Assembly Bill No. 527–Assemblymen Parks, Segerblom, Mortenson,

Bache, Giunchigliani, Thomas, Buckley, Ohrenschall, Chowning, Collins,

Manendo, Williams, McClain, Claborn, de Braga, Humke, Hettrick,

Cegavske, Perkins, Lee, Neighbors, Berman, Gibbons, Marvel and

Price

CHAPTER........

AN ACT relating to the University and Community College System of Nevada; authorizing

the financing of campus facilities required or desired by the master plans at the

University of Nevada, Las Vegas, and the University of Nevada, Reno, with revenue

bonds issued pursuant to chapter 501, Statutes of Nevada 1991; increasing the

maximum amount authorized for those bonds; increasing the time within which

those bonds may be issued; authorizing the issuance of bonds for the construction of

a dental school; including any revenue derived from dental services provided at a

facility of the system within the definition of "pledged revenues" for the purposes of

the University Securities Law; and providing other matters properly relating thereto.

 

 

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN

SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

Section 1. Section 4 of chapter 501, Statutes of Nevada 1991, as last

amended by section 1 of chapter 93, Statutes of Nevada 1995, at page 112,

is hereby amended to read as follows:

Sec. 4. "Project" means the construction, land and other

acquisition, rehabilitation and improvement, or any combination

thereof, of additional:

1. Student housing and dining facilities required or desired by

the university at the University of Nevada, Reno, and University of

Nevada, Las Vegas; [and]

2. Parking facilities required or desired by the university at the

University of Nevada, Reno, and University of Nevada, Las Vegas

[,] ; and

3. Campus facilities required or desired by university master

plans at the University of Nevada, Las Vegas, and the University

of Nevada, Reno,

equipment and furnishings therefor, and other appurtenances

relating thereto as specified in a resolution of the board adopted

pursuant to this act.

Sec. 2. Section 5 of chapter 501, Statutes of Nevada 1991, as last

amended by section 2 of chapter 93, Statutes of Nevada 1995, at page 112,

is hereby amended to read as follows:

Sec. 5. 1. The board, on behalf and in the name of the

university, is authorized by this act, as supplemented by the

provisions of the University Securities Law:

(a) To finance the project by the issuance of bonds and other

securities of the university in a total principal amount not exceeding

[$12,000,000] $25,000,000 for facilities at the University of

Nevada, Reno, and in a total principal amount not exceeding

[$17,500,000] $67,500,000 for facilities at the University of

Nevada, Las Vegas [;] , $35,000,000 of which may be used for the

construction, other acquisition and improvement of a dental

school and other structures and clinics associated with the dental

school.

(b) To issue such bonds and other securities in connection with

the projects in one series or more at any time or from time to time

within [9] 18 years after the effective date of this act, as the board

may determine, and consisting of special obligations of the

university payable from the net pledged revenues authorized by this

act possible subsequently other net pledged revenues, secured by a

pledge thereof and a lien thereon, subject to existing contractual

limitations, and subject to the limitation in paragraph (a);

(c) To employ legal, fiscal and other expert services and to

defray the costs thereof with any money available therefor,

including, proceeds of securities authorized by this act; and

(d) To exercise the incidental powers provided in this University

Securities Law in connection with the powers authorized by this act

except as otherwise expressly provided in this act.

2. If the board determines to sell the bonds authorized by

subsection 1 at a discount from their face amount, the principal

amount of bonds which the board is authorized to issue provided in

subsection 1 is increased by an amount equal to the discount at

which the bonds are sold.

3. This act does not limit the board in funding, refunding or

reissuing any securities of the university or the board at any time as

provided in the University Securities Law.

Sec. 3. 1. The board of regents of the University of Nevada may, on

behalf and in the name of the university, finance the construction, other

acquisition and improvement of a dental school and other structures and

clinics associated with the dental school at the University of Nevada, Las

Vegas, by the issuance of bonds and other securities of the university in a

total principal amount not exceeding $35,000,000. The bonds and other

securities may be issued at one time or from time to time, within 5 years

after the effective date of this act and, except as otherwise provided in this

section, must be issued in accordance with the provisions of the University

Securities Law. The total principal amount of any bonds issued pursuant to

this section and pursuant to chapter 501, Statutes of Nevada 1991, as

amended, for this purpose must not exceed $35,000,000.

2. The bonds or other securities issued pursuant to subsection 1 must

be secured by a pledge of the revenues derived from or otherwise

pertaining to the imposition and collection of fees for dental services

provided at a facility for the University of Nevada, Las Vegas.

3. The provisions of this section do not limit the board in funding,

refunding or reissuing any securities of the university or the board at any

time as provided in the University Securities Law.

4. Any bonds or other securities issued pursuant to this section must

not be considered to be obligations general, special, or otherwise of the

state, or to be securities of debt of the state, and are not enforceable against

the state.

Sec. 4. NRS 396.828 is hereby amended to read as follows:

  1. 396.828 "Pledged revenues" means the money pledged wholly or in
  1. part for the payment of bonds or other securities issued hereunder, and,
  1. subject to any existing pledges or other contractual limitations, may include
  1. at the board’s discretion, all loans, grants or contributions to the university
  1. or board, if any, conditional or unconditional, from the Federal
  1. Government, the state, any public body or other donor for the payment of
  1. the principal of, the interest on, and any prior redemption premiums due in
  1. connection with any securities issued hereunder, or any combination
  1. thereof, and may include income or money derived from one, all or any
  1. combination of the following sources of revenue, including , without
  1. limitation , student fees and other fees, rates and charges appertaining
  1. thereto:
  1. 1. Dormitories, apartments and other facilities for housing;
  1. 2. Cafeterias, dining halls and other facilities for food service;
  1. 3. Student union and other facilities for student activities;
  1. 4. Store or other facilities for the sale or lease of books, stationery,
  1. student supplies, faculty supplies, office supplies and like material;
  1. 5. Stadium, arena, theater, fieldhouse and other athletic or recreational
  1. facilities for use in part by spectators or otherwise;
  1. 6. Land and any structures, other facilities, or other improvements
  1. thereon used or available for use for the parking of vehicles used for the
  1. transportation by land or air of persons to or from such land and any
  1. improvements thereon;
  1. 7. Properties for providing heat or any other utility furnished by the
  1. university or the board to any facilities on its campus;
  1. 8. Investments and reinvestments of unrestricted endowments; [and]
  1. 9. Any revenue derived from or otherwise pertaining to the
  1. imposition and collection of fees for dental services provided at a facility
  1. of the university; and
  1. 10. Facilities of the desert research institute, including , without
  1. limitation , money from:
  1. (a) Grants to the desert research institute by any person or the Federal
  1. Government;
  1. (b) Contracts and leases between the desert research institute and any
  1. person or governmental entity;
  1. (c) The investment of any money of the desert research institute; an
  1. d
  2. (d) Any other revenue received by the desert research institute, or by the
  1. board on behalf of the desert research institute pursuant to NRS 396.795 to
  1. 396.7956, inclusive.

Sec. 5. It is the intent of the Legislature in enacting section 3 of this

act that gifts, grants, donations and clinical fees be used to pay the principal

and interest on the bonds issued pursuant to section 3 of this act for the

construction and operation of the facilities authorized by the section. This

act does not obligate the use of money from the state general fund other

than any portion of the clinical fees that is derived from money

appropriated for Nevada Medicaid or the Children’s Health Insurance

Program.

Sec. 6. This act becomes effective upon passage and approval.

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