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2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.924 - Bonds: Regulations for investment and reinvestment of proceeds and management of proceeds by banks or trust companies.

The Director shall adopt regulations for:
1. Investment and reinvestment of the proceeds designated for the Account for Venture Capital from the sale of bonds, including, but not limited to:
(a) Bonds or other obligations of the United States.
(b) Bonds or other obligations, the payment of the principal and interest of which is unconditionally guaranteed by the United States.
(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 pursuant to authority granted by the Congress of the United States.
(d) Obligations issued or guaranteed by any state of the United States, 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 or by any person controlled or supervised by and acting as an instrumentality of the United States pursuant to authority granted by the Congress of the United States.
(i) Certificates of deposit issued by credit unions or commercial banks, including banks domiciled outside of the United States.
(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 or trust companies located within or outside of this state.
This section does not expand the authority for investing the proceeds of bonds placed in the Fund for the Retirement of Bonds.
(Added to NRS by 1987, 1409; A 1997, 2867; 1999, 1471)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.925 - Bonds: Refunding.

1. Any bonds issued under the provisions of NRS 349.900 to 349.929, 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 in effect at the time of the refunding.
(Added to NRS by 1987, 1410)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.926 - 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 investment authorized by NRS 349.900 to 349.929, inclusive, more than 30 days after the effective date of the order of the Director authorizing the issuance of these bonds.
(Added to NRS by 1987, 1410)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.927 - Faith of State pledged against repeal, amendment or modification of NRS 349.900 to 349.929, inclusive.

The faith of the State is hereby pledged that NRS 349.900 to 349.929, 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 of powers vested in the Director to fulfill the terms of any agreement made with any management company, until all bonds have been discharged in full or provisions for their payment and redemption have been fully made.
(Added to NRS by 1987, 1410)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.928 - Sufficiency of NRS 349.900 to 349.929, inclusive; construction.

1. NRS 349.900 to 349.929, 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 349.900 to 349.929, 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 otherwise provided in NRS 349.900 to 349.929, inclusive, apply to the doing of the things authorized in those sections to be done, and no board, agency, bureau, commission or officer 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 or custodian with respect to bonds issued pursuant to NRS 349.900 to 349.929, 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 349.900 to 349.929, 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 349.900 to 349.929, 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 instrument, contract, certificate and other document, including the bonds, necessary or appropriate for the sale and issuance of the bonds or accomplishing the purposes of NRS 349.900 to 349.929, inclusive, without the assistance or intervention of any other officer.
(Added to NRS by 1987, 1410)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.929 - Account for Venture Capital to be entrusted to management company; proceeds of bonds may be entrusted to another management company.

The Account for Venture Capital is to be entrusted to a management company with the qualifications specified in those sections. Subject to the limitation on the maximum of the aggregate principal amount of outstanding bonds that may be issued, proceeds from bonds issued at a subsequent time may be entrusted to another management company with the same qualifications.
(Added to NRS by 1987, 1411)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.935 - Definitions.

As used in NRS 349.935 to 349.961, inclusive, unless the context otherwise requires, the words and terms defined in NRS 349.936 to 349.945, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1987, 2273)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.937 - "Cost of a water project" defined.

"Cost of a water project" means all or a designated part of the cost of any water project, including any incidental cost pertaining to the water project. The cost of a water 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 water project; and
7. Short-term financing,
and the expense of operation and maintenance of the water project.
(Added to NRS by 1987, 2273)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.938 - "Director" defined.

"Director" means the Director of the State Department of Conservation and Natural Resources or any person within the State Department of Conservation and Natural Resources designated by the Director to perform duties in connection with a water project or the issuance of bonds.
(Added to NRS by 1987, 2274; A 1993, 1570; 2023, 338)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.939 - "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 water project or of the collection and administration of revenues from a water 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 water projects.
2. Premiums for fidelity bonds and policies of property and liability insurance pertaining to water 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 water project, including the amount of the refund.
(Added to NRS by 1987, 2274; A 1999, 1472)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.941 - "Obligor" defined.

"Obligor" means the natural person, partnership, firm, company, public utility, corporation, association, trust, estate, political subdivision, state agency or any other legal entity, or its legal representative, who agrees to make the payments sufficient to pay the principal of, premium, if any, and interest on the state securities or revenue bonds issued pursuant to NRS 349.935 to 349.961, inclusive.
(Added to NRS by 1987, 2274)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.942 - "Revenue bonds" defined.

"Revenue bonds" means bonds, notes or other securities evidencing a special limited obligation of the State, the principal and interest of which are payable solely out of revenues derived from the financing, leasing or sale of the water project to be financed.
(Added to NRS by 1987, 2274)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.943 - "State securities" defined.

"State securities" means notes, warrants, interim debentures, bonds and temporary bonds issued as general obligations by the Director for any water project or for a refunding which are payable from taxes, whether or not additionally secured by a pledge of all or any designated revenues of one or more water projects.
(Added to NRS by 1987, 2275)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.946 - General powers of Director; adoption of regulations by State Environmental Commission.

The Director has all the powers necessary to accomplish the purposes set forth in NRS 349.935 to 349.961, inclusive. These powers must be exercised for the health, safety, convenience, prosperity and welfare of the inhabitants of this state. The State Environmental Commission may adopt such regulations as are necessary to carry out the provisions of NRS 349.935 to 349.961, inclusive.
(Added to NRS by 1987, 2275; A 2023, 338)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.948 - Prerequisites for financing water projects.

The Director shall not finance a water project unless, before financing:
1. The water project has been finally approved by the Board after a public hearing on the matter.
2. The Director finds and the State Board of Finance approves the findings of the Director that:
(a) The contemplated lessee, purchaser or other obligor has sufficient financial resources to place the water project in operation and to continue its operation, meeting the obligations of the lease, purchase contract or financing agreement;
(b) There are sufficient safeguards to assure that all money provided by the Director will be expended solely for the purposes of the water project; and
(c) The total amount of money necessary to be provided by the Director for financing the water project has been determined in writing by the Board on a form acceptable to the Director.
3. For the issuance of state securities, the Director and the State Board of Finance have received and approved the authorizing documents showing the legal authority for the obligor to borrow and repay the proceeds of the state securities.
4. For the issuance of revenue bonds, the Director and the State Board of Finance have received and approved:
(a) The financial plan showing that the revenues to be derived from the water project are adequate to pay the principal and interest on such bonds;
(b) A 5-year operating history from the contemplated lessee, purchaser or other obligor or from a parent or other guarantor, who guarantees the payments of principal and interest on any bonds issued; and
(c) A written statement from the obligor affirming that the obligor does not undertake to commit the State, and any political subdivision or municipality thereof to incur any pecuniary liability in connection with the issuance of the bonds.
(Added to NRS by 1987, 2275; A 1995, 2238)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.949 - Forms 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 30 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.
3. State securities must be authorized by resolution of the Board of Finance at the request of the Director.
4. As an incidental expense to any water project to be financed by the bonds, the Director may employ:
(a) Financial and legal consultants in regard to the financing of the water project; and
(b) A person whose business is in Nevada or elsewhere to act as a trustee for the water project.
5. The bonds are fully negotiable under the terms of the Uniform Commercial Code—Investment Securities.
(Added to NRS by 1987, 2276; A 1995, 2238)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.950 - Issuance of state securities or revenue bonds: Limitation on amount; payment; legislative declaration.

1. The Director may, to pay the cost of any water project, borrow money or otherwise become obligated, and may provide evidence of those obligations by issuing, except as otherwise provided in this subsection, state securities or revenue bonds. If the obligor is not a governmental entity, the Director shall issue only revenue bonds to fulfill the obligation.
2. Except as otherwise provided in this subsection, state obligations may be outstanding pursuant to this section in an aggregate principal amount of not more than $200,000,000. No state obligations, other than refunding obligations, may be issued pursuant to this section after August 1, 2003.
3. State securities must be payable from taxes and may be additionally secured by all or any designated revenues from one or more water projects. Any governmental entity statutorily authorized to levy taxes for the payment of bonded indebtedness may use the proceeds of those taxes to pay the principal of, interest on and redemption premiums due in connection with state securities issued pursuant to this section. Any such state securities may be issued without an election or other preliminaries. No state securities may be issued to refund any municipal securities issued to finance a water project before July 1, 1987.
4. Provisions of NRS 349.150 to 349.364, inclusive, which are not inconsistent with the provisions of NRS 349.935 to 349.961, inclusive, apply to the issuance of state securities under this section. Provisions of NRS 349.400 to 349.670, inclusive, which are not inconsistent with the provisions of NRS 349.935 to 349.961, inclusive, apply to the issuance of revenue bonds under this section.
5. The Legislature finds and declares that the issuance of state securities pursuant to NRS 349.935 to 349.961, inclusive, is necessary for the protection and preservation of the natural resources of this state and for the purpose of obtaining the benefits thereof, and constitutes an exercise of the authority conferred by the second paragraph of Section 3 of Article 9 of the Constitution of the State of Nevada.
(Added to NRS by 1987, 2276; A 2003, 20th Special Session, 289)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.951 - Director may charge fee against obligor; use of proceeds.

1. The Director may charge the obligor a fee not to exceed 2 percent of the principal amount of the financing, including a nonrefundable application fee not to exceed 0.25 percent of the principal amount or $7,500, whichever is less, payable either in advance or at the time the bonds are issued. The Director shall deposit all money received pursuant to this section, except money received from application fees, with the State Treasurer for credit to the Account for the Financing of Water Projects.
2. Money received from application fees collected pursuant to this section must be:
(a) Accounted for separately in the State General Fund.
(b) Used by the Director to support the operations of his or her office in administering the provisions of NRS 349.935 to 349.961, inclusive.
3. Whether or not bonds are issued, the Director shall use money received pursuant to this section, except money received from application fees, to reimburse his or her office for the expenses and costs incurred in financing the water project and, within the limits of money available for this purpose, to reimburse a municipality pursuant to the provisions of NRS 349.961. Any portion of the money so received, except money received from application fees, which exceeds the Director’s expenses and costs must be refunded to the obligor.
(Added to NRS by 1987, 2277; A 1991, 2251; 1993, 638)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.952 - Account for the Financing of Water Projects: Deposits; application of revenue; investment of money from revenue bonds.

1. Except as otherwise provided in subsection 3 and NRS 349.951, all amounts received by the Director from an obligor in connection with any financing undertaken pursuant to NRS 349.935 to 349.961, inclusive, must be deposited with the State Treasurer for credit to the Account for the Financing of Water Projects which is hereby created in the Fund for Natural Resources, which is hereby created as a special revenue fund.
2. Any revenue from water projects financed with state securities which is in the Account must be applied in the following order of priority:
(a) Deposited into the Consolidated Bond Interest and Redemption Fund in amounts necessary to pay the principal of, interest on and redemption premiums due in connection with state securities issued for water projects.
(b) Deposited into any reserve account created for the payment of the principal of, interest on and redemption premiums due in connection with state securities issued for water projects, in amounts and at times determined to be necessary.
(c) Paid out for expenses of operation and maintenance.
3. Any revenue from water projects financed with revenue bonds may:
(a) Be deposited in the Account for the Financing of Water Projects and subject to the provisions of subsection 2; or
(b) Subject to any agreement with the holders of the bonds, be invested, deposited or held by the Director in such funds or accounts as the Director deems necessary or desirable. If the Director is acting pursuant to this subsection, he or she need not deposit the 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 1987, 2277; A 1991, 2251; 1993, 639; 2001, 2750)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.953 - Refunding.

1. Any bonds issued under the provisions of NRS 349.935 to 349.961, 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.
(Added to NRS by 1987, 2277)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.954 - 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 water project or improvements authorized by NRS 349.935 to 349.961, inclusive, after 30 days after the effective date of the order of the director authorizing the issuance of those bonds.
(Added to NRS by 1987, 2278)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.955 - Faith of State pledged against repeal, amendment or modification of NRS 349.935 to 349.961, inclusive.

The faith of the State is hereby pledged that NRS 349.935 to 349.961, 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 water 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 1987, 2278)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.956 - Exemption of water projects from requirements of other statutes; exception for statutes relating to employment of persons to work on construction projects.

A water project is not subject to any requirements relating to public buildings, structures, ground works or improvements imposed by the statutes of this state or any other similar requirements which may be lawfully waived by this section, and any requirement of competitive bidding or other restriction imposed on the procedure for award of contracts for such purpose or the lease, sale or other disposition of property is not applicable to any action taken pursuant to NRS 349.935 to 349.961, inclusive, except that the provisions of NRS 338.013 to 338.090, inclusive, apply to any contract for new construction, repair or reconstruction for which tentative approval for financing is granted on or after January 1, 1992, by the Director or a municipality for work to be done in a water project. The Director or municipality, the lessee, purchaser or other obligor, any contractor who is awarded a contract or enters into an agreement to perform the construction, repair or reconstruction for a water project, and any subcontractor who performs any portion of such construction, repair or reconstruction shall comply with the provisions of NRS 338.013 to 338.090, inclusive, in the same manner as if a public body had undertaken the water project or had awarded the contract.
(Added to NRS by 1987, 2278; A 1991, 2349; 2019, 714)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.957 - Board for Financing Water Projects: Creation; members.

1. The Board for Financing Water Projects is hereby created. The Board consists of one ex officio member and five members appointed by the Governor.
2. The Governor shall appoint to the Board:
(a) One member who is a representative of the county with the largest population in the State;
(b) One member who is a representative of the county with the second largest population in the State; and
(c) Three members who are representatives of counties in the State whose populations are less than 100,000,
of whom one member is knowledgeable in the field of municipal finance and the remaining members are knowledgeable in the fields of planning, development or the management of water resources.
3. The Administrator of the Division of Environmental Protection of the State Department of Conservation and Natural Resources, or a person the Administrator designates, shall serve ex officio as a nonvoting member of the Board.
4. Not more than two voting members of the Board may be residents of the same county.
(Added to NRS by 1987, 2278; A 1991, 532; 1995, 2502; 2005, 561; 2023, 338)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.958 - Board for Financing Water Projects: Compensation of members.

1. Each voting member of the Board is entitled to receive a salary of not more than $80 per day, as fixed by the Board, for his or her services while actually engaged in the performance of his or her duties as a member of the Board.
2. While engaged in the business of the Board, each voting member and employee of the Board is entitled to receive the per diem allowance and travel expenses provided for state officers and employees generally.
(Added to NRS by 1987, 2279; A 1989, 1712; 1991, 533)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.959 - Board for Financing Water Projects: Election of Chair; meetings.

The Board shall:
1. At its first meeting and annually thereafter elect a Chair from among its voting members.
2. Meet regularly at least once in each calendar quarter and at other times upon the call of the Chair.
(Added to NRS by 1987, 2279; A 1991, 533)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.960 - State Engineer may advise Board; State Engineer and Director may assist in preparation of preliminary plan.

1. The State Engineer shall advise the Board, upon its request, of the existence and status of any water rights which affect a water project under consideration by the Board.
2. Upon the Board’s request and within the limits of available resources and staff, the State Engineer and the Director may on a case by case basis assist persons in the preparation of a preliminary plan for a water project.
(Added to NRS by 1987, 2279)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.961 - Water projects: Preliminary plan; approval.

1. When any municipality or other obligor desires to undertake a water project, it may present its preliminary plan to the Board for approval. If the proposed water project affects drinking water, the Board shall request that the Administrator of the Division of Environmental Protection of the State Department of Conservation and Natural Resources submit comments and recommendations regarding the project. The Board shall analyze the potential yield of the water project, and may tentatively approve it if it will preserve or increase the water available for beneficial use in this State.
2. If the Board, after a public hearing on the issue, tentatively approves the water project, the municipality or other obligor may proceed to prepare a final plan and submit it for final approval. If the Board finally approves the water project, the cost of the final plan may be included in the cost of the water project. If the Board does not finally approve the water project, the Director may, within the limits of money available for this purpose in the Account for the Financing of Water Projects, reimburse a municipality for the costs incurred after the tentative approval.
(Added to NRS by 1987, 2279; A 1991, 533; 1993, 639; 2005, 561)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.980 - Definitions.

As used in NRS 349.980 to 349.987, inclusive, unless the context otherwise requires:
1. "Board" means the Board for Financing Water Projects created pursuant to NRS 349.957.
2. "Community sewage disposal system" means a public system of sewage disposal which is operated for the benefit of a county, city, district or other political subdivision of this State.
3. "Community water system" means a public water system which:
(a) Has 15 or more service connections; or
(b) Serves 25 or more persons,
at places which are intended for year-round occupancy.
4. "Costs of capital improvements to community water systems and nontransient water systems" means the costs traditionally associated with capital improvements to such systems and includes costs associated with the:
(a) Consolidation of existing systems; and
(b) Transfer and connection of a public water system to a system owned by a purveyor of water or a public utility.
5. "Division of Environmental Protection" means the Division of Environmental Protection of the State Department of Conservation and Natural Resources.
6. "Fund" means the Fund for Grants for Water Conservation, Capital Improvements to Certain Water Systems and Improvements to Certain Sewage Disposal Systems.
7. "Individual sewage disposal system" means a single system of sewage treatment tanks and effluent disposal facilities that serves:
(a) A single-family dwelling; or
(b) One or more buildings that are used exclusively for commercial purposes and are not used as single-family dwellings.
8. "Nontransient water system" means a public water system that regularly serves 25 or more of the same persons for more than 6 months per year, but which is not a community water system.
9. "Public water system" has the meaning ascribed to it in NRS 445A.840.
10. "Purveyor of water" means a political subdivision of this State engaged in the business of furnishing water, for compensation, to persons within the political subdivision.
(Added to NRS by 1991, 1833; A 1999, 2121; 2003, 2501)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.982 - Powers and duties of Board for Financing Water Projects: Administration of program; adoption of regulations; use of money in Fund to defray certain costs and expenses; imposition of administrative fee.

1. The Board shall administer the program and shall adopt regulations necessary for that purpose.
2. The regulations must provide such requirements for participation in the program as the Board deems necessary.
3. The money in the Fund may be used to defray, in whole or in part, the costs of administering the Fund and the expenses of the Board in administering the program.
4. The Board may, by regulation, impose an administrative fee which must be collected from each recipient of a grant from the Fund. If such a fee is imposed, all revenue derived from the fee must be used to defray, in whole or in part, the costs of administering the Fund and the expenses of the Board in administering the program.
(Added to NRS by 1991, 1833; A 1999, 2122)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.983 - Purveyors of water that are eligible to receive grants; preference for smaller systems; matching money from other sources.

1. Grants may be made pursuant to paragraph (a) of subsection 1 of NRS 349.981 only for the Lincoln County Water District and those community and nontransient water systems that:
(a) Were in existence on January 1, 1995; and
(b) Are currently publicly owned.
2. In making its determination of which purveyors of water are to receive grants pursuant to paragraph (a) of subsection 1 of NRS 349.981, the Board shall give preference to those purveyors of water whose public water systems regularly serve fewer than 6,000 persons.
3. Each recipient of a grant pursuant to paragraph (a) of subsection 1 of NRS 349.981 shall provide an amount of money for the same purpose. The Board shall develop a scale to be used to determine that amount, but the recipient must not be required to provide an amount less than 15 percent or more than 75 percent of the total cost of the project for which the grant is awarded. The scale must be based upon the average household income of the customers of the recipient, and provide adjustments for the demonstrated economic hardship of those customers, the existence of an imminent risk to public health and any other factor that the Board determines to be relevant.
(Added to NRS by 1991, 1834; A 1993, 1236; 1995, 321; 1999, 2122; 2003, 2984; 2009, 669)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.984 - Fund for Grants for Water Conservation, Capital Improvements to Certain Water Systems and Improvements to Certain Sewage Disposal Systems: Creation; use; payment of claims.

1. The Fund for Grants for Water Conservation, Capital Improvements to Certain Water Systems and Improvements to Certain Sewage Disposal Systems is hereby created.
2. Except as otherwise provided by subsections 3 and 4 of NRS 349.982, the money in the Fund must be used only to make grants in furtherance of the program.
3. All claims against the Fund must be paid as other claims against the State are paid.
(Added to NRS by 1991, 1834; A 1999, 2123; 2003, 2503)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.985 - Fund for Grants for Water Conservation, Capital Improvements to Certain Water Systems and Improvements to Certain Sewage Disposal Systems: Deposit of money; interest and income credited to Fund.

All money received for the Fund from:
1. The issuance of bonds pursuant to NRS 349.986; or
2. Any other source,
must be deposited with the State Treasurer to the credit of the Fund. The interest and income earned on the money in the Fund, after deducting any applicable charges, must be credited to the Fund.
(Added to NRS by 1991, 1834)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.986 - General obligation bonds.

1. The State Board of Finance shall issue general obligation bonds of the State of Nevada to support the purposes of the program established by NRS 349.981. The aggregate principal amount of such bonds outstanding at any one time may not exceed $125,000,000.
2. The net proceeds from the sale of the bonds must be deposited in the Fund.
3. The bonds must be redeemed through the Consolidated Bond Interest and Redemption Fund.
(Added to NRS by 1991, 1834; A 1995, 2239; 1997, 1826; 1999, 2123; 2001, 692; 2003, 2503, 2649; 2003, 20th Special Session, 264, 265; 2005, 201)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.987 - Applicability of State Securities Law and certain provisions governing financing of water projects.

1. The provisions of NRS 349.150 to 349.364, inclusive, which are not inconsistent with the provisions of NRS 349.980 to 349.987, inclusive, apply to the bonds issued pursuant to NRS 349.986.
2. The provisions of NRS 349.935 to 349.956, inclusive, and 349.961 do not apply to the program or to any grants made or bonds issued pursuant to NRS 349.986.
(Added to NRS by 1991, 1834)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.0045 - "General obligation debt" defined.

"General obligation debt" means debt that is legally payable from general revenues, as a primary or secondary source of repayment, and is backed by the full faith and credit of a governmental entity, and if the governmental entity is authorized to levy taxes, by those taxes. The term includes, without limitation, debt represented by local government securities issued pursuant to this chapter and installment-purchase agreements described in subsection 1 of NRS 350.0055. The term does not include, without limitation:
1. Installment-purchase agreements described in subsection 2 of NRS 350.0055;
2. Special obligations; and
3. Obligations with a term of less than 1 year that are payable in full from money appropriated for the same fiscal year in which the obligations are incurred.
(Added to NRS by 2001, 2303)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.0055 - "Installment-purchase agreement" defined.

"Installment-purchase agreement" means an agreement for the purchase of real or personal property by installment or lease or another transaction that is described in NRS 350.800 which:
1. Is required to be counted against any limit upon the debt of a local government pursuant to subsection 1 of NRS 350.800; or
2. Is not required to be counted against any limit upon the debt of a local government and:
(a) Exceeds $100,000 for a local government in a county whose population is 100,000 or more; or
(b) Exceeds $50,000 for a local government in a county whose population is less than 100,000.
The term "installment-purchase agreement" does not include an obligation to pay rent pursuant to a lease which contains no option or right to purchase or which contains only an option or right to purchase the property without any credit towards the purchase price for lease or rental payments.
(Added to NRS by 2001, 2303)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.007 - "Medium-term obligation" defined.

"Medium-term obligation" means an obligation to repay borrowed money evidenced by a note or bond which is authorized to be issued pursuant to NRS 350.087 to 350.095, inclusive, and which has a term of 10 years or less. The term does not include an obligation which has a term of less than 1 year and which is payable in full from money appropriated for the same fiscal year that the obligation is incurred.
(Added to NRS by 2001, 2304)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.008 - Term of installment-purchase agreement.

For the purposes of this chapter, the term of an installment-purchase agreement must be determined as the period from the date the agreement is entered into by a local government to the date that the purchase price will be paid in full and must include the term of the original agreement and the term of any renewal, including, without limitation, an optional renewal, of the agreement.
(Added to NRS by 2001, 2304)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.011 - Definitions.

As used in NRS 350.011 to 350.0165, inclusive, unless the context otherwise requires:
1. "Commission" means a debt management commission created pursuant to NRS 350.0115.
2. "Special elective tax" means a tax imposed pursuant to NRS 354.59817, 354.5982, 387.3285 or 387.3287.
(Added to NRS by 1965, 1433; A 1993, 2655; 1995, 369, 765, 774, 1811; 1997, 550; 1999, 275, 2541; 2001, 880, 2304; 2019, 4238)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.012 - Meetings; officers; removal of member; quorum; compensation.

1. The commission shall meet during the month of February of each year to organize by selecting a chair and vice chair. In a county whose population is 700,000 or more, the chair must be one of the representatives of the board of county commissioners. The county clerk is ex officio the secretary of the commission.
2. In addition to the organizational meeting, each commission shall meet annually in August of each year and at the call of the chair whenever business is presented, as provided in NRS 350.014 and 350.0145.
3. In conjunction with the meetings required by subsections 1 and 2, the commission in a county whose population:
(a) Is 100,000 or more but less than 700,000, shall meet each calendar quarter.
(b) Is 700,000 or more, shall meet each month.
The meetings required by this subsection must be scheduled at each annual meeting in August.
4. The appointing authority may remove a member of a commission in a county whose population:
(a) Is 700,000 or more if the member fails to attend three consecutive meetings or five meetings during a calendar year.
(b) Is 100,000 or more but less than 700,000 if the member fails to attend two consecutive meetings or three meetings during a calendar year.
(c) Is less than 100,000 if the member fails to attend at least one meeting during a calendar year.
5. Except as otherwise provided in subsection 3 of NRS 350.0115, a majority of the members constitutes a quorum for all purposes.
6. The governing body of the county may provide for the payment to members of the commission who serve as representatives of the public at large:
(a) Compensation of not more than $40, as fixed by the governing body, for each day or portion of a day of attendance at a meeting of the commission, not to exceed $400 paid to each such member per month.
(b) While engaged in the business of the commission, the per diem allowance and travel expenses generally provided for officers and employees of the county, if any.
(Added to NRS by 1965, 1433; A 1971, 943; 1977, 537; 1995, 766; 1999, 2529, 2542; 2001, 187; 2005, 125; 2011, 1217)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.0125 - Technical assistance provided by Department of Taxation or board of county commissioners to carry out duties of commission.

1. The commission in a county whose population is less than 52,000 may request technical assistance from the Department of Taxation to carry out the duties of the commission. Upon such a request, the Department of Taxation shall provide to that commission such technical assistance to the extent that resources are available.
2. The board of county commissioners of a county whose population is 52,000 or more shall provide the commission in that county with such staff as is necessary to carry out the duties of the commission. The staff provided to the commission pursuant to this subsection shall provide such technical assistance to the commission as the commission requires, except the staff shall not render an opinion on the merits of any proposal or other matter before the commission.
(Added to NRS by 1999, 2541; A 2001, 1979; 2011, 1217; 2023, 268)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.0145 - Notice and submission of statement of certain proposals to commission; procedure for approval or disapproval.

1. The governing body of the municipality proposing to incur general obligation debt, to enter an installment-purchase agreement with a term of more than 10 years or to levy a special elective tax and the board of trustees of a general improvement district whose population within its boundaries is less than 5,000 who proposes to issue a medium-term obligation or otherwise borrow money and issue any securities other than securities representing a general obligation debt or installment-purchase agreements with terms of 10 years or less shall notify the secretary of each appropriate commission, and shall submit a statement of its proposal in sufficient number of copies for each member of the commission. The secretary, with the approval of the chair, shall, within 10 days, give notice of a meeting, in the manner required by chapter 241 of NRS, to be held not more than 20 days thereafter. The secretary shall provide a copy of the proposal to each member with the notice of the meeting and mail notice of the meeting to the chief financial officer of each municipality in the county which has complied with subsection 1 of NRS 350.013 within the past year.
2. The commission may grant a conditional or provisional approval of such proposal. Such conditions or provisions are limited to:
(a) The scheduling of:
(1) The issuance and retirement of securities, if the proposal is to incur general obligation debt; or
(2) The imposition of the tax, if the proposal is to levy a special elective tax; and
(b) If the proposal would result in a combined property tax rate in any of the overlapping entities within the county which exceeds 90 percent of the limit provided in NRS 361.453, a condition requiring a reduction in the amount of the proposed debt, installment-purchase agreement or special elective tax.
3. If the proposal is from a municipality, the commission may not approve any portion of the proposal that is not included in the statement filed pursuant to paragraph (b) of subsection 1 of NRS 350.013, as updated pursuant to subsection 3 or 4 of NRS 350.013.
4. The commission may adjourn a meeting called to consider a particular proposal no more than once, for no more than 60 days, except that the commission must approve or disapprove a proposal at least 30 days before the date on which the governing body that submitted the proposal is required to provide the proposal to the county clerk or city clerk pursuant to NRS 293.481. Notification of the approval or disapproval of its proposal must be sent to the governing body within 3 days after the meeting.
(Added to NRS by 1965, 1434; A 1971, 944; 1977, 538; 1981, 943; 1991, 973; 1993, 2657; 1995, 770; 2001, 883, 2308; 2005, 127)