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2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.630 - Regulations.

The Director shall adopt regulations to carry out the provisions of NRS 349.400 to 349.670, inclusive, including, without limitation, regulations for:
1. Investment and reinvestment of the proceeds from the sale of bonds, including, but not limited to:
(a) Bonds or other obligations of the United States of America.
(b) Bonds or other obligations, the payment of the principal and interest of which is unconditionally guaranteed by the United States of America.
(c) Obligations issued or guaranteed as to principal and interest by any agency or person controlled or supervised by and acting as an instrumentality of the United States of America pursuant to authority granted by the Congress of the United States of America.
(d) Obligations issued or guaranteed by any state of the United States of America, or any political subdivision of any state.
(e) Prime commercial paper.
(f) Prime finance company paper.
(g) Bankers’ acceptances drawn on and accepted by commercial banks.
(h) Repurchase agreements fully secured by obligations issued or guaranteed as to principal and interest by the United States of America or by any person controlled or supervised by and acting as an instrumentality of the United States of America pursuant to authority granted by the Congress of the United States of America.
(i) Certificates of deposit issued by credit unions or commercial banks, including banks domiciled outside of the United States of America.
(j) Money market mutual funds that:
(1) Are registered with the Securities and Exchange Commission;
(2) Are rated by a nationally recognized rating service as "AAA" or its equivalent; and
(3) Invest only in securities issued or guaranteed as to payment of principal and interest by the Federal Government, or its agencies or instrumentalities, or in repurchase agreements that are fully collateralized by such securities.
2. Receiving, holding and disbursing of proceeds of the sale of bonds by one or more banks, credit unions or trust companies located within or out of this state.
(Added to NRS by 1981, 1630; A 1997, 2866; 1999, 1470, 3360, 3361)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.640 - Refunding.

1. Any bonds issued under the provisions of NRS 244A.669 to 244A.763, inclusive, 268.512 to 268.568, inclusive, or 349.400 to 349.670, inclusive, may be refunded by the Director by the issuance of refunding bonds in an amount which the Director deems necessary to refund the principal of the bonds to be so refunded, any unpaid interest thereon and any premiums and incidental expenses necessary to be paid in connection with refunding.
2. Refunding may be carried out whether the bonds to be refunded have matured or thereafter mature, either by sale of the refunding bonds and the application of the proceeds to the payment of the bonds to be refunded, or by exchange of the refunding bonds for the bonds to be refunded. The holders of the bonds to be refunded must not be compelled, without their consent, to surrender their bonds for payment or exchange before the date on which they are payable by maturity, option to redeem or otherwise, or if they are called for redemption before the date on which they are by their terms subject to redemption by option or otherwise.
3. All refunding bonds issued pursuant to this section must be payable solely from revenues and other money out of which the bonds to be refunded thereby are payable or from revenues out of which bonds of the same character may be made payable under this or any other law then in effect at the time of the refunding.
4. The Director shall not issue refunding bonds unless before the refinancing the Director finds that issuance of refunding bonds will provide a lower cost of financing for the obligor or provide some other public benefit, but the findings, determinations and approval required by NRS 349.580 to 349.595, inclusive, are not required with respect to refunding bonds issued pursuant to this section.
(Added to NRS by 1981, 1630; A 1999, 3361; 2011, 3460)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.650 - Limitation of actions.

No action may be brought questioning the legality of any contract, lease, agreement, indenture, mortgage, order or bonds executed, adopted or taken in connection with any project or improvements authorized by NRS 349.400 to 349.670, inclusive, after 30 days from the effective date of the order of the Director authorizing the issuance of those bonds.
(Added to NRS by 1981, 1631)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.660 - Faith of State pledged against repeal, amendment or modification of NRS 349.400 to 349.670, inclusive.

The faith of the State is hereby pledged that NRS 349.400 to 349.670, inclusive, will not be repealed, amended or modified to impair any outstanding bonds or any revenues pledged to their payment, or to impair, limit or alter the rights or powers vested in a city or county to acquire, finance, improve and equip a project in any way that would jeopardize the interest of any lessee, purchaser or other obligor, or to limit or alter the rights or powers vested in the Director to perform any agreement made with any lessee, purchaser or other obligor, until all bonds have been discharged in full or provisions for their payment and redemption have been fully made.
(Added to NRS by 1981, 1631)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.700 - Legislative declaration.

It is the purpose of NRS 349.700 to 349.870, inclusive, in the interest of promoting the general welfare of the people of the State, to further prosperity and employment throughout the State by encouraging the production of goods for export, the expansion of exports of goods and the rendering of services abroad by residents of Nevada through the establishment of a program which provides a source of guarantees for credit not otherwise available.
(Added to NRS by 1985, 2014)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.710 - Definitions.

As used in NRS 349.700 to 349.870, inclusive, unless the context otherwise requires, the words and terms defined in NRS 349.715 to 349.745, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1985, 2014)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.735 - "Loss" defined.

"Loss" means a loss incurred by an exporter on an eligible transaction because of:
1. The insolvency of the foreign customer or other failure of the customer to pay to the exporter when due, all or part of the money due from the transaction as denominated in United States currency; or
2. War, revolution, the diversion of goods, revocation of licenses, embargoes and other similar political incidents occurring in the customer’s country or any delay in obtaining payment in dollars.
(Added to NRS by 1985, 2014)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.740 - "Participating financial institution" defined.

"Participating financial institution" means:
1. Any office or subsidiary of a foreign banking corporation licensed or approved by the Commissioner of Financial Institutions; or
2. Any bank, trust company, savings and loan association, savings bank, credit union, thrift company or other financial institution organized under the laws of this state or organized under the laws of the United States and authorized to do business under the laws of this state,
which has received the approval of the Director to participate in guaranteed funding for any eligible transaction.
(Added to NRS by 1985, 2014; A 1987, 1876)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.750 - Director: Administration of provisions; powers; biennial report to State Board of Finance and Legislative Commission.

1. The Director shall administer the provisions of NRS 349.700 to 349.870, inclusive. The Director may:
(a) Employ or contract for the services of attorneys, accountants, financial experts, and other advisers, employees, consultants and agents as the Director determines to be necessary.
(b) Enter into any agreement or other transaction with, or accept any grant from and cooperate with any governmental entity or other source in furtherance of the purposes of NRS 349.700 to 349.870, inclusive.
(c) Within the financial resources made available to the Director in administering the program:
(1) Create or cause to be created any nonprofit corporation, pursuant to chapter 82 of NRS, which the Director determines is necessary or convenient for the furtherance of the purposes of NRS 349.700 to 349.870, inclusive. The purposes, powers and operation of the corporation must be consistent with the purposes of NRS 349.700 to 349.870, inclusive.
(2) Promote and assist the creation of any corporate entity formed under the general corporation laws of this or any other state or nation for the purpose of qualifying as a shared foreign sales corporation or other similar entity pursuant to 26 U.S.C. §§ 922 to 927, inclusive. The State must not have any financial interest in such a corporation.
2. If revenue bonds have been issued pursuant to NRS 349.825, the Director shall, before September of each even-numbered year, submit a report of the operations of the Department of Business and Industry in connection with this program for the biennium ending June 30 of that year to the State Board of Finance and the Legislative Commission. This report must include a complete statement of the income, expenses, assets and liabilities of the program.
(Added to NRS by 1985, 2014; A 1987, 1348; 1991, 1313; 1995, 644)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.760 - Transactions eligible for guaranteed funding: Criteria.

An exporting contract is a transaction eligible for guaranteed funding if, in the judgment of the Director, it will create or maintain employment in Nevada and it:
1. Promotes the sale abroad of goods whose final stage of production occurs in Nevada and which constitutes at least 10 percent of the contract price;
2. Provides for the rendering of services abroad by a business located in Nevada if at least 10 percent of the contract price consists of wages or other payments made to persons normally residing in this state;
3. Promotes the sale abroad of goods distributed by a business located in Nevada if:
(a) At least 10 percent of the contract price consists of wages or other payments made to persons or businesses normally residing or located in this state, a governmental organization of this state or a combination thereof; or
(b) The business has a significant relationship with this state based upon:
(1) The amount of capital investments it has which are located in this state;
(2) The number of residents of this state who are employed by the business;
(3) The amount of business transacted in this state; or
(4) Any combination thereof; or
4. Provides both for the sale abroad of goods whose final stage of production occurs in Nevada and for the rendering of services abroad by residents of Nevada, the aggregate value of which is at least 10 percent of the contract price.
(Added to NRS by 1985, 2015)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.765 - Guaranteed funding provided to participating financial institution: Limitation on amount; finding of Director of necessity for funding; term of and interest on loan to exporter.

1. The Director may provide guaranteed funding to a participating financial institution that is providing the financing for an eligible transaction, but the amount of this funding is limited to 90 percent of the principal of the loan made to the exporter. The exporter must insure or obtain a guarantee against nonpayment on the loan resulting from a loss. The maximum amount payable under any guarantee must be specifically set forth in a writing signed by the Director.
2. The Director shall not agree to provide guaranteed funding unless he or she finds that the guaranteed funding is reasonably necessary to stimulate or facilitate:
(a) The making of a loan for an eligible transaction; or
(b) The financing of an eligible transaction by a participating financial institution or other private source that is not otherwise able to finance it.
3. The money provided by the Director to the participating financial institution to guarantee the financing of an eligible transaction must be re-lent to the exporter by the participating financial institution for a term no shorter than and at a rate of interest no higher than that fixed by the Director, excluding any usual and customary fees and charges for lending and the fee provided for in subsection 3 of NRS 349.785.
4. The Director may condition the allowance of guaranteed funding upon such other terms and conditions as he or she determines to be desirable.
(Added to NRS by 1985, 2015)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.770 - Investigation of credit available to exporter prerequisite for guaranteed funding.

Before any guaranteed funding is provided, the participating financial institution shall investigate the credit or sources of credit available to the exporter in order to determine the economic benefits to be derived from the guarantee, the prospects of repayment, and such other factors as are necessary to determine that the guaranteed funding is consistent with the purposes of the program.
(Added to NRS by 1985, 2016)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.775 - Confidentiality of information concerning exporter.

Except as otherwise provided in NRS 239.0115, or unless the exporter consents to its disclosure, any information submitted to or compiled by the Director regarding the identity, background, finances, marketing plans, trade secrets or any other commercially sensitive affairs of the exporter is confidential.
(Added to NRS by 1985, 2016; A 2007, 2090)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.785 - Agreements excusing payment on guaranteed funding and loan to exporter; fee charged to exporter.

1. The Director shall agree that the participating financial institution is excused from the payment to the Director of the principal of or interest on the guaranteed funding to the extent of the exporter’s nonpayment resulting from a loss.
2. The institution shall, as a condition of its loan to the exporter, agree that if the exporter incurs a loss, the exporter is excused from payment of the principal of or interest on the loan to the extent of the loss suffered by the exporter or of the amount which that institution is excused from paying to the Director, whichever is less.
3. The institution may charge the exporter a fee for the protection provided in subsection 2, but this fee must not exceed the fee charged by the Director for providing guaranteed funding to that institution.
(Added to NRS by 1985, 2016)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.790 - Director subrogated to rights of exporter and participating financial institution upon default by exporter.

If an exporter defaults on the participating financial institution’s loan because of a loss and that institution is excused from repaying the guaranteed funding, the Director is subrogated to the exporter’s rights against the foreign customer for payment and to the participating financial institution’s rights against the exporter to the extent of any payment received by the exporter which reduces his or her loss for which his or her payment to the participating financial institution has previously been excused.
(Added to NRS by 1985, 2016)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.795 - Guarantee: Not general obligation of State; limitation on termination, cancellation or revocation; presumption of validity.

Any guarantee entered into by the Director does not constitute a general obligation of the State of Nevada. A guarantee may not be terminated, cancelled or otherwise revoked except in accordance with its terms. Any guarantee held by a participating financial institution is presumed to be valid.
(Added to NRS by 1985, 2017)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.800 - Advisory Committee on Financing Exports: Creation; composition; terms of members.

1. If the Director certifies to the Governor that there is a need to issue revenue bonds to carry out the program and that it is feasible to do so, the Governor may issue an executive order creating an Advisory Committee on Financing Exports, consisting of three members appointed by the Director.
2. The Director, in consultation with the Executive Director of the Office of Economic Development and with the approval of the Governor, shall appoint to serve as members of the Committee three persons who have proven experience in international trade and economic development which they acquired while engaged in finance, manufacturing, business administration, municipal finance, economics, law or general business.
3. After the initial terms, the term of each member is 3 years.
(Added to NRS by 1985, 2017; A 2011, 3460)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.805 - Advisory Committee on Financing Exports: Meetings; quorum; officers; rules; compensation and expenses.

1. If the Advisory Committee on Financing Exports is created, it shall meet when requested by the Director and at such other times as its Chair may designate.
2. A majority of the members of the Committee constitutes a quorum.
3. The members of the Committee shall elect a Chair and a Secretary.
4. The Committee shall adopt rules for its own management.
5. Each member of the Committee is entitled to receive a salary of $60 for each day’s attendance at a meeting of the Committee.
(Added to NRS by 1985, 2017)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.810 - Advisory Committee on Financing Exports: Powers and duties.

1. If the Advisory Committee on Financing Exports is created, it has only the powers and duties authorized by law.
2. If created, the Committee shall review and make recommendations to the Director concerning:
(a) Any regulations proposed by the Director to carry out the program;
(b) The findings of the Director pursuant to NRS 349.825; and
(c) Those long-term financial commitments for more than 1 year, limits on credit, and transactions, concerning any one exporter, which involve $50,000 or more.
(Added to NRS by 1985, 2017)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.815 - Regulations for operation of program.

The Director shall, before the issuance of any bonds, adopt regulations for the operation of the program, which must include provisions concerning the following:
1. The maximum aggregate amount of guaranteed funding available to any exporter and the maximum amount of guaranteed funding available for any transaction eligible for guaranteed funding;
2. The limits on the interest which may be charged for guaranteed funding or for loans to exporters;
3. The fees which a participating financial institution may charge for making loans to exporters;
4. The nature and extent of any insurance which an exporter may be required to procure;
5. The collateral required on loans to exporters;
6. The terms of and the procedures for repayment on the guaranteed funding or on a loan;
7. The procedures for:
(a) Making an application for guaranteed funding;
(b) Disbursing the guaranteed funding to a participating financial institution;
(c) Making a claim on the guarantee in the event of a default;
(d) Collecting a loan in the event of a default; and
(e) Qualifying as a participating financial institution; and
8. The specific standards to be used to determine whether a business has a significant relationship with this state pursuant to paragraph (b) of subsection 3 of NRS 349.760.
(Added to NRS by 1985, 2017)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.820 - Limitation on personal liability of Director or person acting on his or her behalf.

In the absence of fraud, malice or willful misconduct, the Director or any person acting on his or her behalf is not personally liable on any contracts or other agreements entered into by him or her pursuant to the program or for any damage or injury resulting from the performance of his or her duties.
(Added to NRS by 1985, 2018)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.825 - Issuance of revenue bonds: Director required to submit findings to Advisory Committee on Financing Exports and State Board of Finance; approval of State Board of Finance; limitation on amount of bonds.

1. Subject to the limitations imposed by subsection 2, the Director may, if he or she finds it feasible, issue revenue bonds to the extent necessary to provide sufficient money for guaranteed funding, pay the interest on the bonds until the proceeds are so used, procure insurance, create reserves to cover guarantees he or she is obligated to honor, and pay all other expenses incurred in providing guaranteed funding and administering the program.
2. Before any bonds may be issued pursuant to this section, except those issued for the purpose of refunding outstanding bonds, the Director shall submit to the Advisory Committee on Financing Exports, if created, his or her findings that:
(a) All of the conditions prerequisite to providing guaranteed funding, as set forth in NRS 349.760 and 349.765, are met;
(b) A satisfactory plan of repayment or an assurance of repayment by a third party is available so as to make any bonds issued pursuant to this section marketable; and
(c) The anticipated revenues from the program are sufficient to repay the bonds issued pursuant to this section.
3. The Advisory Committee on Financing Exports, if created, shall recommend approval, with or without conditions, or disapproval of the findings of the Director made pursuant to subsection 2. The Director shall submit to the State Board of Finance a copy of his or her findings and the recommendations of the Advisory Committee on Financing Exports, if any. If the Board approves, the Director may proceed to issue the bonds in the amount approved, but the aggregate principal amount of the outstanding bonds issued must not exceed $50,000,000, exclusive of any bonds or obligations which have been refunded.
(Added to NRS by 1985, 2018)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.830 - Bonds: Special obligations of State.

1. All bonds issued by the Director are special, limited obligations of the State. The principal of, the interest on, and premiums, if any, due in connection with the bonds issued are payable from, secured by a pledge of and constitute a lien, subject to the provisions of NRS 349.700 to 349.870, inclusive, for their security, solely on the revenues derived from the payment of principal of and interest on the guaranteed funding, the proceeds of the bonds, the income derived from investment of the proceeds of the bonds and from investment of the revenues and any guarantee or insurance therefor.
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 within the meaning of any provision or limitation of the Constitution or statutes of the State of Nevada, 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 1985, 2019)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.835 - Bonds: Form and terms; sale.

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;
(d) Bear interest at a specified rate or rates;
(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 must be signed by the Director, who may use a facsimile signature for this purpose. If the Director whose signature appears on any bonds ceases to act in that capacity before the delivery of the bonds, his or her signature is valid and sufficient for all purposes as if he or she had remained in office until their delivery.
3. The bonds may be sold in one or more series above, at or below par and at public or private sale at such prices, at such times and in such manner as the Director determines.
4. The bonds are fully negotiable under the terms of the Uniform Commercial Code—Investment Securities.
(Added to NRS by 1985, 2019)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.840 - Bonds: Repurchase.

The Director, subject to such agreements with holders of bonds as may then exist, may, out of any money available therefor, purchase the bonds at a price not exceeding:
1. The redemption price then applicable plus accrued interest to the date of the next interest payment thereon if the bonds are then redeemable; or
2. The redemption price applicable on the first date after the purchase upon which the bonds become subject to redemption, plus accrued interest to that date, if the bonds are not redeemable.
(Added to NRS by 1985, 2019)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.845 - Bonds: Refunding.

1. Any bonds issued may be refunded by the Director by the issuance of refunding bonds in an amount which the Director considers necessary to refund the principal of the bonds to be refunded, any unpaid interest thereon and any premiums and incidental expenses necessary to be paid in connection with refunding.
2. Refunding may be carried out whether the bonds to be refunded have matured or thereafter mature, either by sale of the refunding bonds and the application of the proceeds to the payment of the bonds to be refunded, or by exchange of the refunding bonds for the bonds to be refunded. The holders of the bonds to be refunded must not be compelled, without their consent, to surrender their bonds for payment or exchange before the date on which they are payable by maturity, option to redeem or otherwise, or if they are called for redemption before the date on which they are by their terms subject to redemption by option or otherwise.
3. All refunding bonds issued pursuant to this section must be payable solely from revenues and other money out of which the bonds to be refunded thereby are payable.
(Added to NRS by 1985, 2020)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.850 - Bonds: Legal investments.

The bonds are legal investments in which all public officers and public bodies of the State, its political subdivisions, all municipalities and municipal subdivisions, all insurance companies and associations and other persons carrying on an insurance business, all banks, savings and loan associations, savings banks and trust companies, all administrators, guardians, executors, trustees and other fiduciaries, and all other persons who are authorized on or after July 1, 1985, to invest in bonds or in other obligations of this state, may properly and legally invest funds, including capital, in their control or belonging to them. The bonds are securities which may properly and legally be deposited with and received by all public officers and public bodies of the State or any agency or political subdivision of the State and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of this state is authorized by law on and after July 1, 1985, and may be used as collateral to secure any deposit of public money.
(Added to NRS by 1985, 2020)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.855 - Director: Establishment of funds and accounts; investments and deposits.

The Director may:
1. Establish such funds or accounts as may be necessary or desirable for carrying out the provisions of NRS 349.700 to 349.870, inclusive.
2. Subject to any agreement with the holders of the bonds, invest or deposit any money received or held by the Director pursuant to NRS 349.700 to 349.870, inclusive. The Director is not required to deposit this money in the State Treasury and the provisions of chapters 355 and 356 of NRS do not apply to any investments or deposits made pursuant to this subsection.
(Added to NRS by 1985, 2020)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.857 - Director: Loans of securities.

1. The Director may lend any securities in which he or she invests pursuant to NRS 349.855 if he or she receives collateral from the borrower in the form of cash or marketable securities that are:
(a) Acceptable to the Director; and
(b) At least 102 percent of the value of the securities borrowed.
2. The Director may enter into such contracts as are necessary to extend and manage loans pursuant to this section.
(Added to NRS by 1999, 928)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.860 - Insurance.

The Director may use money from the fund for financing exports to:
1. Insure against the program’s risk of loss resulting from the failure of the exporter to repay the loan provided by a participating financial institution; and
2. Purchase insurance to secure the payment of the principal of, interest on, and premium, if any, due in connection with any bonds issued.
(Added to NRS by 1985, 2020)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.865 - Faith of State pledged against repeal, amendment or modification of NRS 349.700 to 349.870, inclusive.

The faith of the State is hereby pledged that NRS 349.700 to 349.870, inclusive, will not be repealed, amended or modified to impair any outstanding bonds or any revenues pledged to their payment or to limit or alter the rights or powers vested in the Director to fulfill the terms of any agreements made with the holders of any bonds issued or in any way to impair the rights or remedies of the holders until all bonds have been paid in full or provisions for their payment and redemption have been fully made.
(Added to NRS by 1985, 2021)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.870 - Sufficiency of NRS 349.700 to 349.870, inclusive; construction.

1. The provisions of NRS 349.700 to 349.870, inclusive, without reference to other statutes of the State, constitute full authority for the exercise of powers granted in those sections, including but not limited to the authorization and issuance of bonds.
2. No other act or law with regard to the authorization or issuance of bonds that provides for an election, requires an approval, or in any way impedes or restricts the carrying out of the acts authorized in NRS 349.700 to 349.870, inclusive, to be done, apply to any proceedings taken under those sections, or acts done pursuant to those sections, except for laws to which reference is expressly made in those sections or by necessary implication of those sections.
3. The provisions of no other law, either general or local, except as provided in NRS 349.700 to 349.870, inclusive, apply to the doing of the things authorized in those sections to be done, and no board, agency, bureau, commission or official not designated in those sections has any authority or jurisdiction over the doing of any of the acts authorized in those sections to be done, except as otherwise provided in those sections.
4. Any bank or trust company located within or without this state may be appointed and act as a trustee with respect to bonds issued pursuant to NRS 349.700 to 349.870, inclusive, without the necessity of associating with any other person or entity as cofiduciary, but such an association is not prohibited.
5. The powers conferred by NRS 349.700 to 349.870, inclusive, are in addition and supplemental to, and not in substitution for, and the limitations imposed by those sections do not affect the powers conferred by any other law.
6. No part of NRS 349.700 to 349.870, inclusive, repeals or affects any other law or part thereof, except to the extent that those sections are inconsistent with any other law, it being intended that those sections provide a separate method of accomplishing its objectives, and not an exclusive one.
7. The Director or a person designated by the Director may take any actions and execute and deliver any instruments, contracts, certificates and other documents, including the bonds, necessary or appropriate for the sale and issuance of the bonds or accomplishing the purposes of NRS 349.700 to 349.870, inclusive, without the assistance or intervention of any other officer.
8. NRS 349.700 to 349.870, inclusive, must be liberally construed to effectuate the purposes of this act.
(Added to NRS by 1985, 2021)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.900 - Legislative declaration.

It is the intent of the Legislature to:
1. Promote in the broadest sense the economic diversification and safe growth of the economy of the State;
2. Provide an attractive opportunity for the investment of venture capital within the State;
3. Correct the serious shortage of venture capital available or dedicated to development of new enterprises within the State;
4. Ensure that the investment strategies pursued pursuant to NRS 349.900 to 349.929, inclusive, emphasize enterprises in the early stages of development that exhibit the potential for high growth and the capability to use equity capital efficiently so that the ratio of its revenues will be relatively high in comparison to its capital; and
5. Ensure that the enterprises funded with the money developed for venture capital pursuant to NRS 349.900 to 349.929, inclusive, are compatible with the plan of the State for economic diversification and development or for the marketing and development of tourism and any modifications thereto, and are of the type that will not cause significant injury to the environment of the State.
(Added to NRS by 1987, 1404)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.901 - Definitions.

As used in NRS 349.900 to 349.929, inclusive, unless the context otherwise requires, the words and terms defined in NRS 349.902 to 349.909, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1987, 1405)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.907 - "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 the financing or of the collection and administration of revenues from the financing, and includes, but is not limited to:
1. Expenses for engineering, auditing, reporting or legal services and any other expense incurred by the Director which are directly related to the administration of the financing;
2. Premiums for fidelity bonds and policies of property and liability insurance pertaining to the financing;
3. Premiums for blanket bonds and policies, or any portion thereof, which may be reasonably allocated to the State;
4. Payments to pension, retirement and health insurance and other insurance funds;
5. Reasonable charges by any paying agent, commercial bank, credit union, trust company or other depository bank pertaining to any bonds;
6. Salaries or fees paid pursuant to any contract for professional services;
7. Cost of materials, supplies and labor pertaining to the issuance of any bonds, including the expenses of any trustee, receiver or other fiduciary; and
8. Costs incurred in the collection and any refund of revenues pursuant to the financing.
(Added to NRS by 1987, 1405; A 1999, 1471)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.910 - General powers of Director; promotion of funds for venture capital; liberal construction.

1. The Director has all the powers necessary to accomplish the purposes set forth in NRS 349.900 to 349.929, inclusive, but these powers must be exercised for the health, safety, convenience, prosperity and welfare of the inhabitants of this state and for the economic diversification and development of the State and the marketing and development of tourism.
2. Within the limits of the financial resources available to the Director, and without issuing bonds, the Director may promote the establishment of any privately financed fund for venture capital designed to accomplish the legislative goals set forth in NRS 349.900 or to assist the Director in achieving the purposes of NRS 349.900 to 349.929, inclusive. The State must not have a financial interest in the fund and must not be obligated to pay any money or assume any liability in connection with it.
3. The Legislature intends that NRS 349.900 to 349.929, inclusive, be liberally construed in conformity with the purposes set forth in NRS 349.900.
(Added to NRS by 1987, 1406; A 1989, 1668)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.911 - Limitation on personal liability of Director or person acting on his or her behalf.

In the absence of fraud, malice or willful misconduct, the Director or any person acting on his or her behalf is not personally liable on any contracts or other agreements entered into by the Director pursuant to NRS 349.900 to 349.929, inclusive, or for any damage or injury resulting from the performance of those duties.
(Added to NRS by 1987, 1406)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.912 - Director: Selection of management company; agreement; regulations; expenses of operation and maintenance; employees, advisers and consultants.

The Director may, upon approval of the Board:
1. Select the management company;
2. Enter into an agreement;
3. Adopt regulations necessary to carry out the provisions of NRS 349.900 to 349.929, inclusive;
4. Charge the Account for Venture Capital for the expenses of operation and maintenance; and
5. Employ or contract for the services of attorneys, accountants, financial experts and any other advisers, employees, consultants and agents as the Director determines to be necessary to carry out the provisions of NRS 349.900 to 349.929, inclusive.
(Added to NRS by 1987, 1406)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.915 - Contents of agreement.

In the agreement the management company shall agree to invest the money and other assets in the Account for Venture Capital consistent with the purposes of NRS 349.900 to 349.929, inclusive. In addition, the agreement must:
1. Specify the length of the term of the agreement, the compensation to be paid the management company and the method by which the agreement may be terminated before the expiration of its term.
2. Impose a fiduciary duty on the management company in the administration of the Account for Venture Capital, including the preservation and protection of the money and other assets in the Account for Venture Capital before their investment.
3. Prohibit the Director from participating in the decisions regarding the investment of the money and other assets in the Account for Venture Capital.
4. Specify the grounds for terminating the agreement for cause other than the poor performance of certain enterprises in which the money is invested.
5. Authorize the Director or the management company to terminate the agreement without cause upon written notice to the other party. The amount of time necessary for notice may be negotiated between the Director and the management company.
6. Authorize the Director to require the management company to adhere to certain objectives and policies for investment applicable to the Account for Venture Capital to ensure the achievement of the goals prescribed in NRS 349.900, and to terminate the contract if the management company fails to adhere to those objectives and policies.
7. Prohibit the management company, upon termination of the agreement for any reason, from making any additional investment for the Account for Venture Capital after the date of notice of the termination, unless the investment is authorized in writing by the Director.
(Added to NRS by 1987, 1406)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.916 - Objective of investments for Account for Venture Capital.

The objective of the investments for the Account for Venture Capital is to seek the appreciation of long-term capital by investing venture capital in new developing enterprises which the management company believes offers the possibility of significant long-term growth consistent with the protection of the environment of the State.
(Added to NRS by 1987, 1407)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.917 - Form of investments of management company; management company to be managed by experienced person.

1. The investments of the management company for the Account for Venture Capital may take the form of an equity investment, a loan or a purchase of warrants or options to purchase stock.
2. The management company must be managed by a person who is experienced in various aspects of the development of new enterprises.
(Added to NRS by 1987, 1407)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.918 - Prerequisites for management company.

The management company must be:
1. Aware of and responsive to local issues;
2. Capable of supervising and financing an enterprise throughout its development;
3. Familiar with and able to cooperate with any agency or program of the United States for the development or promotion of small enterprises; and
4. Willing to locate branch offices in Nevada restricted to Nevada financing.
(Added to NRS by 1987, 1407)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › 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.
(Added to NRS by 1987, 1407)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.920 - Issuance of bonds: Findings of Director and Board.

Before issuing bonds, the Director and the Board shall find that:
1. The financing will provide a public benefit.
2. There are sufficient safeguards to ensure that all money provided pursuant to NRS 349.900 to 349.929, inclusive, will be expended solely for the purposes stated in NRS 349.900 to 349.929, inclusive.
3. There are existing and projected needs for venture capital and the money would alleviate an existing shortage of venture capital in the State.
4. The financing is compatible with the investment objectives as stated in the agreement.
5. The financing is compatible with the plan of the State for economic diversification and development or for the marketing and development of tourism in this state, and any modifications thereto.
6. The total amount of money to be provided by the Director is adequate to create the Account for Venture Capital.
7. The agreement is consistent with the provisions of NRS 349.900 to 349.929, inclusive, and adequately provides for optimum investment of the money and other assets of the Account for Venture Capital.
8. The management company has the experience, reputation, capital, and personnel to be able to accomplish its obligations as specified in the agreement.
(Added to NRS by 1987, 1408)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.921 - Bonds: Safety as to repayment of principal and interest; Fund for the Retirement of Bonds; investment of money in Fund.

1. The bonds issued pursuant to NRS 349.900 to 349.929, inclusive, must be structured to provide a significant degree of safety as to repayment of principal and interest upon their maturity.
2. A portion of the proceeds of the bonds must be placed in a Fund for the Retirement of Bonds. The money in this Fund must be invested in:
(a) Direct obligations of, or obligations the payment of the principal of and the interest of which are unconditionally guaranteed by the United States;
(b) Obligations issued or guaranteed as to principal and interest by any agency or instrumentality of the United States; or
(c) Money market mutual funds that:
(1) Are registered with the Securities and Exchange Commission;
(2) Are rated by a nationally recognized rating service as "AAA" or its equivalent; and
(3) Invest only in securities issued or guaranteed as to payment of principal and interest by the Federal Government, or its agencies or instrumentalities, or in repurchase agreements that are fully collateralized by such securities.
3. The amount of the deposit in the Fund for the Retirement of Bonds must be determined on the basis of the yields available from the securities in which that money may be invested on the date of the deposit and calculated so as to produce, without reinvestment, a balance in the Fund sufficient to pay the principal amount due on the bonds at maturity.
(Added to NRS by 1987, 1408; A 1997, 2867)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.922 - Bonds: Special obligations of State.

1. All bonds issued by the Director pursuant to NRS 349.900 to 349.929, inclusive, are special, limited obligations of the State.
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 of a statute, 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 1987, 1408)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.923 - Bonds: Form and terms; sale.

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) Be in the form;
(e) Be executed in the manner;
(f) Carry the registration privileges;
(g) Be payable at the place or places within or without the State; and
(h) 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 investment to be financed by the bonds, the Director may employ financial and legal consultants in regard to the financing.
3. The bonds are fully negotiable under the terms of the Uniform Commercial Code—Investment Securities.
(Added to NRS by 1987, 1409)