Nev. Rev. Stat. § 360.991 — Issuance of general obligation bonds of State of Nevada to finance infrastructure projects identified in economic development financing agreement; limitation on amount of bonds; proceeds allocated to Office of Economic Development

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