NRS 360.991 Issuance of general obligation bonds of State of Nevada to finance infrastructure projects identified in economic development financing agreement; limitation on amount of bonds; proceeds allocated to Office of Economic Development.
299 words·~1 min read·
/nv/chapter-360-general-provisions/360-991A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
NRS 360.991 Issuance of general obligation bonds of State of Nevada to finance infrastructure projects identified in economic development financing agreement; limitation on amount of bonds; proceeds allocated to Office of Economic Development.
1. As soon as practicable after receiving notice from the Office that it has approved an economic development financing agreement, the State Board of Finance shall issue general obligation bonds of the State of Nevada to finance the infrastructure projects identified in the economic development financing agreement. The provisions of the State Securities Law contained in chapter 349 of NRS apply to the issuance of bonds pursuant to this section. The State Board of Finance shall issue the bonds in the amount set forth in the economic development financing agreement but shall not issue bonds in an amount that exceeds $175,000,000 for each economic development financing agreement or have outstanding at any time bonds issued pursuant to this section in an amount that exceeds $200,000,000.
Before any bonds may be issued pursuant to this section, the lead participant in the qualified project must provide adequate security that the lead participant will carry out the qualified project. The security may consist of one or more performance bonds or similar documents, actual expenditures on the qualified project, commitments to make such expenditures, a lien for special assessments pursuant to chapter 271 of NRS or other security deemed appropriate by the Executive Director of the Office in consultation with the Office of the State Treasurer.
A commitment to make an expenditure may be conditioned upon the issuance of bonds pursuant to this section but may not be subject to any other conditions.
2. The proceeds of any bonds issued pursuant to subsection 1 must be allocated to the Office in the manner prescribed by the economic development financing agreement.