- Senate Bill No. 348-Committee on Government Affairs
CHAPTER
194
- AN ACT relating to public improvements; authorizing the issuance of certain revenue bonds by the director of the department of business and industry for a project of a corporation for public benefit; and providing other matters properly relating thereto.
[Approved June 25, 1997]
- THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
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Section 1. Chapter 349 of NRS is hereby amended by adding thereto a new section to read as follows:
"Corporation for public benefit" means a corporation that is recognized as exempt pursuant to section 501(c)(3) of the Internal Revenue Code of 1986, future amendments to that section and the corresponding provisions of future internal revenue laws.
Sec. 2. NRS 349.400 is hereby amended to read as follows:
349.400 As used in NRS 349.400 to 349.670, inclusive, unless the context otherwise requires, the words and terms defined in NRS 349.410 to 349.540, inclusive, and section 1 of this act, have the meanings ascribed to them in those sections.
Sec. 3. NRS 349.510 is hereby amended to read as follows:
349.510 "Project" means:
1. Any land, building or other improvement and all real and personal properties necessary in connection therewith, excluding inventories, raw materials and working capital, whether or not in existence, suitable for new construction, improvement, rehabilitation or redevelopment for:
(a) Industrial uses, including assembling, fabricating, manufacturing, processing or warehousing;
(b) Research and development relating to commerce or industry, including professional, administrative and scientific offices and laboratories;
(c) Commercial enterprises;
(d) Civic and cultural enterprises open to the general public, including theaters, museums and exhibitions, together with buildings and other structures, machinery, equipment, facilities and appurtenances thereto which the director deems useful or desirable in connection with the conduct of any such enterprise;
(e) An educational institution operated by a nonprofit organization not otherwise directly funded by the state which is accredited by a nationally recognized educational accrediting association; [or]
(f) Health and care facilities and supplemental facilities for health and care; or
(g) The purposes of a corporation for public benefit.
2. Any real or personal property appropriate for addition to a hotel, motel, apartment building, casino or office building to protect it or its occupants from fire . [; or]
3. The preservation of [any] a historic structure or its restoration for its original or another use, if the plan has been approved by the office of historic preservation of the department of museums, library and arts.
Sec. 4. NRS 349.560 is hereby amended to read as follows:
349.560 It is the intent of the legislature to authorize the director to finance, acquire, own, lease, improve and dispose of properties to:
1. Promote industry and employment and develop trade by inducing manufacturing, industrial, warehousing and commercial enterprises and organizations for research and development to locate, remain or expand in this state to further prosperity throughout the state and to further the use of the agricultural products and the natural resources of this state.
2. Enhance public safety by protecting hotels, motels, apartment buildings, casinos, office buildings and their occupants from fire.
3. Promote the public health by enabling the acquisition, development, expansion and maintenance of health and care facilities and supplemental facilities for health and care facilities which will provide services of high quality at reasonable rates to the residents of the community in which the facilities are situated.
4. Promote the educational, cultural, economic and general welfare of the public by financing civic and cultural enterprises, certain educational institutions and the preservation or restoration of historic structures.
5. Promote the social welfare of the residents of this state by enabling a corporation for public benefit to acquire, develop, expand and maintain facilities that provide services for those residents.
Sec. 5. This act becomes effective upon passage and approval.
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