Nev. Rev. Stat. § 445A.155

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1

Section 445A.155 - Issuance of bonds to support Account

1. The Administrator may authorize the State Treasurer to issue, sell or deliver general obligation bonds of the State or revenue bonds if viable to support the purposes of the Account.

2. If the Administrator authorizes the issuance of those bonds, the State Treasurer may:

(a) Sue and be sued to establish or enforce any right arising out of a project receiving financial assistance or of any state securities issued pursuant to this authorization;

(b) Acquire and hold municipal securities, and exercise all of the rights of holders of those securities;

(c) Sell or otherwise dispose of municipal securities and assets acquired in connection with those securities, unless limited by any agreement which relates to the securities;

(d) Make contracts and execute all necessary or convenient instruments;

(e) Accept grants of money from the Federal Government, the State, any agency or political subdivision, or any other person;

(f) Adopt regulations relating to projects receiving financial assistance and the administration of those projects;

(g) Employ for the Administrator or for any eligible recipient any necessary legal, fiscal, engineering and other expert services in connection with projects receiving financial assistance and with the authorization, sale and issuance of state securities and municipal securities;

(h) Enter into agreements and arrangements consistent with NRS 445A.060 to 445A.160, inclusive, and sections 2, 3 and 4 of this act concerning the issuance of state securities and the purchase of municipal securities; and

(i) Undertake other matters which the Administrator determines to be necessary or desirable to accomplish the purposes of NRS 445A.060 to 445A.160, inclusive , and sections 2, 3 and 4 of this act.

3. Before any bonds are issued pursuant to this section, the State Board of Finance must certify that sufficient revenue will be available in the Account to pay the interest and installments of principal as they become due.

4. The money in the Account that is available for the payment of the interest and installments of principal on the bonds must be pledged as the primary source for the payment of the bonds. The full faith and credit of the State may be pledged.

NRS 445A.155

Added to NRS by 1989, 1258; A 1993, 645; 1997, 3013

Amended by 2023, Ch. 69,§13, eff. 5/30/2023.

Added to NRS by 1989, 1258; A 1993, 645; 1997, 3013