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).

1-1 Section 1. Chapter 315 of NRS is hereby amended by adding thereto

1-2 the provisions set forth as sections 2 to 27, inclusive, of this act.

1-3 Sec. 2. "Affiliate" means another party to an arrangement in which

1-4 an authority participates by sharing ownership or governance. An

1-5 affiliate is "controlled" if commissioners, officers, employees or agents

1-6 of the authority constitute a majority of the governing body or the

1-7 authority holds a majority of the ownership.

1-8 Sec. 3. "Affordable housing" means dwelling units that may be

1-9 rented or purchased by persons of eligible income with or without

1-10 governmental assistance.

1-11 Sec. 4. "Arrangement" means a legal relationship with an artificial

1-12 person.

1-13 Sec. 5. "Commissioner" means a member of the governing body of

1-14 an authority.

1-15 Sec. 6. "Community facility" means real and appurtenant personal

1-16 property suitable for public recreation or education or to promote public

1-17 health or welfare.

2-1 Sec. 7. "Development" means:

2-2 1. The actions and property described in NRS 315.440 and sections

2-3 16 to 23, inclusive, of this act; or

2-4 2. The acquisition or creation of mobile home parks and facilities,

2-5 the rental or leasing of mobile home lots or the purchase, rental or

2-6 leasing of mobile homes.

2-7 Sec. 8. "Family" means a person or group of persons, whether or

2-8 not including any children, whom an authority accepts for occupancy of

2-9 a dwelling or to whom the authority provides other assistance.

2-10 Sec. 9. "Guest" means a person, not a resident of the development

2-11 or dwelling, who is present in the development or dwelling at the

2-12 invitation, or with the consent or acquiescence, of a resident of the

2-13 development or dwelling.

2-14 Sec. 10. "Mixed-finance development" means a development

2-15 financed both by private persons and by the federal, state or local

2-16 government.

2-17 Sec. 11. "Mixed-income development" means a development

2-18 occupied both by persons of eligible income and by other persons.

2-19 Sec. 12. "Mixed-use development" means a development that

2-20 includes both residential and other uses.

2-21 Sec. 13. "Person of eligible income" means:

2-22 1. With respect to a development financed by the federal, state or

2-23 local government, a person or member of a family whose income

2-24 qualifies under the applicable program or, if there is no limit of income,

2-25 a person or family whose income or assets qualify pursuant to subsection

2-26 2; or

2-27 2. With respect to other developments, a person or member of a

2-28 family whose income or assets are insufficient without governmental

2-29 assistance or undue hardship, taking into account all available

2-30 resources, to purchase or rent decent, safe and sanitary dwellings of

2-31 adequate size.

2-32 Sec. 14. "Representative" means a commissioner, officer, employee

2-33 or agent of an authority.

2-34 Sec. 15. "Resident" means a person residing in a development with

2-35 the consent of the authority and in accordance with its rules, procedures

2-36 and policies.

2-37 Sec. 16. 1. An authority may acquire an interest in real or

2-38 personal property by gift, purchase, lease, exchange or eminent domain

2-39 and may donate, sell, lease, exchange or otherwise dispose of any

2-40 property.

2-41 2. At and after the time of acquiring occupied property, an authority

2-42 may allow an existing tenant to remain at the property upon terms that

3-1 the authority considers appropriate, even if the tenant is not a person of

3-2 eligible income.

3-3 3. An authority may operate programs to increase ownership of

3-4 homes by residents of its developments and other persons of eligible

3-5 income.

3-6 Sec. 17. An authority may:

3-7 1. Finance its developments and their maintenance from any

3-8 combination of public and private sources of revenue that may be

3-9 available, and from the income of its own investments, as its

3-10 commissioners deem appropriate.

3-11 2. Enter into arrangements for mixed-finance development and

3-12 provide financing for affordable housing owned wholly or in part by

3-13 others.

3-14 3. Carry out plans and agreements, and provide financial assistance

3-15 to governmental agencies and private persons, whether or not organized

3-16 for profit, to preserve, rehabilitate, maintain or procure existing

3-17 affordable housing in safe, decent and sanitary condition and ensure its

3-18 availability to persons of eligible income. The authority may establish or

3-19 agree to exclusions from income in determining eligibility for this

3-20 purpose.

3-21 Sec. 18. An authority may mortgage, pledge, or otherwise encumber

3-22 or subject to a lien or security interest any real or personal property of

3-23 the authority or in which it holds an interest, to secure:

3-24 1. Performance or the repayment of borrowed money by the

3-25 authority, or a guarantee of repayment; or

3-26 2. Performance or repayment, or a guarantee of repayment, by an

3-27 affiliate of the authority or by parties to an arrangement into which the

3-28 authority has entered.

3-29 Sec. 19. 1. Except as otherwise provided in subsection 4, for the

3-30 purposes set forth in subsection 2, an authority may:

3-31 (a) Lend on the security of a mortgage, or subsidize such a loan, to or

3-32 for the benefit of a person of eligible income;

3-33 (b) Act as a conduit, fiduciary, borrower or lender in a program to

3-34 make financing available to persons of eligible income by purchasing

3-35 mortgages given by them or encumbering housing for them;

3-36 (c) Operate a program to provide financing for the creation and

3-37 operation, or the purchase, of affordable housing through the use of

3-38 federal or state tax credits or similar inducements;

3-39 (d) Make or guarantee loans for the acquisition, construction,

3-40 development or rehabilitation of housing for persons of eligible income

3-41 or of mixed-income development;

4-1 (e) Expend money to buy down rates of interest on mortgages or

4-2 otherwise enhance the availability of financing by mortgage to persons of

4-3 eligible income; and

4-4 (f) Enter into and perform agreements and arrangements with

4-5 financial institutions and other lenders.

4-6 2. The purpose of the activities set forth in subsection 1 are to

4-7 enhance the supply of financing:

4-8 (a) By mortgage at rates and on terms affordable to persons of eligible

4-9 income; and

4-10 (b) At rates and upon terms sufficiently attractive to encourage the

4-11 creation of housing for rent or purchase that is affordable to persons of

4-12 eligible income.

4-13 3. An authority may:

4-14 (a) Establish fees, conditions of repayment and other appropriate

4-15 terms and conditions with respect to assistance provided by it pursuant to

4-16 this section; and

4-17 (b) Make loans not secured by mortgage to a person or member of a

4-18 family whose income does not exceed 150 percent of the income

4-19 allowable under section 13 of this act.

4-20 4. An authority may not finance mortgages on owner-occupied,

4-21 single-family residences with bonds or other obligations that require an

4-22 allocation of the volume caps on the issuance of private activity bonds

4-23 pursuant to chapter 348A of NRS.

4-24 Sec. 20. An authority may:

4-25 1. Forgive, compromise, or forbear from collecting or enforcing, in

4-26 whole or in part, a debt or obligation owed to it.

4-27 2. Administer programs to provide housing for rent, or assistance in

4-28 relocation, on its own behalf or for others in its area of operation.

4-29 Sec. 21. An authority may:

4-30 1. Borrow money or accept a grant or other financial assistance from

4-31 a private person and comply with otherwise lawful requirements and

4-32 conditions attached to the provision of the loan or assistance.

4-33 2. Enter into an arrangement with a private person, whether or not

4-34 organized for profit, to acquire, create, manage or operate a residential

4-35 development, including, without limitation, a mixed-income

4-36 development, supply services to the residents of the development and

4-37 perform all responsibilities under the arrangement.

4-38 Sec. 22. An authority may:

4-39 1. Manage or operate a residential development owned or controlled

4-40 by another authority, a governmental agency or a private person,

4-41 whether or not organized for profit;

5-1 2. Allow the operation or management of a development in which the

5-2 authority holds an interest by another authority, a governmental agency

5-3 or a private person, whether or not organized for profit; and

5-4 3. Allow the operation or management of a program, assistance or

5-5 service of the authority other than a development by another authority, a

5-6 governmental agency or a private person, whether or not organized for

5-7 profit, or administer any such program, assistance or service on behalf of

5-8 another authority or a governmental agency, upon such terms and for

5-9 such compensation as may be agreed.

5-10 Sec. 23. An authority may:

5-11 1. Construct and operate facilities and programs and provide

5-12 services, directly or through others, for the maintenance of safety and

5-13 security and the protection of persons and property at or near its

5-14 developments; and

5-15 2. Make and enforce rules for those purposes, consistent with the

5-16 provisions of NRS 315.011 to 315.071, inclusive.

5-17 Sec. 24. An authority may:

5-18 1. Purchase letters of credit, insurance for payment of bonds, or any

5-19 other device to enhance its credit that would establish or increase the

5-20 marketability of its bonds.

5-21 2. Waive one or more of the powers granted in NRS 315.680 to

5-22 315.730, inclusive, and sections 24 and 25 of this act by a resolution

5-23 adopted by the affirmative vote of a majority of its commissioners.

5-24 Sec. 25. 1. An authority may borrow money, for any purpose for

5-25 which it may issue bonds and within the authorized amount of a

5-26 particular issue of bonds, by issuing notes in anticipation of the receipt of

5-27 the proceeds of the bonds.

5-28 2. A note in anticipation may be issued for not more than 5 years,

5-29 and except as otherwise provided in this subsection, may be renewed for

5-30 not more than 1 year, but each note must be paid not later than 5 years

5-31 after the note was originally issued. A note may not be renewed if such

5-32 renewal would extend the time for payment of the note beyond 5 years

5-33 after the note was originally issued.

5-34 3. A note or other instrument must be authorized by resolution of the

5-35 commissioners, and may be in such denomination and bear such interest,

5-36 or have such other incidents, as the resolution prescribes.

5-37 4. A note or other instrument may be sold at public or private sale at

5-38 such price or for such other consideration as the resolution prescribes.

5-39 The consideration may be real or personal property and, if the note is a

5-40 renewal note, it may be exchanged for such outstanding notes as the

5-41 authority determines.

6-1 5. An authority may issue bonds, notes, certificates or other

6-2 instruments evidencing indebtedness or participation in ownership on

6-3 behalf of others for any purpose authorized by this chapter if:

6-4 (a) The bonds issued by an authority on behalf of others are special,

6-5 limited obligations of the authority and the principal of and interest on

6-6 such bonds are payable, subject to the security provisions herein, solely

6-7 out of the revenues derived from the financing, leasing or sale of the

6-8 development to be financed by the bonds;

6-9 (b) The bonds and any interest thereon will never constitute the debt

6-10 or indebtedness of the authority within the meaning of any provision or

6-11 limitation of the constitution or statutes of the State of Nevada, and will

6-12 not constitute or give rise to a pecuniary liability of the authority or a

6-13 charge against its general credit; and

6-14 (c) The limitations contained in paragraph (b) stated plainly on the

6-15 face of each such bond.

6-16 Sec. 26. (Deleted by amendment.)

6-17 Sec. 27. A guaranty or other instrument may not be given that

6-18 provides for recourse against the property of an authority other than the

6-19 development for whose financing it was given unless the commissioners

6-20 adopt a resolution finding that:

6-21 1. Giving the guaranty or instrument will result in lower financing

6-22 costs to the authority; and

6-23 2. The value of all property which is pledged or mortgaged does not,

6-24 at the time the pledge or mortgage is given or entered into, exceed an

6-25 amount equal to 1 1/2 times the value of the property being acquired.

6-26 The finding and determination of values by the commissioners are

6-27 conclusive in the absence of fraud or gross abuse of discretion.

6-28 Sec. 28. NRS 315.140 is hereby amended to read as follows:

6-29 315.140 NRS 315.140 to 315.780, inclusive, and sections 2 to 27,

6-31 1947.

6-32 Sec. 29. NRS 315.150 is hereby amended to read as follows:

6-33 315.150 Unless the context otherwise requires, the definitions

6-36 315.780, inclusive [.] , and sections 2 to 27, inclusive, of this act.

6-37 Sec. 29.5. NRS 315.180 is hereby amended to read as follows:

6-38 315.180 "Bonds" means any bonds, notes, interim certificates,

6-40 authority pursuant to NRS 315.140 to 315.780, inclusive [.] , and sections

6-41 2 to 27, inclusive, of this act.

7-1 Sec. 30. NRS 315.320 is hereby amended to read as follows:

7-2 315.320 1. In each city, town or county of the state there is hereby

7-18 those laws relating to public employment, procurement and records.

7-19 Sec. 31. NRS 315.430 is hereby amended to read as follows:

7-20 315.430 An authority may:

7-30 authority.

7-31 Sec. 32. NRS 315.440 is hereby amended to read as follows:

7-32 315.440 [Within its area of operation, an authority may:

7-43 developments, including, without limitation:

8-1 (a) Preparation of the site and construction of improvements;

8-2 (b) Demolition or removal of buildings and other improvements from

8-3 land situated in a blighted area or slum; and

8-4 (c) Financing of affordable housing that is decent, safe and sanitary

8-5 and of other improvements described in subsection 2.

8-6 2. A development may include:

8-7 (a) Manufactured or modular housing, utilities and other

8-8 improvements related to the housing;

8-9 (b) Land, leaseholds, easements, licenses and other rights to the use

8-10 and occupancy of land;

8-11 (c) Common areas, streets, sidewalks, bicycle paths, drainage, parking

8-12 facilities, street lighting and landscaping;

8-13 (d) Community facilities, such as playgrounds, parks and other

8-14 facilities for sport or recreation of the residents and their guests;

8-15 (e) Community facilities to provide educational, vocational or training

8-16 programs and supportive services to the residents; and

8-17 (f) Appropriate commercial and other nonresidential facilities.

8-18 Sec. 33. NRS 315.450 is hereby amended to read as follows:

8-19 315.450 An authority may:

8-43 services provided pursuant to this section.

9-1 Sec. 34. NRS 315.470 is hereby amended to read as follows:

9-2 315.470 An authority may:

9-31 Sec. 35. NRS 315.480 is hereby amended to read as follows:

9-32 315.480 An authority may exercise all or any part or combination of

9-34 to 25, inclusive, of this act.

9-35 Sec. 36. NRS 315.500 is hereby amended to read as follows:

9-36 315.500 [It is declared to be the policy of this state that each authority

9-43 the rentals or payments for dwellings in its housing projects at no higher

10-1 rates than it shall find to be necessary in order to produce revenues which,

10-2 together with all other available moneys, revenues, income and receipts of

10-3 the authority from whatever sources derived, will be sufficient:

10-4 1. To pay, as the same become due, the principal and interest on the

10-5 bonds of the authority.

10-6 2. To create and maintain such reserves as may be required to assure

10-7 the payment of principal and interest as it becomes due on its bonds.

10-8 3. To meet the cost of, and to provide for, maintaining and operating

10-9 the housing projects (including necessary reserves therefor and the cost of

10-10 any insurance) and the administrative expenses of the authority.

10-11 4. To make such payments in lieu of taxes as it determines are

10-12 consistent with the maintenance of the low-rent character of the housing

10-13 projects.] An authority may:

10-14 1. Rent or lease dwellings, facilities or other real property it owns or

10-15 possesses, or has a contractual right to rent or lease, upon such terms

10-16 and for such rentals as it determines are appropriate.

10-17 2. Base its rents on family income, adjusted as appropriate, and set

10-18 minimum or maximum rents. The rents may differ between separate

10-19 developments of the authority.

10-20 3. Establish other standards or conditions as to rental that its

10-21 commissioners determine are appropriate.

10-22 Sec. 37. NRS 315.510 is hereby amended to read as follows:

10-23 315.510 [In the operation or management of housing projects an

10-24 authority shall at all times observe the following duties with respect to

10-25 rentals and tenant admissions:

10-26 1. It may rent or lease the dwelling accommodations therein only to

10-27 persons of low income and, as among low-income persons who are eligible

10-28 applicants for occupancy in dwellings of given sizes and at specified rents,

10-29 shall extend the following preferences in the selection of tenants:

10-30 (a) First: To families who are to be displaced by any low-rent housing

10-31 project or by any public slum clearance or redevelopment project initiated

10-32 after January 1, 1947, or who were so displaced within 3 years before

10-33 making application on authority for admission to any low-rent housing.

10-34 Among such families first preference must be given to families of disabled

10-35 veterans whose disability has been determined by the Department of

10-36 Veterans Affairs to be service connected, second preference must be given

10-37 to families of deceased veterans and servicemen whose death has been

10-38 determined by the Department of Veterans Affairs to be service connected,

10-39 and third preference must be given to families of other veterans and

10-40 servicemen.

10-41 (b) Second: To families of other veterans and servicemen. Among such

10-42 families first]

11-1 1. An authority shall, after determining eligibility, establish a

11-2 preference in the selection of tenants at least to the following extent. First

11-3 preference must be given to families of disabled veterans whose disability

11-4 has been determined by the Department of Veterans Affairs to be service

11-5 connected, and second preference must be given to families of deceased

11-6 veterans and servicemen whose death has been determined by the

11-7 Department of Veterans Affairs to be service connected.

11-8 2. [It may rent or lease to a tenant dwelling accommodations consisting

11-9 of a number of rooms, but no greater number, which it deems necessary to

11-10 provide safe and sanitary accommodations to the proposed occupants

11-11 thereof, without overcrowding.

11-12 3. An authority shall not accept any person or persons as tenants in any

11-13 housing project if the person or persons who occupy the dwelling

11-14 accommodations have, at the time of admission, an aggregate annual net

11-15 income, less an exemption of $200 for each minor member of the family

11-16 other than the head of the family and his spouse, in excess of 7 times the

11-17 annual rental of the quarters to be furnished such person or persons; but an

11-18 authority may agree to conditions as to tenant eligibility or preference

11-19 required by the Federal Government pursuant to federal law in any contract

11-20 for financial assistance with the authority. In computing the rental for this

11-21 purpose of admitting tenants, there must be included in the rental the

11-22 average annual cost, as determined by the authority, to occupants of heat,

11-23 water, electricity, gas, cooking fuel and other necessary services or

11-24 facilities, whether or not the charge for such services and facilities is

11-25 included in the rental.] An authority may establish criteria and

11-26 requirements for eligibility for assistance provided or administered by it

11-27 that may relate to income, work or employment, child care, education,

11-28 training for work and self-sufficiency of a person or member of a family.

11-29 The authority may also apply these criteria and requirements when

11-30 determining the amount and duration of the assistance provided.

11-31 3. The criteria may include preference for persons who are employed

11-32 or for families that include at least one member who is employed. The

11-33 authority may establish exclusions from income as necessary to apply

11-34 these preferences to persons who are employed.

11-35 Sec. 38. NRS 315.530 is hereby amended to read as follows:

11-36 315.530 [Any authority or authorities may join or cooperate with

11-43 cooperating authority may, by resolution, prescribe and authorize any

12-1 authority so joining and cooperating with it to act in its behalf in the

12-2 exercise of any of such powers, or the cooperating authorities may, by

12-3 resolution, appoint from among the commissioners of such authorities an

12-4 executive committee with full powers to act on behalf of such authorities

12-5 with respect to any of their powers as prescribed by resolution of such

12-6 authority.]

12-7 1. An authority may form and operate one or more nonprofit

12-8 corporations and enter into other arrangements in connection with the

12-9 exercise of any of its powers. Participation in any such arrangement with

12-10 a natural person or nongovernmental entity does not render an activity of

12-11 an authority proprietary or deprive the authority of any privilege or

12-12 immunity.

12-13 2. An authority may function in an arrangement as a partner or

12-14 other part-owner or as an investor, lender or guarantor and may exercise

12-15 such rights and undertake such obligations as its commissioners

12-16 determine to be appropriate.

12-17 Sec. 39. NRS 315.540 is hereby amended to read as follows:

12-18 315.540 [An authority shall agree to make such payments in lieu of

12-34 subsection 1.

12-35 Sec. 40. NRS 315.560 is hereby amended to read as follows:

12-36 315.560 [1. In addition to the powers conferred upon an authority by

12-43 comply with such conditions and enter into such mortgages, trust

13-1 indentures, leases or agreements as may be necessary, convenient or

13-2 desirable.

13-3 2. In any contract with the Federal Government for annual

13-4 contributions to an authority, the authority may obligate itself (which

13-5 obligation shall be specifically enforceable and shall not constitute a

13-6 mortgage, notwithstanding any other laws) to convey to the Federal

13-7 Government possession of or title to the project to which such contract

13-8 relates, upon the occurrence of a substantial default (as defined in such

13-9 contract) with respect to the covenants or conditions to which the authority

13-10 is subject. Such contract may further provide that in case of such

13-11 conveyance, the Federal Government may complete, operate, manage,

13-12 lease, convey or otherwise deal with the project in accordance with the

13-13 terms of such contract; provided, that the contract requires that, as soon as

13-14 practicable after the Federal Government is satisfied that all defaults with

13-15 respect to the project have been cured and that the project will thereafter be

13-16 operated in accordance with the terms of the contract, the Federal

13-17 Government shall reconvey to the authority the project as then constituted.

13-18 3. It is the purpose and intent of NRS 315.140 to 315.780, inclusive, to

13-19 authorize every authority to do any and all things necessary or desirable to

13-20 secure the financial aid or cooperation of the Federal Government in the

13-21 undertaking, construction, maintenance or operation of any housing project

13-22 by such authority.] An authority may:

13-23 1. Borrow money or accept a grant or other financial assistance from

13-24 this state, local subdivisions thereof or the Federal Government in

13-25 connection with any program pursuant to this chapter, take all actions

13-26 necessary to comply with the requirements of a state or federal program

13-27 of assistance to authorities and perform any obligation required under its

13-28 agreement or by state or federal law to obtain the loan or assistance.

13-29 2. Assume, lease or manage a development or undertaking

13-30 constructed or owned by the state or the Federal Government.

13-31 3. Participate in a plan or program of the state or the Federal

13-32 Government that provides revenues to carry out the activities authorized

13-33 by this chapter.

13-34 4. Operate or administer a program of rental assistance for itself or

13-35 on behalf of others.

13-36 Sec. 41. NRS 315.600 is hereby amended to read as follows:

13-37 315.600 1. An authority [shall have power:

13-43 and may issue refunding or advance refunding bonds to pay or retire

14-1 bonds previously issued. NRS 315.600 to 315.780, inclusive, and sections

14-2 24 and 25 of this act constitute full and complete authority for the

14-3 issuance, delivery and sale of bonds pursuant to this chapter without

14-4 reference to or compliance with any other statute of this state.

14-5 2. Bonds of an authority must be authorized by a resolution adopted

14-6 by the vote of a majority of its commissioners.

14-7 Sec. 42. NRS 315.610 is hereby amended to read as follows:

14-8 315.610 1. An authority may issue such types of bonds as it may

14-42 4. The bonds may designate an agent and procedure for establishing

14-43 the interest rate. If the bonds designate such an agent and procedure, the

15-1 interest rate on such bonds must be the interest rate established by the

15-2 agent. If the bonds do not designate an agent and procedure, the interest

15-3 on such bonds must not exceed by more than 3 percent the Index of

15-4 Revenue Bonds that was most recently published before the bids are

15-5 received or a negotiated offer is accepted.

15-6 5. The resolution may provide for the issuance of zero-coupon bonds

15-7 or bonds subject to federal taxation of interest.

15-8 6. The authority may issue bonds or other obligations to which the

15-9 volume caps on the issuance of private activity bonds is allocated

15-10 pursuant to chapter 348A of NRS only if the issuance of the bonds or

15-11 other obligations is approved by the state board of finance before the

15-12 issuance of such bonds or other obligations.

15-13 Sec. 43. NRS 315.620 is hereby amended to read as follows:

15-14 315.620 1. Neither the commissioners of an authority nor any person

15-28 limitation or restriction.

15-29 Sec. 44. NRS 315.640 is hereby amended to read as follows:

15-30 315.640 1. The bonds or other obligations may be sold [at public or

15-43 (1) Has a net worth of $500,000 or more; and

16-1 (2) Is purchasing the bonds or other obligations for investment and

16-2 not for resale.

16-3 2. The resolution may provide for sale at par or at a specified

16-4 discount or premium.

16-5 3. An authority may enter into agreements with third parties for the

16-6 marketing of its bonds.

16-7 4. The commissioners may, before any sale of bonds, whether by

16-8 competitive bid or negotiated sale, authorize the chief administrative

16-9 officer or chief financial officer of the authority to sign a contract of the

16-10 purchase of the bonds or to accept a binding bid for the bonds subject to

16-11 the requirements specified by the commissioners concerning:

16-12 (a) The rate of interest and the dates for the payment of interest on the

16-13 bonds;

16-14 (b) The dates on which and the prices at which the bonds may be

16-15 called for redemption before maturity;

16-16 (c) The price at which the bonds will be sold; and

16-17 (d) The principal amount of the bonds, the amount of principal

16-18 maturing in any particular year and the dates for the payment of

16-19 principal on the bonds.

16-20 5. All terms of the bonds other than:

16-21 (a) The rate of interest and the dates for the payment of interest on the

16-22 bonds;

16-23 (b) The dates and prices for the redemption of the bonds;

16-24 (c) The price for the sale of the bonds; and

16-25 (d) The principal amount of the bonds, the amount of principal

16-26 maturing in any year and the dates for the payment of principal on the

16-27 bonds,

16-28 must be approved by the commissioners of the authority before the bonds

16-29 are delivered.

16-30 6. The final rate of interest, dates for the payment of interest, dates

16-31 and prices of redemption, price for the sale of bonds, principal amount,

16-32 dates for the payment of principal and requirements for the principal

16-33 amount maturing in particular years are not required to be approved by

16-34 the commissioners of the authority if each of those terms complies with

16-35 the requirements specified by the commissioners before the contract for

16-36 the purchase of the bonds is signed or the bid for the bonds is accepted.

16-37 Sec. 45. NRS 315.660 is hereby amended to read as follows:

16-38 315.660 1. No action or proceeding involving the validity or

16-42 enforceability of any bond of an authority or the security therefor, any such

17-1 bond reciting in substance that it has been issued by the authority to aid in

17-2 financing a [housing project, as defined in NRS 315.230,] development or

17-3 activity pursuant to this chapter is conclusively deemed to have been

17-4 issued for [such] that purpose and [such project] the development or

17-5 activity is conclusively deemed to have been planned, located, and carried

17-6 out in accordance with the purposes and provisions of [NRS 315.140 to

17-7 315.780, inclusive.] this chapter.

17-8 Sec. 46. NRS 315.670 is hereby amended to read as follows:

17-9 315.670 In connection with the issuance of bonds or the incurring of

17-13 25 of this act.

17-14 Sec. 47. NRS 315.690 is hereby amended to read as follows:

17-15 315.690 An authority may:

17-33 and conditions thereof.

17-34 Sec. 48. NRS 315.700 is hereby amended to read as follows:

17-35 315.700 An authority may:

17-43 money to be held for construction or operating costs, debt service, reserves

18-1 or other purposes, and covenant as to the use and disposition of the

18-2 [moneys] money held in [such] those funds.

18-3 Sec. 49. NRS 315.730 is hereby amended to read as follows:

18-4 315.730 An authority may:

18-18 covenant or rights securing or relating to the bonds.

18-19 Sec. 50. NRS 315.760 is hereby amended to read as follows:

18-20 315.760 1. The state and all public officers, municipal corporations,

18-42 selecting securities.

19-1 [2. The provisions of the Housing Authorities Law of 1947 apply

19-2 notwithstanding any restrictions on investments contained in other laws.]

19-3 Sec. 51. NRS 315.780 is hereby amended to read as follows:

19-4 315.780 By its resolution, trust indenture, mortgage, lease or other

19-33 protect the public interest or the property of the authority.

19-34 Sec. 52. NRS 315.988 is hereby amended to read as follows:

19-35 315.988 1. The state authority may exercise all or any part or

19-43 same manner and to the same extent as they apply to local authorities.

20-1 Sec. 53. NRS 350A.095 is hereby amended to read as follows:

20-2 350A.095 "Revenue securities" means notes, warrants, interim

20-13 sections 2 to 27, inclusive, of this act.

20-14 Sec. 54. NRS 315.230, 315.260, 315.300, 315.310, 315.520, 315.580,

20-15 315.590 and 315.630 are hereby repealed.

20-16 LEADLINES OF REPEALED SECTIONS

20-17 315.230 "Housing project" defined.

20-18 315.260 "Persons of low income" defined.

20-19 315.300 "Veteran" and "serviceman" defined.

20-20 315.310 Exemption of real property from execution, process and

20-23 315.520 Remedies of authority’s obligee: Effect of NRS 315.500

20-25 315.580 Housing for veterans and servicemen.

20-26 315.590 Lease of government war housing projects by authority.

20-27 315.630 Resolution authorizing bonds: Contents.