Assembly Bill No. 100–Committee on Government Affairs

(On Behalf of Housing Division)

February 4, 1999

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Referred to Committee on Government Affairs

 

SUMMARY—Increases permissible aggregate principal amount of outstanding obligations of housing division of department of business and industry. (BDR 25-744)

FISCAL NOTE: Effect on Local Government: No.

Effect on the State or on Industrial Insurance: No.

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EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted. Green numbers along left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).

 

AN ACT relating to the housing division of the department of business and industry; increasing the permissible aggregate principal amount of the outstanding obligations of the division; and providing other matters properly relating thereto.

 

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

1-1 Section 1. NRS 319.270 is hereby amended to read as follows:

1-2 319.270 1. Subject to the limitation imposed by subsections 4 and 5,

1-3 the division may issue its negotiable notes and bonds in such principal

1-4 amount as the administrator determines to be necessary to provide

1-5 sufficient money for achieving any of its statutory purposes, including the

1-6 payment of interest on notes and bonds of the division, establishment of

1-7 bond reserve funds and other reserves to secure the notes and bonds, and

1-8 all other expenditures of the division necessary or convenient to carry out

1-9 its statutory purposes and powers.

1-10 2. Subject to any agreements with holders of notes or bonds, all notes

1-11 and bonds issued by the division are special obligations of the division

1-12 payable out of any revenues, money or other assets of the division pledged

1-13 thereto.

1-14 3. In issuing the notes and bonds, the division acts as an agency or

1-15 instrumentality of the State of Nevada.

2-1 4. Before any notes or bonds may be issued pursuant to this section,

2-2 except those issued for the purpose of refunding outstanding notes or

2-3 bonds, the administrator [shall] must submit a copy of his finding of the

2-4 conditions prerequisite to the financing of residential housing under this

2-5 chapter to the state board of finance. If that board approves, the division

2-6 may proceed to issue its notes or bonds in the amount approved, subject to

2-7 the further limitation of subsection 5.

2-8 5. The aggregate principal amount of outstanding bonds, notes and

2-9 other obligations of the division must not exceed [$1,250,000,000,]

2-10 $2,000,000,000, of which $100,000,000 must be allocated to veterans who

2-11 qualify for loans under this chapter, exclusive of any bonds, notes or

2-12 obligations which have been refunded. The establishment of this debt

2-13 limitation does not prohibit the division from issuing additional bonds,

2-14 notes or other obligations if the debt limitation is subsequently increased.

2-15 Sec. 2. This act becomes effective upon passage and approval.

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