2019 Nevada Revised Statutes
Chapter 408 - Highways, Roads and Transportation Facilities
NRS 408.55078 - Obligation to third person by Bank: Limitations; requirements. [Effective on the date on which the Director of the Department of Transportation notifies the Governor and the Director of the Legislative Counsel Bureau that sufficient money is available to capitalize and carry out the business of the Nevada State Infrastructure Bank created by NRS 408.55069.]
1. Any obligation to a third person made by the Bank, including, without limitation, a bond or other security issued by the Bank pursuant to NRS 408.55071 and any insurance, reinsurance or reserve provided by the Bank pursuant to NRS 408.55076:
(a) Does not constitute a debt, liability or obligation of this State or any political subdivision thereof, or a pledge of the faith and credit of this State or any political subdivision thereof, but is payable solely from the revenues or assets of the Bank; and
(b) Must contain on the face thereof a statement to the effect that the Bank is not obligated to pay the obligation or any interest thereon except from the revenues or assets, if any, pledged therefor and that neither the faith and credit nor the taxing power of this State or any political subdivision thereof is pledged to the payment of the principal of or the interest on the obligation.
2. Except as otherwise provided in subsection 3, this section does not prohibit the Bank from:
(a) Pledging the full faith and credit of the Bank for the satisfaction of any obligation to a third person made by the Bank; or
(b) Issuing a bond guarantee or credit enhancement for bonds issued by a qualified borrower.
3. Notwithstanding any provision in NRS 408.55048 to 408.55088, inclusive, to the contrary, the Bank shall not act as a surety or guarantor for a private utility or any other private company, association or corporation.
(Added to NRS by 2017, 4135, effective on the date on which the Director of the Department of Transportation notifies the Governor and the Director of the Legislative Counsel Bureau that sufficient money is available to capitalize and carry out the business of the Nevada State Infrastructure Bank created by NRS 408.55069)
