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2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.326 - Interim debentures: Extension and funding.

No interim debentures issued pursuant to the provisions of NRS 349.318 to 349.324, inclusive, shall be extended or funded except by the issuance or reissuance of a bond or bonds authorized by the Commission authorizing the issuance of the funded interim debentures in compliance with NRS 349.328.
(Added to NRS by 1967, 790)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.328 - Interim debentures: Funding by reissuance of bonds pledged as collateral security; issuance of other bonds.

1. For the purpose of funding any interim debentures, any bonds pledged as collateral security to secure the payment of such interim debentures, upon their surrender as pledged property, may be reissued without an election, and any bonds not previously issued but authorized to be issued, at an election in the case of general obligation bonds required by law so to be authorized, and otherwise merely by the Commission, for a purpose or purposes the same as or encompassing the purpose or purposes for which the interim debentures were issued, may be issued for such a funding.
2. Any such bonds shall mature at such time or times as the Commission may determine, except as otherwise provided in subsections 3 and 4 of NRS 349.276.
3. Bonds for funding (including but not necessarily limited to any such reissued bonds) and bonds for any other purpose or purposes may be issued separately or issued in combination in one series or more.
4. Except as otherwise provided in NRS 349.322 to 349.328, inclusive, any such funding bonds shall be issued as is provided herein for other bonds.
(Added to NRS by 1967, 790; A 1977, 36)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.330 - Refunding of general and special obligation bonds: Resolution; trust indenture.

Subject to the provisions of NRS 349.320, any general obligation bonds or special obligation bonds of the State issued in accordance with the provisions of the State Securities Law or any other act and payable from any pledged revenues and any general obligation bonds of the State so issued but not payable from pledged revenues may be refunded on behalf of the State by the Commission authorizing the issuance of the refunded bonds, without the necessity of the refunding bonds being authorized at an election except as otherwise provided in NRS 349.320, by the adoption of a resolution or resolutions by the Commission and by any trust indenture or other proceedings appertaining thereto, authorizing the issuance of refunding bonds to refund, pay and discharge all or any part of such outstanding bonds of any one or more or all outstanding issues:
1. For the acceleration, deceleration or other modification of the payment of such obligations, including any interest thereon in arrears, or about to become due for any period not exceeding 3 years from the date of the refunding bonds, unless the capitalization of interest on bonds constituting an indebtedness increases the state debt in excess of the State’s debt limitation in the State Constitution;
2. For the purpose of reducing interest costs or effecting other economies;
3. For the purpose of modifying or eliminating restrictive contractual limitations appertaining to the issuance of additional bonds, otherwise concerning the outstanding bonds, or otherwise relating to any facilities appertaining thereto;
4. For any combination of the purposes stated in subsections 1, 2 and 3.
(Added to NRS by 1967, 791; A 1969, 1588)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.332 - Calls for prior redemption: Limitations.

Nothing contained in the State Securities Law or in any other law of this state shall be construed to permit the Commission to call on behalf of the State bonds or other securities outstanding now or any time after April 5, 1967, for prior redemption in order to fund or refund such securities or in order to pay them prior to their stated maturities, unless the right to call such securities for prior redemption was specifically reserved and stated in such securities at the time of their issuance, and all conditions with respect to the manner, price and time applicable to such prior redemption as set forth in the proceedings authorizing the outstanding securities are strictly observed. It is the intention of the Legislature in this section to make it certain that the holder of no outstanding bond or other security may be compelled to surrender such security for funding or refunding prior to its stated maturity or optional date of prior redemption expressly reserved therein, even though such funding or refunding might result in financial benefit to the State.
(Added to NRS by 1967, 791; A 1969, 1588)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.334 - Exchange of outstanding securities held by State or its agencies for funding or refunding.

Notwithstanding the provisions of NRS 349.332 or of any other law, this state, acting by and through the State Board of Finance, may agree with the Commission to exchange any outstanding bonds or other securities of the State and held by the State, or any agency, corporation, department or other instrumentality of the State, for funding or refunding bonds or other funding securities of the State authorized on its behalf by the Commission or otherwise to surrender at such price and time and otherwise upon such conditions and other terms and in such manner as may be mutually agreeable such outstanding bonds or other securities to the Commission for funding or refunding at any time prior to their respective maturities or to any date as of which the State has the right and option to call on its behalf such outstanding securities for prior redemption as expressly provided in the outstanding securities and any resolution, trust indenture or other proceedings authorizing their issuance.
(Added to NRS by 1967, 791; A 1969, 1589)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.338 - Refunding bonds: Exchange for outstanding bonds or federal securities; public or private sale.

1. Any bonds issued for refunding purposes may either be delivered in exchange for the outstanding bonds being refunded or may be publicly or privately sold.
2. The refunding bonds, or any part thereof, except as limited by subsection 2 of NRS 349.344, may be exchanged by the State for federal securities and other securities of the Federal Government which have been made available for escrow investment by any purchaser of refunding bonds, upon terms of exchange mutually agreed upon, and any such securities so received by the State shall be placed in escrow as provided in NRS 349.342 and 349.344.
(Added to NRS by 1967, 792)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.340 - Conditions for refunding bonds.

1. No bonds may be refunded hereunder unless the holders thereof voluntarily surrender them for exchange or payment, or unless they either mature or are callable for prior redemption under their terms within 25 years from the date of issuance of the refunding bonds. Provision must be made for paying the securities within that period.
2. The maturity of any bond refunded may not be extended beyond 25 years, or beyond 1 year next following the date of the last outstanding maturity, whichever limitation is later, nor in any event in the case of any bonds constituting a debt in contravention of any state constitutional debt limitation, nor may any interest on any bond refunded be increased to any rate exceeding the limit provided in NRS 349.076; but any general obligation bonds funding or refunding any securities which constitute a debt and are subject to the limitations stated in the first paragraph of Section 3 of Article 9 of the Constitution of this state, must mature within 20 years from the effective date of the act authorizing the issuance of the securities so funded or refunded thereby, or within 20 years from the date or earliest date of such securities, as the case may be, whichever limitation is shorter.
3. The principal amount of the refunding bonds may exceed the principal amount of the refunded bonds, but in the case of any bonds constituting a debt the principal of the bonds may not be increased to any amount in excess of any state debt limitation in the State Constitution pertaining thereto.
4. The principal amount of the refunding bonds may also be less than or the same as the principal amount of the bonds being refunded so long as provision is duly and sufficiently made for their payment.
(Added to NRS by 1967, 792; A 1969, 1291; 1971, 2114; 1975, 861; 1981, 1402; 1983, 573, 1033, 1594)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.342 - Refunding bonds: Disposition of proceeds; accrued interest and premium; costs; escrow; trusts.

1. Except as herein otherwise provided, the proceeds of refunding bonds shall either be immediately applied to the retirement of the bonds to be refunded or be placed in escrow or trust in any trust bank or trust banks within or without or both within and without this state to be applied to the payment of the refunded bonds or the refunding bonds, or both the refunded bonds and the refunding bonds, upon their presentation therefor to the extent, in such priority and otherwise in the manner which the Commission may determine.
2. The incidental costs of refunding bonds may be paid by the purchaser of the refunding bonds or be defrayed from any general fund (subject to appropriations therefor as otherwise provided by law) or other available revenues of the State under the control of the Commission or from the proceeds of the refunding bonds, or from the interest or other yield derived from the investment of any refunding bond proceeds or other moneys in escrow or trust, or from any other sources legally available therefor, or any combination thereof, as the Commission may determine.
3. Any accrued interest and any premium appertaining to a sale of refunding bonds may be applied to the payment of the interest thereon or the principal thereof, or to both interest and principal, or may be deposited in a reserve therefor, or may be used to refund bonds by deposit in escrow, trust or otherwise, or may be used to defray any incidental costs appertaining to the refunding, or any combination thereof, as the Commission may determine, but in no event by the incurrence of additional debt in excess of any state debt limitation in the State Constitution.
(Added to NRS by 1967, 793)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.344 - Proceeds of refunding bonds in escrow or trust: Investment; security; sufficient amount; purchaser not responsible for application of proceeds.

1. Any such escrow or trust shall not necessarily be limited to proceeds of refunding bonds but may include other moneys available for its purpose.
2. Any proceeds in escrow or trust, pending such use, may be invested or reinvested in federal securities, and in the case of an escrow or trust for the refunding of outstanding state special obligation (but not general obligation) securities, in other securities issued by the Federal Government if the resolution authorizing the issuance of such outstanding state securities or any trust indenture or other proceedings appertaining thereto expressly permits any such investment or reinvestment in such securities issued by the Federal Government other than federal securities.
3. Any trust bank accounting for federal securities and other securities issued by the Federal Government in such escrow or trust may place them for safekeeping wholly or in part in any trust bank or trust banks within or without or both within and without this state.
4. Any trust bank shall continuously secure any moneys placed in escrow or trust and not so invested or reinvested in federal securities and other securities issued by the Federal Government by a pledge in any trust bank or trust banks within or without or both within and without the State of federal securities in an amount at all times at least equal to the total uninvested amount of such moneys accounted for in such escrow or trust.
5. Such proceeds and investments in escrow or trust, together with any interest or other gain to be derived from any such investment, shall be in an amount at all times at least sufficient to pay principal, interest, any prior redemption premiums due, and any charges of the escrow agent or trustee and any other incidental expenses payable therefrom, except to the extent provision may have been previously otherwise made therefor, as such obligations become due at their respective maturities or due at designated prior redemption date or dates in connection with which the Commission has exercised or is obligated to exercise a prior redemption option on behalf of the State.
6. The computations made in determining such sufficiency shall be verified by a certified public accountant certified or licensed to practice in this state or in any other state.
7. Any purchaser of any refunding bond issued hereunder shall in no manner be responsible for the application of the proceeds thereof by the State, the Commission or any of the officers, agents or employees of the State.
(Added to NRS by 1967, 793)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.346 - Refunding bonds payable from taxes or pledged revenues.

Refunding bonds may be made payable from any taxes or pledged revenues, or both taxes and such revenues, which might be legally pledged for the payment of the bonds being refunded at the time of the refunding or at the time of the issuance of the bonds being refunded, as the Commission may determine, notwithstanding the taxes, or the revenue sources, or the pledge of such revenues, or any combination thereof, for the payment of the outstanding bonds being refunded is thereby modified, subject to the provisions of NRS 349.320.
(Added to NRS by 1967, 794)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.350 - Other statutory provisions applicable to refunding bonds.

Except as in NRS 349.330 to 349.348, inclusive, expressly provided or necessarily implied, the relevant provisions elsewhere herein appertaining generally to the issuance of bonds to defray the cost of any project shall be equally applicable in the authorization and issuance of refunding bonds, including their terms and security, the covenants and other provisions of the resolution authorizing the issuance of the bonds, or other instrument or proceedings appertaining thereto, and other aspects of the bonds.
(Added to NRS by 1967, 794)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.352 - Conclusive determination of Commission that statutory limitations have been met.

The determination of the Commission that the limitations in the State Securities Law imposed upon the issuance of bonds or upon the issuance of other securities hereunder, including without limitation any securities for funding or refunding securities, have been met shall be conclusive in the absence of fraud or arbitrary and gross abuse of discretion regardless of whether the authorizing resolution or the securities thereby authorized contain a recital as authorized by NRS 349.274.
(Added to NRS by 1967, 794; A 1969, 1589)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.354 - Bonds and other securities exempt from taxation; exceptions.

1. Except as otherwise provided in subsection 2, bonds and other securities issued pursuant to the provisions of the State Securities Law, their transfer and the income therefrom must forever be and remain free and exempt from taxation by this state or any subdivision thereof.
2. The provisions of subsection 1 do not apply to the tax on estates imposed pursuant to the provisions of chapter 375A of NRS or the tax on generation-skipping transfers imposed pursuant to the provisions of chapter 375B of NRS.
(Added to NRS by 1967, 794; A 1989, 2107; 1991, 1710)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.356 - Securities issued as general obligations are legal investments for state money.

It is legal for the State Board of Finance to invest any permanent state funds or other state funds available for investment in any of the bonds or other securities authorized to be issued pursuant to the provisions hereof if the securities constitute general obligations payable from taxes.
(Added to NRS by 1967, 794)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.358 - Legal investments for other persons.

1. It is legal for any bank, trust company, banker, savings bank or institution, savings and loan association, investment company and any other person carrying on a banking or investment business, any insurance company, insurance association, or any other person carrying on an insurance business, and any executor, administrator, curator, trustee or any other fiduciary, to invest funds or money in his or her custody in any of the bonds or other securities issued in accordance with the provisions of the State Securities Law.
2. Nothing contained in this section with regard to legal investments relieves any representative of any corporation or other person of any duty of exercising reasonable care in selecting securities.
(Added to NRS by 1967, 794; A 1983, 131)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.362 - Sufficiency of State Securities Law.

1. The State Securities Law, without reference to other statutes of this state, except as herein otherwise expressly provided, shall constitute full authority for the exercise of the incidental powers herein granted concerning the borrowing of money and any other incurrence of obligations to defray wholly or in part the cost of any project appertaining to the State and otherwise authorized by law, or to refinance outstanding loans, or both, and the issuance of bonds or other securities to evidence such loans or other obligations or to fund or refund outstanding securities, or any combination thereof, as the Commission may determine.
2. No other act or law with regard to the authorization or issuance of securities or the exercise of any other power herein granted that requires an election or another approval or in any way impedes or restricts the carrying out of the acts herein authorized to be done shall be construed as applying to any proceedings taken hereunder or acts done pursuant hereto, except as otherwise provided in the State Securities Law or in any act supplemental hereto.
3. The powers conferred by the State Securities Law shall be in addition and supplemental to, and not in substitution for, and the limitations imposed by the State Securities Law shall not affect the powers conferred by, any other law.
4. Nothing contained in the State Securities Law shall be construed as preventing the exercise of any power granted to the State, acting by and through the Commission, or any officer, agent or employee of the State, or otherwise, by any other law.
5. No part of the State Securities Law shall repeal or affect any other law or part thereof, it being intended that the State Securities Law shall provide a separate method of accomplishing its objectives and not an exclusive one; and the State Securities Law shall not be construed as repealing, amending or changing any such other law.
(Added to NRS by 1967, 796)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.400 - Definitions.

As used in NRS 349.400 to 349.670, inclusive, unless the context otherwise requires, the words and terms defined in NRS 349.405 to 349.540, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1981, 1624; A 1985, 2175; 1997, 497; 1999, 3357; 2001, 3256; 2011, 3458)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.405 - "Biomass" defined.

"Biomass" means any organic matter that is available on a renewable basis, including, without limitation:
1. Agricultural crops and agricultural wastes and residues;
2. Wood and wood wastes and residues;
3. Animal wastes;
4. Municipal wastes; and
5. Aquatic plants.
(Added to NRS by 2001, 3255)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.425 - "Corporation for public benefit" defined.

"Corporation for public benefit" means a corporation that is:
1. Recognized as exempt pursuant to section 501(c)(3) of the Internal Revenue Code of 1986, 26 U.S.C. § 501(c)(3), future amendments to that section and the corresponding provisions of future internal revenue laws; or
2. Organized for a public or charitable purpose and which, upon dissolution, must distribute its assets to the United States, a state, or a person which is recognized as exempt pursuant to section 501(c)(3) of the Internal Revenue Code of 1986, 26 U.S.C. § 501(c)(3), future amendments to that section and the corresponding provisions of future internal revenue laws.
(Added to NRS by 1997, 497; A 1999, 3357)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.430 - "Cost of a project" defined.

"Cost of a project" means all or a designated part of the cost of any project, including any incidental cost pertaining to the project. The cost of a project may include, among other costs, the costs of:
1. Surveys, audits, preliminary plans, other plans, specifications, estimates and other costs of preparations;
2. Appraising, printing, estimating, advice, services of engineers, architects, financial consultants, attorneys, clerical personnel and other agents and employees;
3. Publishing, posting, mailing and otherwise giving notice, filing or recording instruments, taking options and fees to banks;
4. Establishment of a reserve for contingencies;
5. Interest on bonds for any time which does not exceed the estimated period of construction plus 1 year, discounts on bonds, reserves for the payment of the principal of and interest on bonds, replacement expenses and other costs of issuing bonds;
6. Amending any resolution or other instrument authorizing the issuance of, or otherwise relating to, bonds for the project; and
7. Short-term financing,
and the expense of operation and maintenance of the project.
(Added to NRS by 1981, 1624; A 2001, 3256)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.450 - "Expense of operation and maintenance" defined.

"Expense of operation and maintenance" means any reasonable and necessary current expense of the State for the operation, maintenance or administration of a project or of the collection and administration of revenues from a project. The term includes, among other expenses:
1. Expenses for engineering, auditing, reporting, legal services and other expenses of the Director which are directly related to the administration of projects.
2. Premiums for fidelity bonds and policies of property and liability insurance pertaining to projects, and shares of the premiums of blanket bonds and policies which may be reasonably allocated to the State.
3. Payments to pension, retirement, health insurance and other insurance funds.
4. Reasonable charges made by any paying agent, commercial bank, credit union, trust company or other depository bank pertaining to any bonds.
5. Services rendered under the terms of contracts, services of professionally qualified persons, salaries, administrative expenses and the cost of materials, supplies and labor pertaining to the issuance of any bonds, including the expenses of any trustee, receiver or other fiduciary.
6. Costs incurred in the collection and any refund of revenues from the project, including the amount of the refund.
(Added to NRS by 1981, 1625; A 1999, 1470)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.460 - "Finance" and "financing" defined.

"Finance" or "financing" includes the issue of bonds by the Director for the purpose of using substantially all of the proceeds to pay (or to reimburse the obligor or its designee) for the costs of acquiring, improving and equipping a project, whether these costs are incurred by the Director, the obligor or a designee of the obligor.
(Added to NRS by 1981, 1625)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.470 - "Financing agreement" defined.

"Financing agreement" means an agreement by which the Director agrees to issue bonds pursuant to NRS 349.400 to 349.670, inclusive, to finance one or more projects and the obligor agrees to:
1. Make payments (directly or through notes, debentures, bonds or other secured or unsecured debt obligations of the obligor executed and delivered by the obligor to the Director or his or her designee or assignee, including a trustee, pursuant to the financing agreement) sufficient to pay the principal of, premium if any, and interest on the bonds;
2. Pay other amounts required by NRS 349.400 to 349.670, inclusive; or
3. Comply with all other applicable provisions of NRS 349.400 to 349.670, inclusive.
(Added to NRS by 1981, 1625)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.500 - "Obligor" defined.

"Obligor" means the natural person, partnership, firm, company, corporation (including a public utility), association, trust, estate, political subdivision, state agency or any other legal entity, or its legal representative, agent or assigns, who agrees to make the payments required by the financing agreement.
(Added to NRS by 1981, 1626)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.510 - "Project" defined.

"Project" means:
1. Any land, building or other improvement and all real and personal properties necessary in connection therewith, excluding inventories, raw materials and working capital, whether or not in existence, suitable for new construction, improvement, rehabilitation or redevelopment for:
(a) Industrial uses, including assembling, fabricating, manufacturing, processing or warehousing;
(b) Research and development relating to commerce or industry, including professional, administrative and scientific offices and laboratories;
(c) Commercial enterprises;
(d) Civic and cultural enterprises open to the general public, including theaters, museums and exhibitions, together with buildings and other structures, machinery, equipment, facilities and appurtenances thereto which the Director deems useful or desirable in connection with the conduct of any such enterprise;
(e) An educational institution operated by a nonprofit organization not otherwise directly funded by the State which is accredited by a nationally recognized educational accrediting association;
(f) Health and care facilities and supplemental facilities for health and care;
(g) The purposes of a corporation for public benefit; or
(h) A renewable energy generation project.
2. Any real or personal property appropriate for addition to a hotel, motel, apartment building, casino or office building to protect it or its occupants from fire.
3. The preservation of a historic structure or its restoration for its original or another use, if the plan has been approved by the Office of Historic Preservation of the State Department of Conservation and Natural Resources.
(Added to NRS by 1981, 1626; A 1985, 2175; 1993, 1569; 1997, 497; 2001, 939, 3256; 2011, 2972)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.515 - "Renewable energy" defined.

1. "Renewable energy" means a source of energy that occurs naturally or is regenerated naturally, including, without limitation:
(a) Biomass;
(b) Fuel cells;
(c) Geothermal energy;
(d) Solar energy;
(e) Waterpower; and
(f) Wind.
2. The term does not include coal, natural gas, oil, propane or any other fossil fuel, or nuclear energy.
(Added to NRS by 2001, 3255)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.517 - "Renewable energy generation project" defined.

1. "Renewable energy generation project" means a project involving an electric generating facility or system that uses renewable energy as its primary source of energy to generate electricity.
2. The term does not include a project involving an electric generating facility or system that uses nuclear energy, in whole or in part, to generate electricity.
(Added to NRS by 2001, 3256)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.520 - "Revenues" defined.

"Revenues" of a project, or derived from a project, include payments under a lease, agreement of sale or financing agreement, or under notes, debentures, bonds and other secured or unsecured debt obligations of an obligor executed and delivered by the obligor to the Director or his or her designee or assignee (including a trustee) pursuant to such lease, agreement of sale or financing agreement, or under any guarantee of or insurance with respect to any of these.
(Added to NRS by 1981, 1626)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.550 - Applicability of definitions contained in county and city economic development revenue bond laws.

As used in NRS 349.400 to 349.670, inclusive, unless the context otherwise requires, the words and terms defined in:
1. NRS 244A.672 to 244A.693, inclusive, have the meanings ascribed to them in those sections for the purpose of issuing bonds to obtain money for the support of an industrial development project within a county, except that if a board makes a request to the Director to issue bonds, all references to the issuance of bonds by a county or the entering into of financial agreements with the county shall be deemed to refer to the bonds issued by the Director and agreements to be executed by the Director; and
2. NRS 268.515 to 268.523, inclusive, have the meanings ascribed to them in those sections for the purpose of issuing bonds to obtain money for the support of an industrial development project within a city, except that if a city makes a request to the Director to issue bonds, all references to the issuance of bonds by a city or the entering into of financing agreements with the city shall be deemed to refer to the bonds issued by the Director and agreements to be executed by the Director.
(Added to NRS by 1981, 1626)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.555 - Exercise of powers for general welfare; liberal construction.

1. The Director has all the powers necessary to accomplish the purposes set forth in NRS 349.560, but these powers must be exercised for the health, safety, convenience, prosperity and welfare of the inhabitants of this state.
2. NRS 349.400 to 349.670, inclusive, must be liberally construed in conformity with the purposes set forth in NRS 349.560.
(Added to NRS by 1985, 2174)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.560 - Legislative declaration.

It is the intent of the Legislature to authorize the Director, with the approval of the Office of Economic Development, to finance, acquire, own, lease, improve and dispose of properties to:
1. Promote industry and employment and develop trade by inducing manufacturing, industrial, warehousing and commercial enterprises and organizations for research and development to locate, remain or expand in this state to further prosperity throughout the State and to further the use of the agricultural products and the natural resources of this state.
2. Enhance public safety by protecting hotels, motels, apartment buildings, casinos, office buildings and their occupants from fire.
3. Promote the public health by enabling the acquisition, development, expansion and maintenance of health and care facilities and supplemental facilities for health and care facilities which will provide services of high quality at reasonable rates to the residents of the community in which the facilities are situated.
4. Promote the educational, cultural, economic and general welfare of the public by financing civic and cultural enterprises, certain educational institutions and the preservation or restoration of historic structures.
5. Promote the social welfare of the residents of this state by enabling a corporation for public benefit to acquire, develop, expand and maintain facilities that provide services for those residents.
6. Promote the generation of electricity in this state.
(Added to NRS by 1981, 1627; A 1985, 2176; 1997, 498; 2001, 3257; 2011, 3458)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.565 - Restrictions on Director’s powers.

1. The Director may not, under NRS 349.400 to 349.670, inclusive:
(a) Operate any manufacturing, industrial, warehousing or commercial enterprise or an organization for research and development or any health and care facility to which he or she provided assistance; or
(b) Except as otherwise provided in subsection 2, assist any manufacturing, industrial, warehousing or commercial enterprise or an organization for research and development to locate in a county or city which would result in the abandonment or closure of an existing facility of a like nature located within that county or city, unless the existing facility is operated by the contemplated lessee, purchaser or other obligor or an affiliate of such a person and the facility is to be abandoned or closed because of obsolescence, lack of available labor or limitations at the site of the facility.
2. The provisions of paragraph (b) of subsection 1 do not apply to:
(a) Health and care facilities and supplemental facilities for a health and care facility;
(b) Civic and cultural enterprises open to the general public;
(c) Enterprises located in a redevelopment area created pursuant to chapter 279 of NRS;
(d) Enterprises located in an area designated as an empowerment zone pursuant to sections 1391 to 1397, inclusive, of the Internal Revenue Code of 1986, 26 U.S.C. §§ 1391-97, future amendments to those sections and the corresponding provisions of future internal revenue laws;
(e) Facilities established by a corporation for public benefit;
(f) Enterprises whose products are substantially sold, used or distributed outside this state; and
(g) Renewable energy generation projects.
(Added to NRS by 1985, 2175; A 1999, 3358; 2001, 3257)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.570 - General power of Director to issue bonds.

When the Director has received requests from one or more cities, counties, lessees, purchasers, other obligors or other enterprises, the Director may issue industrial development revenue bonds to obtain money to fulfill the requests. Title to or in a project may at all times remain in the obligor or the obligor’s designee or assignee and, in that case, the bonds must be secured by a pledge of one or more notes, debentures, bonds or other secured or unsecured debt obligations of the obligor.
(Added to NRS by 1981, 1627)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.580 - Prerequisites to financing project: Findings of Director.

Except as otherwise provided in NRS 349.595 and 349.640, the Director shall not finance a project unless, before financing:
1. The Director finds that:
(a) The project to be financed has been approved for financing pursuant to the requirements of NRS 244A.669 to 244A.763, inclusive, or 268.512 to 268.568, inclusive; and
(b) There has been a request by a city or county to have the Director issue bonds to finance the project; or
2. The Director finds and both the Board and the governing body of the city or county where the project is to be located approve the findings of the Director that:
(a) The project consists of any land, building or other improvement and all real and personal properties necessary in connection therewith, excluding inventories, raw materials and working capital, whether or not in existence, which is suitable for new construction, improvement, preservation, restoration, rehabilitation or redevelopment:
(1) For manufacturing, industrial, warehousing, civic, cultural or other commercial enterprises, educational institutions, corporations for public benefit or organizations for research and development;
(2) For a health and care facility or a supplemental facility for a health and care facility;
(3) Of real or personal property appropriate for addition to a hotel, motel, apartment building, casino or office building to protect it or its occupants from fire;
(4) Of a historic structure; or
(5) For a renewable energy generation project;
(b) The project will provide a public benefit;
(c) The contemplated lessee, purchaser or other obligor has sufficient financial resources to place the project in operation and to continue its operation, meeting the obligations of the lease, purchase contract or financing agreement;
(d) There are sufficient safeguards to assure that all money provided by the Department will be expended solely for the purposes of the project;
(e) The project would be compatible with existing facilities in the area adjacent to the location of the project;
(f) Through the advice of counsel or other reliable source, the project has received all approvals by the local, state and federal governments which may be necessary to proceed with construction, improvement, rehabilitation or redevelopment of the project; and
(g) There has been a request by a city, county, lessee, purchaser, other obligor or other enterprise to have the Director issue revenue bonds for industrial development to finance the project.
(Added to NRS by 1981, 1628; A 1985, 2085, 2177; 1999, 3358; 2001, 3258; 2011, 3458)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.585 - Prerequisites to financing project: Approval of Office of Economic Development.

1. Except as otherwise provided in NRS 349.640, the Director shall not finance a project without the approval of the Office of Economic Development. The Office shall approve the financing of a project if it determines that the project is consistent with the State Plan for Economic Development developed by the Executive Director of the Office pursuant to subsection 2 of NRS 231.053.
2. The Director shall cooperate with the Office of Economic Development in carrying out the provisions of this section and provide such assistance as the Office determines to be necessary for that purpose.
(Added to NRS by 2011, 3458)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.590 - Prerequisites to financing project: Additional considerations.

Except as otherwise provided in NRS 349.640, before financing a project pursuant to subsection 2 of NRS 349.580, the Director and the Board must also:
1. Determine the total amount of money necessary to be provided by the Director for financing the project.
2. Except as otherwise provided in this subsection, receive a 5-year operating history from the contemplated lessee, purchaser or other obligor or from any other enterprise that will make or guarantee the payment of the principal, premium, if any, and interest on any bonds issued. An operating history is not required if the bonds:
(a) Are to be sold only to qualified institutional buyers, as defined in Rule 144A of the Securities and Exchange Commission, 17 C.F.R. § 230.144A, in minimum denominations of at least $100,000; or
(b) Will receive a rating within one of the top four rating categories of Moody’s Investors Service, Inc., Standard and Poor’s Rating Services or Fitch IBCA, Inc.
3. Consider whether the contemplated lessee, purchaser, other obligor or other enterprise that will make or guarantee the payment of the principal, premium, if any, and interest on any bonds issued has received within the 12 months preceding the date of the findings of the Director, or then has or has not in effect, a rating within one of the top four rating categories of Moody’s Investors Service, Inc., Standard and Poor’s Ratings Services or Fitch IBCA, Inc.
4. Identify any existing facilities of a like nature within the county or city in which the project will be located and consider the applicability of paragraph (b) of subsection 1 of NRS 349.565.
5. Consider the extent to which the project is affected by any federal, state or local governmental action, activity, program or development.
6. Consider whether the lessee, purchaser, other obligor or other enterprise of the project has maintained facilities appropriate to the community in this state for 10 years or longer.
(Added to NRS by 1981, 1628; A 1997, 1610; 1999, 3359)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.595 - Prerequisites to financing costs related to equipment for project; establishment of guidelines.

1. Except as otherwise provided in NRS 349.585, the Director may provide financing for a project pursuant to this section if:
(a) The financing is limited in amount and purpose to the payment of the costs associated with:
(1) The acquisition, refurbishing, replacement and installation of equipment for the project; and
(2) The issuance of bonds pursuant to this section;
(b) The total amount of the bonds issued pursuant to this section for a particular project does not exceed $2,500,000;
(c) The Director determines that the bonds will:
(1) Be sold only to qualified institutional buyers, as defined in Rule 144A of the Securities and Exchange Commission, 17 C.F.R. § 230.144A, in minimum denominations of at least $100,000; or
(2) Receive a rating within one of the top four rating categories of Moody’s Investors Service, Inc., Standard and Poor’s Rating Services or Fitch IBCA, Inc.;
(d) The Director makes the findings set forth in paragraphs (a) to (g), inclusive, of subsection 2 of NRS 349.580, and the governing body of the city or county where the project is to be located approves the findings of the Director; and
(e) The Director complies with the guidelines established pursuant to subsection 2.
2. The Board shall establish guidelines for the provision of financing for a project pursuant to this section.
(Added to NRS by 1999, 3356; A 2011, 3459)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.597 - Confidentiality of information concerning obligor.

1. Except as otherwise provided in subsection 2, the Director, the Board and the governing body of the county or city where a project is located shall make available for public inspection, upon request, information furnished by an obligor to obtain the Director’s assistance in financing a project pursuant to NRS 349.400 to 349.670, inclusive.
2. Except as ordered by a court of competent jurisdiction or as required by federal law, the Director, the Board and the governing body of the county or city where the project is located shall not, without the prior consent of the obligor, disclose proprietary information or financial statements or records of the obligor or guarantor that are not otherwise available to the public unless the obligor has:
(a) Requested in writing that the information, statements or records be made public; or
(b) Furnished the information, statements or records for a purpose other than obtaining the Director’s assistance in financing a project pursuant to NRS 349.400 to 349.670, inclusive.
3. As used in this section:
(a) "Proprietary information" means any trade secret or other information which, if disclosed to members of the general public, may result in a competitive disadvantage to the obligor, including, without limitation:
(1) Documents concerning the marketing or strategic planning of the obligor;
(2) Data, studies and reports concerning the development of new products or services; and
(3) Data that identify the share of the market of the obligor.
(b) "Trade secret" has the meaning ascribed to it in NRS 600A.030.
(Added to NRS by 1999, 3357)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.600 - Bonds to be special obligations.

1. All bonds issued by the Director pursuant to NRS 349.400 to 349.670, inclusive, are special, limited obligations of the State. The principal of and interest on such bonds are payable, subject to the security provisions of NRS 349.400 to 349.670, inclusive, solely out of the revenues derived from the financing, leasing or sale of the project or projects to be financed by the bonds.
2. The bonds and interest coupons, if any, which are a part of those bonds do not constitute the debt or indebtedness of the State or any city or county within the meaning of any provision or limitation of the Constitution of the State of Nevada or statutes, and do not constitute or give rise to a pecuniary liability of the State or a charge against its general credit or taxing powers. This limitation must be plainly stated on the face of each bond.
(Added to NRS by 1981, 1629)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.610 - Form and terms of bonds; sale; employment of financial and legal consultants.

1. The bonds must be authorized by an order of the Director, and must:
(a) Be in the denominations;
(b) Bear the date or dates;
(c) Mature at the time or times, not exceeding 40 years after their respective dates;
(d) Bear interest at a rate or rates specified in the order;
(e) Be in the form;
(f) Carry the registration privileges;
(g) Be executed in the manner;
(h) Be payable at the place or places within or without the State; and
(i) Be subject to the terms of redemption,
which the order authorizing their issue provides.
2. The bonds may be sold in one or more series at par, or below or above par, in the manner and for the price or prices which the Director determines in his or her discretion. As an incidental expense to any project to be financed by the bonds, the Director may employ financial and legal consultants in regard to the financing of the project.
3. The bonds are fully negotiable under the terms of the Uniform Commercial Code—Investment Securities.
(Added to NRS by 1981, 1629)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.620 - Security.

1. The principal of, the interest on and any prior redemption premiums due in connection with the bonds issued pursuant to NRS 349.400 to 349.670, inclusive, are payable from, secured by a pledge of, and constitute a lien on the revenues out of which the bonds have been made payable. In addition, they may, in the discretion of the Director, be secured by:
(a) A mortgage or mortgages covering all or part of any project financed with the proceeds of the bonds, or upon any other property of the lessees, purchasers or obligors of those projects, or by a pledge of the lease, the agreement of sale or the financing agreement with respect to one or more of the projects, or both.
(b) A pledge of one or more notes, debentures, bonds or other secured or unsecured debt obligations of the obligor of one or more of the projects.
(c) The proceeds of the bonds and income from investment of the proceeds and of revenues.
2. The State, a city or a county may pledge only the property of the project or the revenues therefrom.
(Added to NRS by 1981, 1629)