Assembly Amendment to Assembly Bill No. 484 (BDR 25-1513)
Proposed by: Committee on Government Affairs
Amendment Box:
Amends: Summary: Title: Preamble: Joint Sponsorship:
ASSEMBLY ACTION
Initial and Date | SENATE ACTION Initial and DateAdopted Lost | Adopted Lost
Concurred In Not | Concurred In Not
Receded Not | Receded Not
Amend sec. 18, page 3, line 21, by deleting "
1.".Amend sec. 18, page 3, line 24, by deleting "
(a)" and inserting "1.".Amend sec. 18, page 3, line 26, by deleting "
(b)" and inserting "2.".Amend sec. 18, page 3, by deleting lines 29 through 34.
Amend sec. 19, page 3, line 35, by deleting "
For" and inserting:"
Except as otherwise provided in subsection 4, for".Amend sec. 19, page 4, between lines 25 and 26, by inserting:
"
4. An authority may not finance mortgages on owner-occupied, single-family residences with bonds or other obligations that require an allocation of the volume caps on the issuance of private activity bonds pursuant to chapter 348A of NRS.".Amend sec. 24, page 5, by deleting lines 21 through 24.
Amend sec. 24, page 5, line 25, by deleting "
3." and inserting "2.".Amend sec. 24, page 5, line 26, by deleting:
"
to 26, inclusive," and inserting "and 25".Amend sec. 25, page 5, by deleting lines 32 through 37 and inserting:
"
the proceeds of the bonds.2. A note in anticipation may be issued for not more than 5 years, and except as otherwise provided in this subsection, may be renewed for not more than 1 year, but each note must be paid not later than 5 years after the note was originally issued. A note may not be renewed if such renewal would extend the time for payment of the note beyond 5 years after the note was originally issued.".
Amend sec. 25, page 6, line 5, by deleting the period and inserting:
"
if:(a) The bonds issued by an authority on behalf of others are special, limited obligations of the authority and the principal of and interest on such bonds are payable, subject to the security provisions herein, solely out of the revenues derived from the financing, leasing or sale of the development to be financed by the bonds;
(b) The bonds and any interest thereon will never constitute the debt or indebtedness of the authority within the meaning of any provision or limitation of the constitution or statutes of the State of Nevada, and will not constitute or give rise to a pecuniary liability of the authority or a charge against its general credit; and
(c) The limitations contained in paragraph (b) stated plainly on the face of each such bond.
".Amend sec. 26, page 6, by deleting sec. 26 and inserting:
"Sec. 26. (Deleted by amendment.)".
Amend sec. 27, page 6, by deleting lines 19 through 21 and inserting:
"Sec. 27
. A guaranty or other instrument may not be given that provides for".Amend sec. 27, page 6, by deleting lines 24 through 32 and inserting:
"
resolution finding that:1. Giving the guaranty or instrument will result in lower financing costs to the authority; and
2. The value of all property which is pledged or mortgaged does not, at the time the pledge or mortgage is given or entered into, exceed an amount equal to 1 1/2 times the value of the property being acquired.
The finding and determination of values by the commissioners are conclusive in the absence of fraud or gross abuse of discretion.".Amend the bill as a whole by adding a new section designated sec. 29.5, following sec. 29, to read as follows:
"Sec. 29.5. NRS 315.180 is hereby amended to read as follows:
315.180 "Bonds" means any bonds, notes, interim certificates,
certificates of participation, debentures or other obligations issued by an authority pursuant to NRS 315.140 to 315.780, inclusiveAmend sec. 34, page 9, by deleting lines 30 through 32 and inserting "
appropriate.".Amend sec. 35, page 9, line 36, by deleting "
26," and inserting "25,".Amend sec. 41, page 14, line 6, by deleting:
"
to 26, inclusive," and inserting "and 25".Amend sec. 42, page 14, by deleting lines 12 through 25 and inserting:
(a) Exclusively from the income and] with any one or both of the following:
(a) Income or revenues of the [housing project] authority or loan repayments of the development whether or not financed with the proceeds of such bonds [.
(b) Exclusively from the income and revenues of certain designated housing projects whether or not they are financed in whole or in part with the proceeds of such bonds.
(c) From its] , or with a grant from the Federal Government, or this state, or any public agency thereof, in aid of such development or to carry out any purpose authorized by NRS 315.140 to 315.780, inclusive, and sections 2 to 27, inclusive, of this act.
(b) Its revenues generally.
2. Any of the bonds may be additionally secured by a pledge of any grant or contributions from the Federal Government or other source, or a pledge of any income or revenues of the authority, or a mortgage of any housing project, projects or other property of the authority.
3. Bonds may be issued in one or more series and, subject to the provisions of subsection 4, must:".
Amend sec. 42, page 14, by deleting lines 38 and 39 and inserting:
"4. The bonds may designate an agent and procedure for establishing the interest rate. If the bonds designate such an agent and procedure, the interest rate on such bonds must be the interest rate established by the agent. If the bonds do not designate an agent and procedure, the interest on such bonds must not exceed by more than 3 percent the Index of Revenue Bonds that was most recently published before the bids are received or a negotiated offer is accepted.
5. The resolution may provide for the issuance of zero-coupon bonds or bonds subject to federal taxation of interest.
6. The authority may issue bonds or other obligations to which the volume caps on the issuance of private activity bonds is allocated pursuant to chapter 348A of NRS only if the issuance of the bonds or other obligations is approved by the state board of finance before the issuance of such bonds or other obligations.".
Amend sec. 43, page 15, line 4, by deleting the comma and inserting:
"
or other obligations,".Amend sec. 44, page 15, by deleting lines 14 through 16 and inserting:
"315.640
1. The bonds or other obligations may be sold(a) If the bonds or other obligations have received on the date of issuance a rating within one of the top four rating categories of Moody’s Investors Service, Inc., or Standard and Poor’s Ratings Services, the bonds or other obligations may be offered publicly, through a public sale after such prior notice as the resolution may provide, or at private sale by negotiation without prior notice.
(b) If the bonds or other obligations have not received on the date of issuance a rating within one of the top four rating categories of Moody’s Investors Service, Inc., or Standard and Poor’s Rating Services, the bonds or other obligations must not be sold to more than 10 investors and each of those investors must certify that he:
(1) Has a net worth of $500,000 or more; and
(2) Is purchasing the bonds or other obligations for investment and not for resale.".
Amend sec. 44, page 15, between lines 20 and 21, by inserting:
"
4. The commissioners may, before any sale of bonds, whether by competitive bid or negotiated sale, authorize the chief administrative officer or chief financial officer of the authority to sign a contract of the purchase of the bonds or to accept a binding bid for the bonds subject to the requirements specified by the commissioners concerning:(a) The rate of interest and the dates for the payment of interest on the bonds;
(b) The dates on which and the prices at which the bonds may be called for redemption before maturity;
(c) The price at which the bonds will be sold; and
(d) The principal amount of the bonds, the amount of principal maturing in any particular year and the dates for the payment of principal on the bonds.
5. All terms of the bonds other than:
(a) The rate of interest and the dates for the payment of interest on the bonds;
(b) The dates and prices for the redemption of the bonds;
(c) The price for the sale of the bonds; and
(d) The principal amount of the bonds, the amount of principal maturing in any year and the dates for the payment of principal on the bonds,
must be approved by the commissioners of the authority before the bonds are delivered.
6. The final rate of interest, dates for the payment of interest, dates and prices of redemption, price for the sale of bonds, principal amount, dates for the payment of principal and requirements for the principal amount maturing in particular years are not required to be approved by the commissioners of the authority if each of those terms complies with the requirements specified by the commissioners before the contract for the purchase of the bonds is signed or the bid for the bonds is accepted.
".Amend sec. 46, page 15, lines 38 and 39, by deleting:
"
to 26, inclusive," and inserting "and 25".Amend sec. 49, page 16, line 31, by deleting "
trustees," and inserting "obligees,".Amend sec. 49, page 16, by deleting lines 34 and 35 and inserting:
"2. Vest in an obligee or obligees
Amend sec. 49, page 16, by deleting lines 40 and 41 and inserting:
"authority with
3. Provide for the powers and duties of
Amend sec. 49, page 17, by deleting lines 1 and 2 and inserting:
"4. Provide the terms and conditions upon which
Amend sec. 52, page 18, by deleting line 21 and inserting:
"315.450, 315.460 and 315.470
and section 16 of this act in connection".Amend sec. 52, page 18, line 24, by deleting "
26," and inserting "25,".Amend sec. 54, page 18, line 41, by deleting "315.460,".
Amend the leadlines of repealed sections by deleting the leadline of NRS 315.460.