytime:

1. On or after April 6, 1917, and prior to November11, 1918;

2. On or after September 16, 1940, and prior to July26, 1947;

3. On or after June 27, 1950, and prior to January 31,1955; and

4. On or after August 5, 1964, and prior to such datethereafter as shall be determined by Presidential proclamation or concurrentresolution of the Congress as the end of the Vietnam era,

and, in thecase of a veteran, has been discharged or released therefrom under conditionsother than dishonorable, or in the case of a serviceman, is presently in theArmed Forces of the United States.

[Part 2:253:1947; A 1951, 8](NRS A 1975, 16)

NRS 315.310 Exemptionof real property from execution, process and judgment lien: Enforcement ofcertain encumbrances, pledges and liens.

1. All real property of an authority shall be exemptfrom levy and sale by virtue of an execution, and no execution or otherjudicial process shall issue against the same, nor shall any judgment againstan authority be a charge or lien upon its real property.

2. The provisions of this section shall not apply toor limit the right of obligees to foreclose or otherwise enforce any mortgageor other security of an authority or the right of obligees to pursue anyremedies for the enforcement of any pledge or lien given by an authority on itsrents, fees or revenues.

[18:253:1947; 1943 NCL 5470.18]

NRS 315.320 Housingauthority: Nature; resolution of necessity to function.

1. In each city, town or county of the State there ishereby created a public body corporate and politic to be known as the housingauthority of the city, town or county; but such authority shall not transactany business or exercise its powers hereunder until or unless the governingbody of the city, town or county, as the case may be, by proper resolutionshall declare at any time thereafter that there is need for an authority tofunction in such city, town or county.

2. Such housing authority is hereby created a publicbody corporate for municipal purposes and shall be a municipal corporation.

[Part 3:253:1947; 1943 NCL 5470.03]

NRS 315.330 Factualfindings required. The governing body shalladopt a resolution declaring that there is need for an authority in the city,town or county, as the case may be, if it shall find:

1. That dwelling accommodations are occupied in suchcity, town or county, which are unsafe or insanitary; or

2. That there is a shortage of safe or sanitarydwelling accommodations in such city, town or county available to veterans andother persons of low income at rentals they can afford.

[Part 3:253:1947; 1943 NCL 5470.03]

NRS 315.340 Determinationof unsafe or insanitary conditions: Considerations. Indetermining, as provided in NRS 315.330,whether dwelling accommodations are unsafe or insanitary, a governing body maytake into consideration:

1. The physical condition of the dwellingaccommodations.

2. The degree of overcrowding.

3. The percentage of land coverage.

4. The light, air, space and access available to theoccupants of such dwelling accommodations.

5. The size and arrangement of the rooms.

6. The adequacy of sanitary facilities and watersupply.

7. The extent to which conditions exist in suchbuildings which endanger life or property by fire or other causes.

[Part 4:253:1947; 1943 NCL 5470.04]

NRS 315.350 Actionsinvolving authoritys contracts; establishment of authority conclusivelypresumed; sufficiency of resolution.

1. In any suit, action or proceeding involving thevalidity or enforcement of or relating to any contract of the authority, anauthority shall be conclusively deemed to have become established andauthorized to transact business and exercise its powers hereunder upon proof ofthe adoption of the resolution or resolutions herein prescribed declaring theneed for the authority.

2. Each such resolution or resolutions shall be deemedsufficient if it declares that there is such need for an authority and finds insubstantially the terms provided in NRS315.330 (no further detail being necessary) that the conditions therein enumeratedexist.

3. A copy of such resolution duly certified by theclerk shall be admissible in evidence in any suit, action or proceeding.

[Part 4:253:1947; 1943 NCL 5470.04]

NRS 315.360 Continuationof housing authorities organized under prior laws. Anyhousing authority created and existing prior to July 1, 1975, pursuant to theHousing Authorities Law of 1943 or the Housing Law of 1951 continues in existencefor the purposes of and has all of the powers granted by NRS 315.140 to 315.780, inclusive.

[Part 3:253:1947; 1943 NCL 5470.03](NRS A 1975,16; 1977, 1185)

NRS 315.365 Effectof chapter 16, Statutes of Nevada 1975.

1. Chapter 16, Statutes of Nevada 1975, shall notimpair or affect any act done, offense committed or right accruing, accrued oracquired, or liability, penalty, forfeiture or punishment incurred prior toJuly 1, 1975, but the same may be enjoyed, asserted, enforced, prosecuted orinflicted, as fully and to the same extent as if it had not been passed.

2. Chapter 16, Statutes of Nevada 1975, shall notaffect the corporate existence of any authority established or operating underthe Housing Authorities Law of 1943 or the Housing Law of 1951 prior to July 1,1975.

3. The passage of chapter 16, Statutes of Nevada 1975,shall not repeal or in any way affect or modify:

(a) Any law authorizing the issuance of any outstandingbonds and other securities by any authority established or operating prior toJuly 1, 1975, under the Housing Authorities Law of 1943 or the Housing Law of1951.

(b) Any other contract of any such authority.

(c) Any law pursuant to which there have been levied byor on behalf of any such authority and there have not been paid in full,including without limitation the principal and any interest and penalties, anyrents, fees and charges pertaining to the facilities or services, or bothfacilities and services, provided by any such authority.

(d) The running of the statutes of limitations in forceon July 1, 1975.

4. All incomplete proceedings had and taken by anysuch authority, under any law repealed by chapter 16, Statutes of Nevada 1975,preliminary to and in the acquisition or improvement of any housing project orthe issuance of any interim or temporary bond, or any definitive bond, whichproceedings are in substantial compliance with the provisions of NRS 315.140 to 315.780, inclusive, may, at the option ofthe commissioners of the authority, be completed under the provisions of NRS 315.140 to 315.780, inclusive, the same as if suchincomplete proceedings had been had and taken pursuant to such provisions.

5. The passage of chapter 16, Statutes of Nevada 1975,shall not repeal or in any way affect or modify the power of the commissionersof any authority established or operating under the Housing Authorities Law of1943 or the Housing Law of 1951 prior to July 1, 1975, concerning the borrowingof money or the acceptance of any grant of public or private money, which powerwas exercised prior to July 1, 1975.

6. All bonds, notes, contracts, agreements andobligations of authorities relating to financing or undertaking (includingcooperating with or acting as agent of the Federal Government in) thedevelopment or administration of any project to assure the availability of safeand sanitary dwellings for persons engaged in national defense activities,which bonds, notes, contracts, agreements and obligations were issued orentered into prior to July 1, 1951, are validated and declared legal in allrespects, notwithstanding any defect or irregularity therein or any want ofstatutory authority.

(Added to NRS by 1975, 21; A 1977, 1185)

NRS 315.370 Appointmentof commissioners: Number; term; qualifications; vacancies.

1. Upon the adoption of a resolution declaring theneed for an authority, the chief executive of the city or the governing body ofthe town or county, as the case may be, shall thereupon appoint five persons toserve as commissioners of the authority. Three of the commissioners who arefirst appointed pursuant to this section must be designated to serve for termsof 1, 2 and 3 years, respectively, from the date of their appointment, and twomust be designated to serve for terms of 4 years from the date of theirappointment, but thereafter commissioners must be appointed for a term ofoffice of 4 years.

2. The first commissioner appointed after theauthority has provided assistance to at least five persons must be a currentrecipient of assistance from the authority who was selected from a list of atleast five eligible nominees submitted for this purpose by an organizationwhich represents tenants of housing projects. If no such organization exists,the commissioner must be selected from a list of nominees submitted for thispurpose from persons who currently receive assistance from the authority.Thereafter, at least one commissioner must be such a recipient who wasnominated and appointed in the same manner. If during his term the commissionerceases to be a recipient of assistance, he must be replaced in the manner setforth in this subsection by a person who is a recipient of assistance.

3. Nothing in this section affects the terms of officeof commissioners appointed to an authority created before October 1, 1995. Theappointing authority shall appoint to the term next expiring a commissioner whowas nominated and appointed in the same manner as is set forth in subsection 2.Thereafter, at least one commissioner must be such a recipient who wasnominated and appointed in the same manner. If during his term the commissionerceases to be a recipient of assistance, he must be replaced in the manner setforth in subsection 2 by a person who is a recipient of assistance.

4. All vacancies must be filled for the unexpiredterm.

[Part 3:253:1947; 1943 NCL 5470.03](NRS A 1995,2693)

NRS 315.380 Officersof authority. An authority shall select achairman and a vice chairman from its commissioners.

[Part 3:253:1947; 1943 NCL 5470.03]

NRS 315.390 Compensationand expenses of commissioner.

1. A commissioner is entitled to necessary expenses,including travel expenses, incurred in the discharge of his duties.

2. An authority may provide by resolution that eachcommissioner is entitled to receive compensation of $80 for each meetingattended.

3. No commissioner may receive as compensation morethan $240 in a calendar month.

[Part 3:253:1947; 1943 NCL 5470.03](NRS A 1975,17; 1977, 392; 1981, 1979; 1985, 930)

NRS 315.400 Conflictsof interest.

1. A commissioner or employee of the authority shallnot voluntarily acquire any interest, direct or indirect, except as aresidential tenant, in any housing project or in any property included orplanned to be included in any housing project, or in any contract or proposedcontract in connection with any housing project. Where the acquisition is notvoluntary, the commissioner or employee shall immediately disclose the interestin writing to the authority and the disclosure must be entered upon the minutesof the authority. Upon disclosure the commissioner or employee shall notparticipate in any action by the authority involving the housing project,property or contract. If any commissioner or employee of the authority previouslyowned or controlled an interest, direct or indirect, in any housing project orin any property included or planned to be included in any housing project, orin any contract or proposed contract in connection with any housing project, heshall immediately disclose the interest in writing to the authority and thedisclosure must be entered upon the minutes of the authority. Upon disclosurethe commissioner or employee shall not participate in any action by theauthority involving the housing project, property or contract.

2. Any violation of this section constitutesmisconduct in office.

3. This section is not applicable to the acquisitionof any interest in notes or bonds of the authority issued in connection withany housing project or the execution of agreements by financial institutionsfor the deposit or handling of money in connection with a housing project or toact as trustee under any trust indenture.

[5:253:1947; A 1951, 10](NRS A 1975, 933; 1977,1112; 1995, 2694; 1999,1468)

NRS 315.410 Removalof commissioners.

1. For inefficiency or neglect of duty or misconductin office, a commissioner of an authority may be removed by the mayor, or inthe case of an authority for a town or county, by its governing body.

2. A commissioner shall be removed only after ahearing and after he shall have been given a copy of the charges at least 10days prior to such hearing and had an opportunity to be heard in person or bycounsel.

3. In the event of the removal of any commissioner, arecord of the proceedings, together with the charges and findings thereon,shall be filed in the office of the clerk.

[6:253:1947; 1943 NCL 5470.06]

NRS 315.420 Natureand functions; power to effectuate purposes. Anauthority shall constitute a public body corporate and politic, exercisingpublic and essential governmental functions, and having all the powersnecessary or convenient to carry out and effectuate the purposes and provisionsof NRS 315.140 to 315.780, inclusive, (but not the power tolevy and collect taxes or special assessments).

[Part 7:253:1947; A 1951, 11](NRS A 1975, 17; 1977,1186)

NRS 315.430 Generalpowers. An authority may:

1. Sue and be sued.

2. Have a seal and alter the same at pleasure.

3. Have perpetual succession.

4. Make and execute contracts and other instrumentsnecessary or convenient to the exercise of its powers.

5. Make, and from time to time amend and repealbylaws, rules and regulations to carry into effect the powers and purposes ofthe authority.

[Part 7:253:1947; A 1951, 11]

NRS 315.435 Areaof another authority. Except as otherwiseprovided in NRS 315.9835, a housingauthority shall not operate in any area in which an authority alreadyestablished is operating without the consent by resolution of the authorityalready operating therein.

(Added to NRS by 2005, 212)

NRS 315.440 Powersconcerning housing projects. Within its areaof operation, an authority may:

1. Prepare, carry out and operate housing projects andprovide for the construction, reconstruction, improvement, extension,alteration, or repair of any such project or any part thereof.

2. Determine where there is unsafe, insanitary orovercrowded housing.

3. Make studies and recommendations relating to theproblem of eliminating unsafe, insanitary or overcrowded housing.

4. Cooperate with the city, the county, the State, orany political subdivision thereof in action taken in connection with suchproblems.

[Part 7:253:1947; A 1951, 11]

NRS 315.450 Contractsfor services or works: Compliance with wage and hour laws; conditions offederal aid. An authority may:

1. Arrange or contract for the furnishing by anyperson or agency, public or private, of services, privileges, works orfacilities for, or in connection with, its housing projects.

2. Notwithstanding anything to the contrary containedin NRS 315.140 to 315.780, inclusive, or any other provisionsof law, agree to any conditions attached to federal financial assistancerelating to the determination of prevailing salaries or wages or payment of notless than prevailing salaries or wages or compliance with labor standards, inthe development or administration of projects.

3. Include in any contract let in connection with ahousing project, stipulations requiring that the contractor and anysubcontractors comply with requirements as to minimum salaries or wages andmaximum hours of labor, and comply with any conditions attached to thefinancial aid of such project.

[Part 7:253:1947; A 1951, 11](NRS A 1975, 17; 1977,1186)

NRS 315.460 Powersrelating to real and personal property. Anauthority may:

1. Lease or rent any dwellings, accommodations,buildings, structures or facilities embraced in any housing project, andestablish and revise the rents or charges therefor.

2. Own, hold and improve real or personal property.

3. Purchase, lease, obtain options upon, acquire bygift, grant, bequest, devise or otherwise any real or personal property or anyinterest therein.

4. Acquire by the exercise of the power of eminentdomain any real property pursuant to the provisions of the laws of Nevada andrules of court relative to the right of eminent domain, civil actions, new trialsand appeals, which laws and rules shall be applicable to and constitute therules of practice in condemnation proceedings by housing authorities.

5. Sell, lease, exchange, transfer, assign, pledge ordispose of any real or personal property or any interest therein.

6. Insure or provide for the insurance of any real orpersonal property or operations of the authority against any risks or hazards.

[Part 7:253:1947; A 1951, 11]

NRS 315.470 Authorizedinvestments; redemption or repurchase of bonds. Anauthority may:

1. Invest any funds held in reserves or sinking funds,or any funds not required for immediate disbursement, in:

(a) Obligations issued by the United States PostalService or the Federal National Mortgage Association, whether or not thepayment of principal and interest thereon is guaranteed by the FederalGovernment.

(b) Bonds or other obligations issued by aredevelopment agency created pursuant to NRS279.382 to 279.685, inclusive, or alegislative body that has elected to exercise the powers granted an agencypursuant to NRS 279.382 to 279.685, inclusive.

(c) Bonds or other securities issued pursuant to theprovisions of NRS 349.150 to 349.364, inclusive, 350.500 to 350.720, inclusive, or 396.809 to 396.885, inclusive.

(d) 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. Redeem its bonds at the redemption priceestablished therein or purchase its bonds at less than such redemption price.All bonds so redeemed or purchased must be cancelled.

[Part 7:253:1947; A 1951, 11](NRS A 1997, 2878; 1999, 621)

NRS 315.480 Exerciseof powers granted in NRS 315.420 to 315.470, inclusive. An authority may exercise all or any part or combinationof powers granted in NRS 315.420 to 315.470, inclusive.

[Part 7:253:1947; A 1951, 11]

NRS 315.490 Acquisition,operation or disposition of property by public bodies: Law applicable. No provision of law with respect to the acquisition, operationor disposition of property by other public bodies shall be applicable to anauthority unless the Legislature shall specifically so state.

[Part 7:253:1947; A 1951, 11]

NRS 315.500 Rentals. It is declared to be the policy of this state that eachauthority shall manage and operate its housing projects in an efficient mannerso as to enable it to fix the rentals or payments for dwelling accommodationsat low rates consistent with its providing decent, safe and sanitary dwellingaccommodations for persons of low income, and that no authority shall constructor operate any housing project for profit, or as a source of revenue to thecity, town or the county. To this end an authority shall fix the rentals orpayments for dwellings in its housing projects at no higher rates than it shallfind to be necessary in order to produce revenues which, together with allother available moneys, revenues, income and receipts of the authority fromwhatever sources derived, will be sufficient:

1. To pay, as the same become due, the principal andinterest on the bonds of the authority.

2. To create and maintain such reserves as may berequired to assure the payment of principal and interest as it becomes due onits bonds.

3. To meet the cost of, and to provide for,maintaining and operating the housing projects (including necessary reservestherefor and the cost of any insurance) and the administrative expenses of theauthority.

4. To make such payments in lieu of taxes as itdetermines are consistent with the maintenance of the low-rent character of thehousing projects.

[8:253:1947; 1943 NCL 5470.08]

NRS 315.510 Tenantselection: Preferences. In the operation ormanagement of housing projects an authority shall at all times observe thefollowing duties with respect to rentals and tenant admissions:

1. It may rent or lease the dwelling accommodationstherein only to persons of low income and, as among low-income persons who areeligible applicants for occupancy in dwellings of given sizes and at specifiedrents, shall extend the following preferences in the selection of tenants:

(a) First: To families who are to be displaced by anylow-rent housing project or by any public slum clearance or redevelopmentproject initiated after January 1, 1947, or who were so displaced within 3years before making application on authority for admission to any low-renthousing. Among such families first preference must be given to families ofdisabled veterans whose disability has been determined by the Department ofVeterans Affairs to be service connected, second preference must be given tofamilies of deceased veterans and servicemen whose death has been determined bythe Department of Veterans Affairs to be service connected, and third preferencemust be given to families of other veterans and servicemen.

(b) Second: To families of other veterans andservicemen. Among such families first preference must be given to families ofdisabled veterans whose disability has been determined by the Department ofVeterans Affairs to be service connected, and second preference must be givento families of deceased veterans and servicemen whose death has been determinedby the Department of Veterans Affairs to be service connected.

2. It may rent or lease to a tenant dwellingaccommodations consisting of a number of rooms, but no greater number, which itdeems necessary to provide safe and sanitary accommodations to the proposedoccupants thereof, without overcrowding.

3. An authority shall not accept any person or personsas tenants in any housing project if the person or persons who occupy thedwelling accommodations have, at the time of admission, an aggregate annual netincome, less an exemption of $200 for each minor member of the family otherthan the head of the family and his spouse, in excess of 7 times the annualrental of the quarters to be furnished such person or persons; but an authoritymay agree to conditions as to tenant eligibility or preference required by theFederal Government pursuant to federal law in any contract for financialassistance with the authority. In computing the rental for this purpose ofadmitting tenants, there must be included in the rental the average annualcost, as determined by the authority, to occupants of heat, water, electricity,gas, cooking fuel and other necessary services or facilities, whether or notthe charge for such services and facilities is included in the rental.

[Part 9:253:1947; A 1951, 12](NRS A 1967, 1268;1995, 1086)

NRS 315.520 Remediesof authoritys obligee: Effect of NRS 315.500 and 315.510. Nothing contained in NRS315.500 and 315.510 shall beconstrued as limiting the power of an authority to vest in an obligee theright, in the event of a default by the authority, to take possession thereofor cause the appointment of a receiver thereof, free from all the restrictionsimposed by such sections.

[Part 9:253:1947; A 1951, 12]

NRS 315.530 Cooperationbetween authorities. Any authority or authoritiesmay join or cooperate with another in the exercise, either jointly orotherwise, of any of their powers for the purpose of financing, including theissuance of bonds, notes or other obligations and the giving of securitytherefor, planning, undertaking, owning, constructing, operating or contractingwith respect to a housing project or projects located within the area withinwhich one or more of such authorities are authorized to exercise their powers.For such purpose any cooperating authority may, by resolution, prescribe andauthorize any authority so joining and cooperating with it to act in its behalfin the exercise of any of such powers, or the cooperating authorities may, byresolution, appoint from among the commissioners of such authorities anexecutive committee with full powers to act on behalf of such authorities withrespect to any of their powers as prescribed by resolution of such authority.

[10:253:1947; 1943 NCL 5470.10]

NRS 315.540 Paymentsin lieu of taxes. An authority shall agree tomake such payments in lieu of taxes to the city, town, county, and the State,or any political subdivision, as it finds consistent with the maintenance ofthe low-rent character of housing projects or the achievement of the purposesof NRS 315.140 to 315.780, inclusive.

[11:253:1947; 1943 NCL 5470.11](NRS A 1975, 17;1977, 1186)

NRS 315.550 Powersof state public bodies respecting housing projects.

1. For the purpose of aiding and cooperating in theplanning, undertaking, construction or operation of housing projects of housingauthorities located within the area in which it is authorized to act, any statepublic body may, upon such terms, with or without consideration, as it maydetermine:

(a) Dedicate, sell, convey or lease any of its interestin any property, or grant easements, licenses, or any other rights orprivileges therein to a housing authority.

(b) Cause parks, playgrounds, recreational, community,educational, water, sewer, or drainage facilities, or any other works which itis otherwise empowered to undertake, to be furnished adjacent to or inconnection with such projects.

(c) Furnish, dedicate, close, pave, install, grade,regrade, plan or replan streets, roads, roadways, alleys, sidewalks, or otherplaces which it is otherwise empowered to undertake.

(d) Cause services to be furnished to the housingauthority of the character which such state public body is otherwise empoweredto furnish.

(e) Enter into agreements with respect to the exerciseby such state public body of its powers relating to the repair, improvement,condemnation, closing or demolition of unsafe, insanitary or unfit buildings.

(f) Employ (notwithstanding the provisions of any otherlaw) any funds belonging to or within the control of such state public body,including funds derived from the sale or furnishing of property or facilitiesto a housing authority, in the purchase of the bonds or other obligations of ahousing authority; and, as the holder of such bonds or other obligation,exercise the rights connected therewith.

(g) Do any and all things, necessary or convenient, toaid and cooperate in the planning, undertaking, construction or operation ofsuch housing projects.

(h) Incur the entire expense of any public improvementsmade by such state public body in exercising the powers granted in NRS 315.140 to 315.780, inclusive.

(i) Enter into agreements (which may extend over anyperiod, notwithstanding any provision or rule of law to the contrary) with ahousing authority respecting action to be taken by such state public bodypursuant to any of the powers granted by NRS315.140 to 315.780, inclusive. If atany time title to, or possession of, any project is held by any public body orgovernmental agency authorized by law to engage in the development oradministration of low-rent housing or slum clearance projects, including anyagency or instrumentality of the United States of America, the provisions ofsuch agreements shall inure to the benefit of and may be enforced by suchpublic body or governmental agency.

2. Any sale, conveyance, lease or agreement providedfor in this section may be made by a state public body without appraisal,public notice, advertisement or public bidding, notwithstanding any other lawsto the contrary.

[19:253:1947; A 1951, 13](NRS A 1975, 17; 1977,1186)

NRS 315.560 Federalaid.

1. In addition to the powers conferred upon anauthority by other provisions of NRS 315.140to 315.780, inclusive, an authority may:

(a) Borrow money or accept contributions, grants orother financial assistance from the Federal Government for or in aid of anyhousing project within its area of operation.

(b) Take over or lease or manage any housing project orundertaking constructed or owned by the Federal Government, and to these ends,to comply with such conditions and enter into such mortgages, trust indentures,leases or agreements as may be necessary, convenient or desirable.

2. In any contract with the Federal Government forannual contributions to an authority, the authority may obligate itself (whichobligation shall be specifically enforceable and shall not constitute amortgage, notwithstanding any other laws) to convey to the Federal Governmentpossession of or title to the project to which such contract relates, upon theoccurrence of a substantial default (as defined in such contract) with respectto the covenants or conditions to which the authority is subject. Such contractmay further provide that in case of such conveyance, the Federal Government maycomplete, operate, manage, lease, convey or otherwise deal with the project inaccordance with the terms of such contract; provided, that the contractrequires that, as soon as practicable after the Federal Government is satisfiedthat all defaults with respect to the project have been cured and that theproject will thereafter be operated in accordance with the terms of thecontract, the Federal Government shall reconvey to the authority the project asthen constituted.

3. It is the purpose and intent of NRS 315.140 to 315.780, inclusive, to authorize everyauthority to do any and all things necessary or desirable to secure the financialaid or cooperation of the Federal Government in the undertaking, construction,maintenance or operation of any housing project by such authority.

[20:253:1947; A 1951, 14](NRS A 1975, 18; 1977,1187)

NRS 315.570 Housingin rural areas. Any city, town, county orregional housing authority which has rural areas under its jurisdiction mayundertake the provision of housing for families of low income in such ruralareas, and may comply with any conditions not inconsistent with the purposes ofthis housing authorities law required by the Federal Government pursuant tofederal law in any contract for financial assistance with the authorityconcerning such undertakings.

[20a:253:1947; added 1951, 15]

NRS 315.580 Housingfor veterans and servicemen.

1. In addition to other powers conferred upon anauthority by NRS 315.140 to 315.780, inclusive, an authority mayacquire property and construct housing projects thereon for the purpose ofleasing dwellings to servicemen, veterans and their families, and the familiesof deceased persons who served in the armed forces, at rentals, excludingutilities, of not to exceed $50 per month, during the existence of the acuteshortage of housing available to such persons as determined by applicable lawor as may be provided for in any contract for financial assistance with theFederal Government.

2. In exercising the powers provided in this sectionan authority shall not be subject to the limitations provided in NRS 315.500 or 315.510 during the period of acute housingshortage for veterans and servicemen, and their families and the families ofdeceased persons who served in the armed forces, of moderate income.

[21:253:1947; 1943 NCL 5470.21](NRS A 1967, 1269;1975, 19; 1977, 1188)

NRS 315.590 Leaseof government war housing projects by authority. Anauthority, in addition to its other powers, is authorized to cooperate with andlease from the Federal Government war housing projects constructed by theFederal Government, for the purpose of providing housing for veterans andservicemen and their families, and families of deceased persons who served inthe armed forces, and persons engaged in war activities; provided, that suchwar housing projects shall not be subject to the limitations provided in NRS 315.500 or 315.510.

[22:253:1947; 1943 NCL 5470.22]

NRS 315.600 Bondsfor corporate and refunding purposes. Anauthority shall have power:

1. To issue bonds from time to time, in itsdiscretion, for any of its corporate purposes.

2. To issue refunding bonds for the purpose of payingor retiring bonds previously issued by it.

[Part 12:253:1947; 1943 NCL 5470.12]

NRS 315.610 Typesof bonds; additional security.

1. An authority may issue such types of bonds as itmay determine, including (without limiting the generality of the foregoing)bonds on which the principal and interest are payable:

(a) Exclusively from the income and revenues of thehousing project financed with the proceeds of such bonds.

(b) Exclusively from the income and revenues of certaindesignated housing projects whether or not they are financed in whole or inpart with the proceeds of such bonds.

(c) From its revenues generally.

2. Any of the bonds may be additionally secured by apledge of any grant or contributions from the Federal Government or othersource, or a pledge of any income or revenues of the authority, or a mortgageof any housing project, projects or other property of the authority.

[Part 12:253:1947; 1943 NCL 5470.12]

NRS 315.620 Liabilityon bonds; debt limitations. Neither the commissionersof an authority nor any person executing the bonds is liable personally on thebonds by reason of the issuance thereof. The bonds and other obligations of anauthority are not, and must state on their face that they are not, a debt ofthe city, the county, the State or any other political subdivision thereof, andneither the city, the county, the State nor any other political subdivisionthereof is liable thereon, nor in any event are the bonds or obligationspayable out of any funds or properties other than those of the authority. Thebonds do not constitute an indebtedness within the meaning of anyconstitutional or statutory debt limitation or restriction.

[Part 12:253:1947; 1943 NCL 5470.12](NRS A 1995,811)

NRS 315.630 Resolutionauthorizing bonds: Contents. By resolution, anauthority may authorize bonds. The resolution, its trust indenture or mortgagemay provide for:

1. The issuance of bonds in one or more series.

2. The date the bonds must bear.

3. The date of maturity.

4. The interest rate or rates, which must not exceedby more than 3 percent the Index of Revenue Bonds which was most recentlypublished before the bids are received or a negotiated offer is accepted.

5. The denomination of the bonds.

6. The form of the bonds, either coupon or registered.

7. The conversion or registration privileges which thebonds must carry.

8. The rank or priority of the bonds.

9. The manner of execution of the bonds.

10. The medium of payment in which the bonds arepayable.

11. The place of payment.

12. The terms of redemption, with or without premium.

[Part 13:253:1947; 1943 NCL 5470.13](NRS A 1971,2108; 1975, 853; 1981, 1414; 1983, 583)

NRS 315.640 Sale. The bonds may be sold at public or private sale.

[Part 13:253:1947; 1943 NCL 5470.13](NRS A 1967,228)

NRS 315.650 Discontinuancein office: Negotiability. If any of the commissionersor officers of the authority whose signatures appear on any bonds or couponscease to be such commissioners or officers before the delivery of such bonds,such signatures shall, nevertheless, be valid and sufficient for all purposes,the same as if such commissioners or officers had remained in office until suchdelivery. Any provision of any law to the contrary notwithstanding, any bondsissued pursuant to NRS 315.140 to 315.780, inclusive, are fully negotiable.

[Part 13:253:1947; 1943 NCL 5470.13](NRS A 1975,19; 1977, 1188)

NRS 315.660 Validity;conclusive presumptions. In any suit, actionor proceeding involving the validity or enforceability of any bond of anauthority or the security therefor, any such bond reciting in substance that ithas been issued by the authority to aid in financing a housing project, asdefined in NRS 315.230, is conclusivelydeemed to have been issued for such purpose and such project is conclusivelydeemed to have been planned, located, and carried out in accordance with the purposesand provisions of NRS 315.140 to 315.780, inclusive.

[Part 13:253:1947; 1943 NCL 5470.13](NRS A 1975,19; 1977, 1188)

NRS 315.670 Authorizedprovisions: Bonds; trust indentures; mortgages. Inconnection with the issuance of bonds or the incurring of obligations underleases and in order to secure the payment of such bonds or obligations, anauthority, in addition to its other powers, has the powers conferred by NRS 315.680 to 315.740, inclusive.

[Part 14:253:1947; 1943 NCL 5470.14]

NRS 315.680 Pledgesand mortgages. An authority may:

1. Pledge all or any part of its gross or net rents,fees or revenues to which its right then exists or may thereafter come intoexistence.

2. Mortgage all or any part of its real or personalproperty, then owned or thereafter acquired.

[Part 14:253:1947; 1943 NCL 5470.14]

NRS 315.690 Limitationof further indebtedness; bond proceeds; lost and destroyed bonds; extension ofbond and interest payment; redemption. Anauthority may:

1. Covenant against pledging all or any part of itsrents, fees and revenues, or against mortgaging all or any part of its real orpersonal property, to which its right or title then exists or may thereaftercome into existence, or against permitting or suffering any lien on suchrevenues or property.

2. Covenant with respect to its right to sell, leaseor otherwise dispose of any housing project or any part thereof.

3. Covenant as to what other, or additional debts orobligations may be incurred by it.

4. Covenant as to the bonds to be issued and as to theissuance of such bonds in escrow and otherwise, and as to the use anddisposition of the proceeds thereof.

5. Provide for the replacement of lost, destroyed ormutilated bonds.

6. Covenant against extending the time for the paymentof its bonds or interest thereon.

7. Covenant for the redemption of the bonds, and toprovide the terms and conditions thereof.

[Part 14:253:1947; 1943 NCL 5470.14]

NRS 315.700 Rentalincome; special funds. An authority may:

1. Covenant (subject to the limitations contained in NRS 315.140 to 315.780, inclusive) as to the rents andfees to be charged in the operation of a housing project or projects, theamount to be raised each year or other period of time by rents, fees and otherrevenues, and as to the use and disposition to be made thereof.

2. Create or authorize the creation of special fundsfor moneys to be held for construction or operating costs, debt service,reserves or other purposes, and covenant as to the use and disposition of themoneys held in such funds.

[Part 14:253:1947; 1943 NCL 5470.14](NRS A 1975,20; 1977, 1188)

NRS 315.710 Procedurerelating to bondholders contracts. Anauthority may prescribe the procedure, if any, by which the terms of anycontract with bondholders may be amended or abrogated, the amount of bonds theholders of which must consent thereto, and the manner in which such consent maybe given.

[Part 14:253:1947; 1943 NCL 5470.14]

NRS 315.720 Use,maintenance and insurance of property. Anauthority may:

1. Covenant as to the use, maintenance and replacementof any or all of its real or personal property, the insurance to be carriedthereon, and the use and disposition of insurance moneys.

2. Covenant as to the rights, liabilities, powers andduties arising upon the breach by it of any covenant, condition or obligation.

3. Covenant and prescribe as to events of default andterms and conditions upon which any or all of its bonds or obligations shallbecome or may be declared due before maturity, and as to the terms andconditions upon which such declaration and its consequences may be waived.

[Part 14:253:1947; 1943 NCL 5470.14]

NRS 315.730 Obligeespowers and duties. An authority may:

1. Vest in any obligees of the authority the right toenforce the payment of the bonds or any covenants securing or relating to thebonds.

2. Vest in an obligee or obligees holding a specifiedamount in bonds the right, in the event of a default by the authority, to takepossession of and use, operate and manage any housing project or any partthereof or any funds connected therewith, and to collect the rents and revenuesarising therefrom, and to dispose of such moneys in accordance with theagreement of the authority with such obligees.

3. Provide for the powers and duties of such obligeesand limit the liabilities thereof.

4. Provide the terms and conditions upon which suchobligees may enforce any covenant or rights securing or relating to the bonds.

[Part 14:253:1947; 1943 NCL 5470.14]

NRS 315.740 Exerciseof enumerated powers. An authority mayexercise all or any part or combination of the powers granted in NRS 315.680 to 315.730, inclusive, and make covenants otherthan and in addition to the covenants expressly authorized in such sections. Anauthority may do any and all such acts and things as may be necessary orconvenient or desirable in order to secure its bonds, or, in the absolutediscretion of the authority, as will tend to make the bonds more marketable,notwithstanding that such covenants, acts or things may not be enumeratedherein.

[Part 14:253:1947; 1943 NCL 5470.14]

NRS 315.750 Submissionto and certification of bonds by Attorney General. Anauthority may submit to the Attorney General of the State any bonds to beissued pursuant to NRS 315.140 to 315.780, inclusive, after all proceedingsfor the issuance of such bonds have been taken. Upon the submission of suchproceedings to the Attorney General, the Attorney General shall examine intoand pass upon the validity of such bonds and the regularity of all proceedings inconnection therewith. If the proceedings conform to the provisions of NRS 315.140 to 315.780, inclusive, and are otherwise regularin form, and if such bonds when delivered and paid for will constitute bindingand legal obligations of the authority enforceable according to the termsthereof, the Attorney General shall certify in substance upon the back of eachof the bonds that it is issued in accordance with the Constitution and laws ofthe State of Nevada.

[24:253:1947; 1943 NCL 5470.24](NRS A 1975, 20;1977, 1189)

NRS 315.760 Housingauthority bonds: Authorized investments.

1. The State and all public officers, municipalcorporations, political subdivisions, and public bodies, all banks, bankers,trust companies, savings banks and institutions, investment companies,insurance companies, insurance associations and other persons carrying on abanking or insurance business, and all executors, administrators, guardians,trustees, and other fiduciaries may legally invest any sinking funds, moneys orother funds belonging to them or within their control in any bonds or otherobligations issued by a housing authority created by or pursuant to NRS 315.140 to 315.780, inclusive, or issued by a publichousing authority or agency in the United States, when such bonds or otherobligations are secured by a pledge of annual contributions to be paid by theUnited States Government or any agency thereof, and such bonds and otherobligations are authorized security for all public deposits, and are fully negotiablein this state; it being the purpose of the Housing Authorities Law of 1947 toauthorize any of the foregoing to use any funds owned or controlled by them,including (but not limited to) sinking, insurance, investment, retirement,compensation, pension, and trust funds, and funds held on deposit, for thepurchase of any such bonds or other obligations; but nothing contained in NRS 315.140 to 315.780, inclusive, is construed asrelieving any person, firm or corporation from any duty of exercisingreasonable care in selecting securities.

2. The provisions of the Housing Authorities Law of1947 apply notwithstanding any restrictions on investments contained in otherlaws.

[17:253:1947; 1943 NCL 5470.17](NRS A 1975, 20;1977, 1189)

NRS 315.770 Remediesof authoritys obligee. An obligee of anauthority has the right in addition to all other rights which may be conferredon such obligee, subject only to any contractual restrictions binding upon suchobligee:

1. By mandamus, suit, action, or proceeding at law orin equity to compel the authority or its officers, agents or employees toperform each and every term, provision and covenant contained in any contractof the authority with or for the benefit of such obligee, and to require thecarrying out of any or all such covenants and agreements of the authority andthe fulfillment of all duties imposed upon the authority by the HousingAuthorities Law of 1947.

2. By suit, action or proceeding in equity, to enjoinany acts or things which may be unlawful, or the violation of any of the rightsof such obligee of the authority.

[15:253:1947; 1943 NCL 5470.15](NRS A 1977, 1189)

NRS 315.780 Additionalremedies conferrable by authority on obligee. Byits resolution, trust indenture, mortgage, lease or other contract, anauthority may confer upon any obligee holding or representing a specifiedamount in bonds, the right (in addition to all rights that may otherwise beconferred), upon the happening of an event of default as defined in suchresolution or instrument, by suit, action or proceeding in any court ofcompetent jurisdiction:

1. To cause possession of any housing project or anypart thereof to be surrendered to any such obligee.

2. To obtain the appointment of a receiver of anyhousing project of the authority or any part thereof and of the rents andprofits therefrom. If the receiver be appointed, he may enter and takepossession of such project or any part thereof and operate and maintain it,collect and receive all fees, rents, revenues or other charges thereafterarising therefrom, and shall keep such moneys in a separate account or accountsand apply the same in accordance with the obligations of the authority as thecourt shall direct.

3. To require the authority to account as if it werethe trustees of an express trust.

[16:253:1947; 1943 NCL 5470.16](NRS A 1977, 1190)

RURAL HOUSING AUTHORITY

General Provisions

NRS 315.961 Policyof State; findings and declarations.

1. It is the policy of this State to promote thehealth, welfare and safety of its residents and to develop more desirableneighborhoods and alleviate poverty in the counties, cities and towns of theState by making provision for decent, safe and sanitary housing facilities forpersons of low and moderate income.

2. It is hereby found and declared:

(a) That there is a shortage of safe and sanitarydwelling accommodations in the rural areas of the State which are available topersons of low and moderate income, particularly senior citizens of low andmoderate income, at rentals or prices they can afford;

(b) That the establishment and operation of asufficient number of new local housing authorities to undertake housingprojects on an individual basis in such counties and the cities and townstherein is not feasible at the present time due to geographic and economiccircumstances;

(c) That the shortage of low-rent housing facilities insuch counties can be partially remedied through state action by theestablishment of a state housing authority having the power to undertakehousing projects and make mortgage loans for residential housing; and

(d) That it is appropriate for such a state housingauthority to issue obligations for the purpose of undertaking housing projectsand providing mortgage loans for residential housing and to perform any otherfunction authorized by NRS 315.961 to 315.99874, inclusive.

(Added to NRS by 1973, 615; A 2005, 220)

NRS 315.962 Definitions. As used in NRS 315.961to 315.99874, inclusive, unless thecontext otherwise requires, the words and terms defined in NRS 315.963 to 315.976, inclusive, have the meaningsascribed to them in those sections.

(Added to NRS by 1973, 615; A 1987, 523; 2005, 220)

NRS 315.963 Areaof operation defined. Area of operationmeans any area of the State which is not included within the corporate limitsof a city or town having a population of 100,000 or more.

(Added to NRS by 1973, 615; A 2005, 221)

NRS 315.964 Authorityand State Authority defined. Authority orState Authority means the Nevada Rural Housing Authority created by NRS 315.977.

(Added to NRS by 1973, 615; A 1987, 523)

NRS 315.965 Bondsdefined. Bonds means any bonds, notes,interim certificates, debentures or other obligations issued by the Authoritypursuant to the provisions of NRS 315.961to 315.99874, inclusive.

(Added to NRS by 1973, 615; A 1987, 523; 2005, 221)

NRS 315.966 Citydefined. City means any incorporated city.

(Added to NRS by 1973, 615)

NRS 315.967 ExecutiveDirector defined. Executive Director meansthe Executive Director of the State Authority.

(Added to NRS by 1973, 615)

NRS 315.968 FederalGovernment defined. Federal Government includesthe United States of America or any agency or instrumentality of the UnitedStates of America.

(Added to NRS by 1973, 616)

NRS 315.969 Housingproject defined.

1. Housing project means any work or undertaking:

(a) To demolish, clear or remove buildings from anyarea acquired by the Authority;

(b) To provide decent, safe and sanitary ruraldwellings, apartments or other living accommodations for persons of low andmoderate income. Such work or undertaking may include buildings, land,equipment, facilities and other real or personal property for necessary,convenient or desirable appurtenances, streets, sewers, water service,utilities, parks, site preparation, landscaping, administrative, health,recreational, welfare or other purposes; or

(c) To accomplish a combination of the foregoing.

2. Housing project also may be applied to theplanning of the buildings and improvements, the acquisition or leasing ofproperty, the demolition of existing structures, the construction,reconstruction, alteration and repair of the improvements and all other work inconnection therewith.

3. The term includes the acquisition or development ofmobile home parks and facilities, the leasing or rental of mobile home lots inthe park, or the purchase, leasing or rental of mobile homes.

(Added to NRS by 1973, 616; A 1983, 971; 2005, 221)

NRS 315.971 Localhousing authority and local authority defined. Localhousing authority or local authority means an authority as defined in NRS 315.170.

(Added to NRS by 1973, 616; A 1975, 22)

NRS 315.972 Obligeedefined. Obligee includes any bondholder,agent or trustee for any bondholder, or lessor demising to the Authorityproperty used in connection with a housing project, or any assignee orassignees of such lessors interest or any part thereof, and the FederalGovernment when it is a party to any contract with the Authority.

(Added to NRS by 1973, 616)

NRS 315.973 Personsof low and moderate income defined. Personsof low and moderate income means individuals or families who lack the amountof income which is necessary, as determined by the Authority pursuant to theprovisions of NRS 315.9845, to enablethem, without financial assistance, to live in decent, safe and sanitarydwellings, without overcrowding.

(Added to NRS by 1973, 616; A 2005, 221)

NRS 315.976 Towndefined. Town means any unincorporated townformed pursuant to the provisions of chapter 269of NRS.

(Added to NRS by 1973, 616)

Administration

NRS 315.977 Creationof Authority; appointment of commissioners; quorum; majority vote required tocarry question.

1. The Nevada Rural Housing Authority, consisting offive commissioners, is hereby created.

2. The commissioners must be appointed as follows:

(a) Two commissioners must be appointed by the NevadaLeague of Cities.

(b) Two commissioners must be appointed by the NevadaAssociation of Counties.

(c) One commissioner must be appointed jointly by theNevada League of Cities and the Nevada Association of Counties. Thiscommissioner must be a current recipient of assistance from the Authority andmust be selected from a list of at least five eligible nominees submitted forthis purpose by an organization which represents tenants of housing projectsoperated by the Authority. If no such organization exists, the commissionermust be selected from a list of nominees submitted for this purpose frompersons who currently receive assistance from the Authority. If during his termthe commissioner ceases to be a recipient of assistance, he must be replaced bya person who is a recipient of assistance.

3. After the initial terms, the term of office of acommissioner is 4 years or until his successor takes office.

4. A majority of the commissioners constitutes aquorum, and a vote of the majority is necessary to carry any question.

5. If either of the appointing entities listed insubsection 2 ceases to exist, the pertinent appointments required by subsection2 must be made by the successor in interest of that entity or, if there is nosuccessor in interest, by the other appointing entity.

(Added to NRS by 1973, 616; A 1977, 1190; 1987, 523;1993, 1553; 1995, 812, 2695, 2696; 1997, 450)

NRS 315.978 Certificateof appointment or reappointment of commissioner: Filing. A certificate of the appointment or reappointment of anycommissioner shall be filed in the Office of the Secretary of State and in theOffice of the Authority, and such certificate is conclusive evidence of theappointment of such commissioner.

(Added to NRS by 1973, 617; A 1977, 1191)

NRS 315.979 Organizationof Authority: Officers; bylaws and rules; employees; report andrecommendations.

1. As soon as possible after their appointment, thecommissioners shall organize for the transaction of business by choosing aChairman and Vice Chairman and by adopting bylaws and rules and regulationssuitable to the purpose of organizing the Authority and conducting the businessthereof.

2. The commissioners shall appoint an ExecutiveDirector and such other officers and employees as the Authority may require forthe performance of its duties. The commissioners shall prescribe the duties ofeach officer and employee, fix their salaries, and establish the terms andconditions of their employment.

3. At least once a year, the Authority shall submit tothe Nevada League of Cities, the Nevada Association of Counties, and thegoverning body of each city and county in its area of operation a report of itsactivities for the preceding year and shall make recommendations with referenceto such additional legislation or other actions as it deems necessary to carryout the purposes of NRS 315.961 to 315.99874, inclusive.

(Added to NRS by 1973, 617; A 1985, 414; 1987, 523;1995, 812; 2005, 221)

NRS 315.980 Compensationof commissioners. Each commissioner is entitledto receive compensation of $80 per day for attendance at meetings of the Authority.

(Added to NRS by 1973, 617; A 1975, 298; 1981, 1979;1985, 414; 1987, 524)

NRS 315.981 Conflictsof interest.

1. A commissioner or employee of the Authority shallnot voluntarily acquire any interest, direct or indirect, except as aresidential tenant, in any housing project, in any property included or plannedto be included in any housing project, in any contract or proposed contract inconnection with any housing project or in any mortgage loan for residentialhousing made pursuant to the provisions of NRS315.9983. Where the acquisition is not voluntary, the commissioner oremployee shall immediately disclose the interest in writing to the Authorityand the disclosure must be entered upon the minutes of the Authority. Upondisclosure, the commissioner or employee shall not participate in any action bythe Authority involving the housing project, property, contract or mortgageloan for residential housing. If any commissioner or employee of the Authoritypreviously owned or controlled an interest, direct or indirect, in any housingproject or in any property included or planned to be included in any housingproject, in any contract or proposed contract in connection with any housingproject or in any mortgage loan for residential housing, he shall immediatelydisclose the interest in writing to the Authority and the disclosure must beentered upon the minutes of the Authority. Upon disclosure, the commissioner oremployee shall not participate in any action by the Authority involving thehousing project, property, contract or mortgage loan for residential housing.

2. A violation of any provision of this sectionconstitutes malfeasance in office.

3. This section is not applicable to the acquisitionof any interest in notes or bonds of the Authority or the execution ofagreements by financial institutions for the deposit or handling of money inconnection with a housing project or to act as trustee under any trustindenture.

(Added to NRS by 1973, 617; A 1975, 933; 1977, 1112;1995, 2695; 1999,1469; 2005, 222)

NRS 315.982 Removalof commissioners; filling of vacancy in office. Acommissioner of the Authority may be removed from office, after a publichearing, by a majority vote of the other commissioners for neglect of duty ormalfeasance in office. A vacancy in office must be filled for the remainder ofthe unexpired term by the entity or entities which appointed the commissioner.

(Added to NRS by 1973, 618; A 1995, 812)

NRS 315.983 Natureand functions; general powers; creation of nonprofit organization fordevelopment of housing projects.

1. Except as otherwise provided in NRS 354.474 and 377.057, the Authority:

(a) Shall be deemed to be a public body corporate andpolitic, and an instrumentality, local government and political subdivision ofthe State, exercising public and essential governmental functions, and havingall the powers necessary or convenient to carry out the purposes and provisionsof NRS 315.961 to 315.99874, inclusive, but not the powerto levy and collect taxes or special assessments.

(b) Is not an agency, board, bureau, commission,council, department, division, employee or institution of the State.

2. The Authority may:

(a) Sue and be sued.

(b) Have a seal.

(c) Have perpetual succession.

(d) Make and execute contracts and other instrumentsnecessary or convenient to the exercise of its powers.

(e) Deposit money it receives in any insured state ornational bank, insured credit union, insured savings and loan association, orin the Local Government Pooled Long-Term Investment Account created by NRS 355.165 or the Local Government PooledInvestment Fund created by NRS 355.167.

(f) Adopt bylaws, rules and regulations to carry intoeffect the powers and purposes of the Authority.

(g) Create a nonprofit organization which is exemptfrom taxation pursuant to 26 U.S.C. 501(c)(3) and which has as its principalpurpose the development of housing projects.

(h) Enter into agreements or other transactions with,and accept grants from and cooperate with, any governmental agency or othersource in furtherance of the purposes of NRS315.961 to 315.99874, inclusive.

(i) Acquire real or personal property or any interesttherein, by gift, purchase, foreclosure, deed in lieu of foreclosure, lease,option or otherwise.

(Added to NRS by 1973, 618; A 1987, 524; 1995, 813;1997, 450; 2005, 222)

NRS 315.9835 Areaof operation. The State Authority may operatein any area of the State which is not included within the corporate limits of acity or town having a population of 100,000 or more.

(Added to NRS by 2005, 212)

NRS 315.984 Powersof Authority concerning housing projects and low-rent housing; power ofnonprofit organization concerning housing projects. 1.The Authority or a nonprofit corporation created pursuant to paragraph (g) ofsubsection 2 of NRS 315.983 may, withinits area of operation, prepare, carry out and operate housing projects andprovide for the construction, reconstruction, improvement, extension,alteration or repair of any such project or any part thereof.

2. The Authority may, within its area of operation,administer programs to subsidize that portion of a tenants rental paymentswhich represents the difference between the payment required in the lease andthe amount paid under any program of the Federal Government.

3. The Authority may, within its area of operation,determine where there is a need for additional low-rent housing for persons oflow and moderate income and where there is unsafe, insanitary or overcrowdedhousing.

4. The Authority may, within its area of operation,make studies and recommendations relating to the problems of relieving theshortage of low-rent housing and of eliminating unsafe, insanitary orovercrowded housing.

5. The Authority may, within its area of operation,cooperate with the Federal Government, state agencies, local housingauthorities, counties, cities, towns and other political subdivisions of theState in action taken in connection with such problems.

(Added to NRS by 1973, 618; A 1987, 524; 1995, 813;1997, 451; 2005, 223)

NRS 315.9845 Determinationof income. The State Authority shall determinethe amount of income which is necessary to enable a person or family, withoutfinancial assistance, to live in decent, safe and sanitary dwellings, withoutovercrowding.

(Added to NRS by 2005, 212)

NRS 315.985 Relinquishmentby local authority: Resolution; limitations. Repealed.(See chapter 77, Statutesof Nevada 2005, at page 225.)

 

NRS 315.986 Statedetermination of need: Notice to local authority. Repealed. (See chapter 77, Statutes of Nevada2005, at page 225.)

 

NRS 315.987 Procedurefollowing state determination of need; construction and operation of projectsby State; local approval required. Repealed.(See chapter 77, Statutesof Nevada 2005, at page 225.)

 

NRS 315.988 Powersof State Authority under Housing Authorities Law of 1947.

1. The State Authority may exercise all or any part orcombination of the powers granted to local housing authorities in NRS 315.450, 315.460 and 315.470 in connection with contracts,property, investments and related matters.

2. The provisions of NRS315.560 and 315.570 concerningpowers of local housing authorities with respect to federal aid, housing inrural areas and related matters apply to the State Authority in the same mannerand to the same extent as they apply to local authorities.

(Added to NRS by 1973, 619; A 1985, 271; 1987, 525; 2005, 223)

NRS 315.989 Stateprojects subject to local ordinances. Allhousing projects of the Authority shall be subject to the planning, zoning,sanitary and building laws, ordinances and regulations applicable to thelocality in which the housing project is situated.

(Added to NRS by 1973, 619)

NRS 315.990 Paymentsin lieu of taxes. The Authority shall agreewith the governing body of each affected city, town, county or other politicalsubdivision to make such payments in lieu of taxes as it finds consistent withthe maintenance of the low-rent character of housing projects or theachievement of the purposes of NRS 315.961to 315.99874, inclusive.

(Added to NRS by 1973, 619; A 1987, 525; 2005, 223)

NRS 315.991 Acquisition,operation or disposition of property by public agencies: Law applicable. No provision of law with respect to the acquisition,operation or disposition of property by other public agencies shall beapplicable to the Authority.

(Added to NRS by 1973, 619)

NRS 315.992 Exemptionof property from execution, process and judgment lien; enforcement of certainencumbrances, pledges and liens.

1. Except as otherwise provided in subsection 2, allreal and personal property of the Authority, including money, owned or held byit for the purposes of NRS 315.961 to 315.99874, inclusive, are exempt fromlevy and sale by virtue of an execution or other judicial process. Execution orother judicial process may not issue against such property, nor may anyjudgment against the Authority be a charge or lien upon such property.

2. This section does not apply to or limit the rightof obligees to foreclose or otherwise enforce any mortgage, deed of trust orother encumbrance of the Authority or the right of obligees to pursue anyremedies for the enforcement of any pledge or lien given by the Authority onits rents, fees or revenues.

(Added to NRS by 1973, 619; A 1987, 525; 2005, 224)

NRS 315.993 Projectsnot to be constructed or operated for profit; fixing of rentals or payments.

1. The Authority shall not construct or operate anyhousing project for profit.

2. The Authority shall manage and operate its housingprojects in an efficient manner so as to enable it to fix the rentals orpayments for dwelling accommodations at low rates consistent with its providingdecent, safe and sanitary dwelling accommodations for persons of low andmoderate income.

3. The Authority shall fix the rentals or payments fordwellings in its housing projects at no higher rates than are necessary toproduce revenue which, together with all other available money, revenue, incomeand receipts of the Authority from whatever sources derived, will besufficient:

(a) To pay, as it becomes due, the principal andinterest on the bonds of the Authority.

(b) To create and maintain such reserves as may berequired to assure the payment of principal and interest as it becomes due onits bonds.

(c) To meet the cost of, and to provide for,maintaining and operating the housing projects, including necessary reservestherefor and the cost of any insurance, and the administrative expenses of theAuthority.

(d) To make such payments in lieu of taxes as itdetermines are consistent with the maintenance of the low-rent character of thehousing projects.

4. For the purposes of this section, a housing projectconstructed or operated by the Authority that is eligible for credit forlow-income housing pursuant to 26 U.S.C. 42 is not constructed or operatedfor profit.

(Added to NRS by 1973, 620; A 1995, 813; 1997, 451; 2005, 224)

NRS 315.994 Tenantselection. In the operation or management ofits housing projects, the Authority shall at all times observe the followingduties with respect to rentals and tenant admissions:

1. It may rent or lease the dwelling accommodationstherein only to persons of low and moderate income.

2. It may rent or lease to a tenant dwellingaccommodations consisting of the number of rooms, but no greater number, whichit deems necessary to provide safe and sanitary accommodations to the proposedoccupants thereof, without overcrowding.

3. It shall not accept any person or persons astenants in any housing project if the person or persons who occupy the dwellingaccommodations have, at the time of admission, an aggregate annual net income,less an exemption of $200 for each minor member of the family other than thehead of the family and his spouse, in excess of 7 times the annual rental ofthe quarters to be furnished such person or persons; but the Authority mayagree to conditions as to tenant eligibility or preference required by theFederal Government pursuant to federal law in any contract for financialassistance with the Authority. In computing the rental for this purpose ofadmitting tenants, there shall be included in the rental the average annualcost, as determined by the Authority, to occupants of heat, water, electricity,gas, cooking fuel, and other necessary services or facilities, whether or notthe charge for such services and facilities is included in the rental.

(Added to NRS by 1973, 620; A 2005, 224)

NRS 315.995 Remediesof Authoritys obligee: Effect of NRS 315.993 and 315.994. Nothing contained in NRS315.993 and 315.994 shall beconstrued as limiting the power of the Authority to vest in an obligee theright, in the event of a default by the Authority, to take possession thereofor cause the appointment of a receiver thereof, free from all the restrictionsimposed by such sections.

(Added to NRS by 1973, 620)

NRS 315.996 Powersof state public bodies respecting housing projects. Theprovisions of NRS 315.550 apply tohousing projects of the State Authority undertaken pursuant to the provisionsof NRS 315.961 to 315.99874, inclusive, in the same mannerand to the same extent as they apply to projects of local authorities.

(Added to NRS by 1973, 620; A 1985, 271; 1987, 525)

Financing

NRS 315.9981 Definitions. As used in NRS315.9981 to 315.99874, inclusive,unless the context otherwise requires, the words and terms defined in NRS 315.99815 to 315.99828, inclusive, have the meaningsascribed to them in those sections.

(Added to NRS by 2005, 211)

NRS 315.99815 Lendinginstitution defined. Lending institution meansany bank or trust company, Federal National Mortgage Association approvedmortgage banker, national banking association, savings and loan association orother financial institution or governmental agency of the United States whichcustomarily provides service or otherwise aids in the financing of mortgageslocated in this State.

(Added to NRS by 2005, 211)

NRS 315.99818 Mortgagedefined. Mortgage means a mortgage deed,deed of trust or other instrument which constitutes a lien on real property infee simple or on a leasehold under a lease whose remaining term, at the timesuch mortgage is acquired, does not expire for at least that number of yearsbeyond the maturity date of the obligation secured by such mortgage as isestablished by the State Authority as necessary to protect its interest asmortgagee.

(Added to NRS by 2005, 211)

NRS 315.9982 Mortgageloan defined. Mortgage loan means an interest-bearingobligation secured by a mortgage on land and improvements in this State.

(Added to NRS by 2005, 211)

NRS 315.99825 Realproperty defined. Real property means alllands, including rights to space above the lands, improvements and fixtures onthe lands and property of any nature appurtenant to or used in connection withthe lands, and every estate, interest and right, legal or equitable, in thelands, including terms of years and liens by way of judgment, mortgage orotherwise and the indebtedness secured by such liens.

(Added to NRS by 2005, 211)

NRS 315.99828 Residentialhousing defined. Residential housing meansone or more new or existing residential dwelling units financed pursuant to theprovisions of NRS 315.9981 to 315.99874, inclusive, for the primarypurpose of providing decent, safe and sanitary dwelling accommodations forpersons of low and moderate income in need of housing, including any buildings,manufactured homes, mobile homes, mobile home parks, land, improvements,equipment, facilities, other real or personal property, or other relatednonhousing facilities which are necessary, convenient or desirable in connectiontherewith, and including, without limitation, streets, sewers, utilities,parks, site preparation, landscaping and other nonhousing facilities such asadministrative, community, transportation, health, recreational, educational,commercial, retail, welfare and public facilities which the State Authoritydetermines improve the quality of the residential living for persons of low andmoderate income.

(Added to NRS by 2005, 212)

NRS 315.9983 Mortgagesand loans: Generally. The State Authority maymake, undertake commitments to make and participate with lending institutionsin the making of mortgage loans to finance the acquisition, construction,development, renewal, redevelopment, rehabilitation or refinancing ofresidential housing, including, without limitation, single family andmultifamily housing, within this State.

(Added to NRS by 2005, 212)

NRS 315.99832 Mortgagesand loans: Security; repayment; interest. Anymortgage loan made by the State Authority must be secured in such manner, be repaidin such period and bear interest at such rate or rates as are determined by theState Authority.

(Added to NRS by 2005, 212)

NRS 315.99834 Mortgagesand loans: Related powers. The State Authoritymay:

1. Renegotiate, refinance or foreclose, or contractfor the foreclosure of, any mortgage in default;

2. Waive any default or consent to the modification ofthe terms of any mortgage;

3. Commence any action to protect or enforce any rightconferred upon it by any law, mortgage, contract or other agreement;

4. Bid for and purchase property upon which it holds amortgage at any foreclosure or at any other sale, or acquire and takepossession of any such property;

5. Operate, manage, lease, dispose of and otherwisedeal with such property in such manner as may be necessary to protect theinterest of the State Authority and the holders of its bonds, notes and otherobligations; and

6. Consent to any modification with respect to rate ofinterest, time and payment of any installment of principal or interest, securityor any other term of any contract, mortgage, mortgage loan, mortgage loancommitment, contract or agreement of any kind to which the State Authority is aparty, subject to any agreement with bondholders or noteholders.

(Added to NRS by 2005, 212)

NRS 315.99836 Mortgagesand loans: Fees and charges. The State Authoritymay charge and collect such fees and charges as the State Authority may establishfrom time to time for its making of mortgage loans for residential housing.

(Added to NRS by 2005, 213)

NRS 315.99838 Mortgagesand loans: Insurance. The State Authority mayprocure insurance against any loss in connection with its property and otherassets, including mortgages and mortgage loans, in such amounts and from suchinsurers as it deems desirable.

(Added to NRS by 2005, 213)

NRS 315.9984 Findingsnecessary for financing. The State Authorityshall not finance any residential housing unless, before such financing, theState Authority finds that:

1. There exists a shortage of decent, safe andsanitary housing at rentals or prices which eligible families can afford withinthe general housing market area as determined by the State Authority.

2. Private enterprise and investment have been unable,without assistance, to provide an adequate supply of decent, safe and sanitaryhousing in such housing market area at rentals or prices which persons orfamilies of low and moderate income can afford or to provide sufficientmortgage financing for residential housing for occupancy by such persons orfamilies.

3. The proposed residential housing will increase thesupply or improve the quality of decent, safe and sanitary housing for eligiblefamilies.

4. The residential housing to be developed or assistedby the State Authority pursuant to the provisions of NRS 315.9981 to 315.99874, inclusive, will be of publicuse and will provide a public benefit.

5. The estimates of the State Authority of itsrevenues from the financing of the residential housing, together with allsubsidies, grants or other financial assistance from governmental agencies orother entities to be received in connection with the residential housing, willbe sufficient to pay the amount estimated by the State Authority as necessaryfor debt service on its notes and bonds to be issued for the financing of theresidential housing.

(Added to NRS by 2005, 213)

NRS 315.99842 Notes,bonds and other obligations: Issuance; amounts; payment.

1. The State Authority may issue its negotiable notesand bonds in such principal amount as the State Authority determines to benecessary to provide sufficient money for achieving any of its statutorypurposes, including the payment of interest on notes and bonds of the StateAuthority, establishment of bond reserve funds and other reserves to secure thenotes and bonds, and all other expenditures of the State Authority necessary orconvenient to carry out its statutory purposes and powers.

2. Subject to any agreements with holders of notes orbonds, all notes and bonds issued by the State Authority are specialobligations of the State Authority payable out of any revenues, money or otherassets of the State Authority pledged thereto.

(Added to NRS by 2005, 213)

NRS 315.99844 Notes,bonds and other obligations: Type; interest; sale. Thebonds issued pursuant to NRS 315.99842may be issued as serial bonds payable in annual installments or as term bonds,or as a combination thereof. The notes and bonds must bear interest at such arate or rates, be in such denominations, have such registration privileges, beexecuted in such a manner, be payable in such a medium of payment, at such aplace or places within or outside of the State, and be subject to such terms ofredemption as the State Authority determines. The notes and bonds of the StateAuthority may be sold by the State Authority at public or private sale at sucha price or prices as the State Authority determines except that no note, bondor other obligation issued by the State Authority may be initially distributedto the public unless it has received a rating in one of the three highestrating categories from a national rating service.

(Added to NRS by 2005, 213)

NRS 315.99846 Notes,bonds and other obligations: Pledges. TheState Authority in issuing any notes or bonds may contract with the holdersthereof as to:

1. Pledging all or any part of the revenues of theState Authority to secure the payment of the notes or bonds subject to suchagreements with noteholders or bondholders as may then exist.

2. Pledging all or any part of the assets of the StateAuthority, including mortgages and obligations securing such assets, to securethe payment of the notes or bonds subject to such agreements with noteholdersor bondholders as may then exist.

3. The use and disposition of the gross income frommortgages owned by the State Authority and the payment of principal of mortgagesowned by the State Authority.

4. The setting aside of reserves or sinking funds andthe regulation and disposition thereof.

5. Limitations on the purpose to which the proceeds ofsale of notes or bonds may be applied and pledging such proceeds to secure thepayment of the notes or bonds or of any issue thereof.

6. Limitations on the issuance of additional notes orbonds, the terms upon which additional notes or bonds may be issued andsecured, and the refunding of outstanding or other notes or bonds.

7. The procedure, if any, by which the terms of anycontract with noteholders or bondholders may be amended or abrogated, theamount of notes or bonds the holders of which must consent thereto and themanner in which such consent may be given.

8. Limitations on the amount of money to be expendedby the State Authority for operating expenses of the State Authority.

9. Vesting in a trustee or trustees such property,rights, powers and duties in trust as the State Authority may determine, whichmay include any or all of the rights, powers and duties of the trusteeappointed by the bondholders pursuant to NRS315.9981 to 315.99874, inclusive,and limiting or abrogating the right of the bondholders to appoint a trusteeunder this act or limiting the rights, powers and duties of such trustee.

10. Defining the acts or omissions which constitute adefault in the obligations and duties of the State Authority to the holders ofthe notes or bonds and providing for the rights and remedies of the holders ofthe notes or bonds in case of such default, including, as a matter of right,the appointment of a receiver, but such rights and remedies must not beinconsistent with the general laws of this State and the other provisions of NRS 315.9981 to 315.99874, inclusive.

11. Any other matters, of like or different character,which in any way affect the security or protection of the holders of the notesor bonds.

Any pledgemade by the State Authority is valid and binding from the time the pledge ismade. The revenues, money or property so pledged and thereafter received by theState Authority are immediately subject to the lien of such pledge without anyphysical delivery thereof or further act, and the lien of any such pledge isvalid and binding as against all persons having claims of any kind in tort,contract or otherwise against the State Authority, whether or not such personshave notice thereof. Neither the proceedings of the State Authority relating tothe bonds or notes nor any other instrument by which a pledge is created needbe recorded.

(Added to NRS by 2005, 214)

NRS 315.99848 Notes,bonds and other obligations: Trust indentures. Inthe discretion of the State Authority, bonds issued by the State Authority maybe secured by a trust indenture or trust indentures by and between the StateAuthority and a corporate trustee, which may be any trust company or bankhaving the power of a trust company within or outside this State. Such trustindenture may contain such provisions for protecting and enforcing the rightsand remedies of the bondholders as may be reasonable and proper and not inviolation of law, including covenants setting forth the duties of the StateAuthority in relation to the exercise of its statutory powers and the custody,safeguarding and application of all money. The State Authority may provide bysuch trust indenture for the payment of the proceeds of the bonds and therevenues to the trustee under such trust indenture or other depository, and forthe method of disbursement thereof, with such safeguards and restrictions asthe State Authority may determine. All expenses incurred in carrying out suchtrust indenture may be treated as part of the operating expenses of the StateAuthority. Such trust indenture may limit or abrogate the right of the holdersof any bonds, notes or other obligations of the State Authority to appoint atrustee under NRS 315.9981 to 315.99874, inclusive, or limit therights, powers and duties of such trustee.

(Added to NRS by 2005, 215)

NRS 315.9985 Notes,bonds and other obligations: Guarantees of payment. TheState Authority may procure or agree to the procurement of insurance orguarantees from any governmental agency or from any private insurance company,of the payment of any bonds or notes or any other evidences of indebtednessthereof issued by the State Authority or by any lending institution, and maypay premiums on such insurance.

(Added to NRS by 2005, 215)

NRS 315.99852 Notes,bonds and other obligations: Redemption; remarketing or refunding.

1. The State Authority, subject to such agreementswith noteholders or bondholders as may then exist, may, out of any moneyavailable therefor, purchase its notes or bonds to retire and cancel them. Theprice must not exceed:

(a) The redemption price then applicable plus accruedinterest to the next interest payment thereon if the notes or bonds are thenredeemable; or

(b) The redemption price applicable on the first dateafter the purchase upon which the notes or bonds become subject to redemptionplus accrued interest to that date if the notes or bonds are not redeemable.

2. The State Authority may, in connection with anyremarketing or refunding of its notes or bonds or for any of its purposes,acquire, or cause to be acquired, its notes or bonds without retiring andcancelling them.

(Added to NRS by 2005, 215)

NRS 315.99854 Notes,bonds and other obligations: Provision for or requirement of means of assuringrepayment; payment of associated fees and costs. TheState Authority may:

1. Provide that any bonds or notes issued by the StateAuthority be insured or be secured by surety bonds, letters of credit notissued by the State Authority, guaranties or other means of assuring repaymentof such bonds or notes.

2. Require that any loans, including a mortgage loan,made or purchased by the State Authority be insured or be secured by suretybonds, letters of credit not issued by the State Authority, guaranties or othermeans of assuring repayment of such loans.

3. Pay the fees, charges, premiums and any other costsassociated with obtaining and maintaining insurance, or other means of assuringrepayment, from any available money of the State Authority, including premiums,fees and charges assessed against sponsors, lending institutions or otherparticipants or beneficiaries of the programs of the State Authority.

(Added to NRS by 2005, 215)

NRS 315.99856 Notes,bonds and other obligations: Waiver of exemption of interest from federalincome taxation; issuance of obligations not exempt from taxation. The State Authority may:

1. Waive, by such means as the State Authority deemsappropriate, any exemption from federal income taxation of interest on thebonds, notes or other obligations of the State Authority provided by 26 U.S.C. 141 to 149, inclusive, and related portions of the Internal Revenue Code orany succeeding code or other federal statute providing a similar exemption; or

2. Issue notes, bonds or other obligations, theinterest on which is not exempt from federal income taxation or excluded fromgross revenue for the purpose of federal income taxation, if necessary to carryout the purposes of NRS 315.961 to 315.99874, inclusive.

(Added to NRS by 2005, 216)

NRS 315.99858 Notes,bonds and other obligations: Refunding obligations.

1. The State Authority may issue refunding obligationsto refund any obligations then outstanding which have been issued under theprovisions of NRS 315.9981 to 315.99874, inclusive, including thepayment of any redemption premium thereon and any interest accrued or to accrueto the date of redemption of the obligations and for any statutory purpose ofthe State Authority. The issuance of the obligations, the maturities and otherdetails thereof, the rights of the holders thereof, and the rights, duties andobligations of the State Authority in respect to them are governed by theprovisions of NRS 315.9981 to 315.99874, inclusive, which relate to theissuance of original obligations insofar as appropriate.

2. Refunding obligations issued as provided in thissection may be sold or exchanged for outstanding obligations issued under NRS 315.9981 to 315.99874, inclusive, and, if they aresold, the proceeds thereof may be applied, in addition to any other authorizedpurposes, to the purchase, redemption or payment of the outstandingobligations. Pending the application of the proceeds of the refunding obligations,with any other available funds, to the purpose for which they are issued, theproceeds may be invested in direct obligations of, or obligations the principalof and the interest on which are unconditionally guaranteed by the UnitedStates of America, or obligations of any agency or instrumentality of theUnited States of America, which mature or which are subject to redemption bythe holders thereof, at the option of such holders, not later than therespective dates when the proceeds, together with the interest accruingthereon, will be required for the purposes intended.

(Added to NRS by 2005, 216)

NRS 315.9986 Notes,bonds and other obligations: Establishment, use and requirements for bondreserve funds.

1. The State Authority may establish one or more bondreserve funds, and shall pay into each such bond reserve fund:

(a) Any money appropriated by the Legislature for thepurpose of the fund;

(b) Any proceeds of sale of notes or bonds to theextent provided in connection with the issuance thereof; and

(c) Any other money which may be available to the StateAuthority for the purpose of the fund from any other source or sources.

All moneyheld in any bond reserve fund, except as otherwise expressly provided in NRS 315.9981 to 315.99874, inclusive, must be used, asrequired, solely for the payment of the principal of bonds secured in whole orin part by the fund or of the sinking fund payments with respect to such bonds,the purchase or redemption of such bonds, the payment of interest on such bondsor the payment of any redemption premium required to be paid when the bonds areredeemed before maturity.

2. Money in such a fund must not be withdrawn from thefund at any time in an amount that would reduce the amount of the fund belowthe requirement established for that fund, except to pay when due, with respectto bonds secured in whole or in part by that fund, principal, interest,redemption premiums and sinking fund payments for the payment of which othermoney of the State Authority is not available.

(Added to NRS by 2005, 216)

NRS 315.99862 Notes,bonds and other obligations: Limitations on bond reserve funds. The State Authority shall not at any time pursuant to NRS 315.9981 to 315.99874, inclusive, issue bonds,secured in whole or in part by a bond reserve fund, if upon the issuance ofthose bonds, the amount in that bond reserve fund will be less than the bondreserve fund requirement for that fund, unless the State Authority at the timeof issuance of those bonds deposits in that fund from the proceeds of the bondsissued, or from other sources, an amount which, together with the amount thenin that fund, will not be less than the bond reserve fund requirement for thatfund. The bond reserve fund requirement, as of any particular date of computation,is an amount of money, specified in the proceedings of the State Authorityauthorizing the bonds with respect to which the fund is established, necessaryto provide adequate reserves for debt service on the bonds.

(Added to NRS by 2005, 217)

NRS 315.99864 Notes,bonds and other obligations: Purpose of bond reserve fund requirements. The provision of bond reserve fund requirements isdesigned to assure the continued operation and solvency of the State Authorityfor the carrying out of its statutory purposes.

(Added to NRS by 2005, 217)

NRS 315.99866 Notes,bonds and other obligations: Remedies of bondholders and noteholders.

1. If the State Authority defaults in the payment ofprincipal of or interest on any bonds or notes issued under NRS 315.9981 to 315.99874, inclusive, after it is due,whether at maturity or upon call for redemption, and such default continues fora period of 30 days, or if the State Authority fails or refuses to comply withthe provisions of NRS 315.9981 to 315.99874, inclusive, or defaults in anyagreement made with the holders of an issue of its bonds or notes, the holdersof 25 percent in aggregate principal amount of the bonds or notes of such issuethen outstanding, by instrument or instruments filed in the Office of theSecretary of State and proved or acknowledged in the same manner as a deed tobe recorded, may appoint a trustee to represent the holders of such bonds ornotes for the purposes provided in this section.

2. The trustee may, and upon written request of theholders of 25 percent in principal amount of such bonds or notes thenoutstanding shall, in his or its own name:

(a) Enforce the right of the bondholders or noteholdersto require the State Authority to collect interest and amortization payments onthe mortgages held by it adequate to carry out any agreement as to, or pledgeof, such interest and amortization payments, and to require the State Authorityto carry out any other agreements with the holders of such bonds or notes andto perform its duties under NRS 315.9981to 315.99874, inclusive.

(b) Enforce the right of the bondholders or noteholdersto collect and enforce the payment of principal of and interest due or becomingdue on loans to lending institutions and collect and enforce any rights inrespect to collateral securing such loans or sell such collateral, so as tocarry out any contract as to, or pledge of revenues, and to require the StateAuthority to carry out any contract as to, or pledge of revenues, and torequire the State Authority to perform its duties under NRS 315.9981 to 315.99874, inclusive.

(c) Bring suit upon all or any part of such bonds ornotes.

(d) By civil action, require the State Authority toaccount as if it were the trustee of an express trust for the holders of suchbonds or notes.

(e) By civil action, enjoin any acts or things whichmay be unlawful or in violation of the rights of the holders of such bonds ornotes.

(f) Declare all such bonds or notes due, and if alldefaults are made good then with the consent of the holders of 25 percent ofthe principal amount of such bonds or notes then outstanding, to annul suchdeclaration and its consequences.

(g) Enforce any other right of the bondholders ornoteholders conferred by law or by the proceedings of the State Authorityauthorizing the issuance of the bonds or notes.

3. The trustee shall, in addition to the powers listedin subsection 2, have all the powers necessary or appropriate for the exerciseof any functions specifically set forth in this section or incident to thegeneral representation of bondholders or noteholders in the enforcement andprotection of their rights.

4. Before declaring the principal of bonds or notesdue, the trustee shall give 30 days notice in writing to the Governor, to theState Authority and to the Attorney General of this State.

5. The District Court of the First Judicial Districthas jurisdiction of any suit, action or proceeding by the trustee on behalf ofbondholders or noteholders.

(Added to NRS by 2005, 217)

NRS 315.99868 Notes,bonds and other obligations: Pledge against impairment of holders rights andremedies; credit of State or political subdivision not pledged.

1. The State of Nevada hereby pledges to and agreeswith the holders of any notes or bonds issued under NRS 315.9981 to 315.99874, inclusive, that the State willnot limit or alter the rights vested in the State Authority by NRS 315.9981 to 315.99874, inclusive, to fulfill theterms of any agreements made with such holders or in any way impair the rightsand remedies of such holders until such notes and bonds, together with theinterest thereon, with interest on any unpaid installments of interest, and allcosts and expenses in connection with any action or proceeding by or on behalfof such holders, are fully met and discharged. The State Authority may includethis pledge and agreement of the State in any agreement with the holders ofsuch notes or bonds.

2. Obligations issued under the provisions of NRS 315.9981 to 315.99874, inclusive, including lettersof credit issued by the State Authority, do not constitute a debt, liability orobligation of this State or of any political subdivision thereof, or a pledgeof the faith and credit of this State or of any political subdivision thereof,but are payable solely from the revenues or assets of the State Authority.Neither the commissioners of the State Authority nor any person executing thebonds is liable personally on the bonds by reason of the issuance thereof. Eachobligation, including a letter of credit, issued under NRS 315.9981 to 315.99874, inclusive, must contain on theface thereof a statement to the effect that the State Authority is notobligated to pay the obligation or the interest thereon except from therevenues or assets pledged therefor and that neither the faith and credit northe taxing power of this State or of any political subdivision thereof ispledged to the payment of the principal of or the interest on the obligation.The bonds do not constitute an indebtedness within the meaning of anyconstitutional or statutory debt limitation or restriction.

(Added to NRS by 2005, 218)

NRS 315.9987 Notes,bonds and other obligations: Submission to and certification by AttorneyGeneral. The State Authority may submit to theAttorney General of the State any bonds to be issued under NRS 315.9981 to 315.99874, inclusive, after allproceedings for the issuance of such bonds have been taken. Upon the submissionof such proceedings to the Attorney General, the Attorney General shall examineinto and pass upon the validity of such bonds and the regularity of allproceedings in connection therewith. If the proceedings conform to theprovisions of NRS 315.9981 to 315.99874, inclusive, and are otherwiseregular in form, and if such bonds when delivered and paid for will constitutebinding and legal obligations of the State Authority enforceable according tothe terms thereof, the Attorney General shall certify in substance upon theback of each of the bonds that it is issued in accordance with the Constitutionand laws of the State of Nevada.

(Added to NRS by 2005, 219)

NRS 315.99872 Notes,bonds and other obligations: Legal investments; securities.

1. The notes and bonds of the State Authority arelegal investments in which all public officers and public bodies of the State,its political subdivisions, all municipalities and municipal subdivisions, allinsurance companies and associations and other persons carrying on an insurancebusiness, all banks, savings and loan associations and trust companies, alladministrators, guardians, executors, trustees and other fiduciaries, and allother persons who are authorized to invest in bonds or in other obligations ofthis State, may properly and legally invest funds, including capital, in theircontrol or belonging to them. The notes and bonds are securities which mayproperly and legally be deposited with and received by all public officers andpublic bodies of the State or any agency or political subdivision of the Stateand all municipalities and public corporations for any purpose for which thedeposit of bonds or other obligations of this State is authorized by law andmay be used as collateral to secure any deposit of public money.

2. The notes and bonds of the State Authority aresecurities within the meaning of the Uniform Commercial CodeInvestmentSecurities.

(Added to NRS by 2005, 219)

NRS 315.99874 Notes,bonds and other obligations: Signatures of commissioners and officers. If any of the commissioners or officers of the StateAuthority whose signatures appear on any bonds or coupons cease to be suchcommissioners or officers before the delivery of such bonds, such signaturesshall, nevertheless, be valid and sufficient for all purposes, the same as ifsuch commissioners or officers had remained in office until such delivery.

(Added to NRS by 2005, 219)

 

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