NRS 349.919 Issuance of revenue bonds: Director required to submit findings to Board; approval of Board; limitation on amount of bonds.
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NRS 349.919 Issuance of revenue bonds: Director required to submit findings to Board; approval of Board; limitation on amount of bonds.
1. The Director may, if he or she finds it feasible, issue revenue bonds to the extent necessary to provide sufficient money for the Account for Venture Capital and sufficient to pay the interest on the bonds until the proceeds are so used and to pay all other expenses incurred in providing the financing.
2. The Director shall submit to the Board a copy of his or her findings relevant to the issuance of the bonds. If the Board approves, the Director may proceed to issue the bonds in the amount approved, but the aggregate principal amount of outstanding bonds issued, based upon the face value of the initial issue, must not exceed $100,000,000. The Director may issue bonds the interest on which is not exempt from federal income tax or excluded from gross revenue for the purposes of federal income tax.