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 349 of NRS is hereby amended by adding thereto a

1-2 new section to read as follows:

1-3 1. Except as otherwise provided in subsection 2, the director, the

1-4 board or the governing body of the county or city where a project is

1-5 located shall make available for public inspection, upon request,

1-6 information regarding any assistance provided by the director to an

1-7 obligor to finance a project pursuant to NRS 349.400 to 349.670,

1-8 inclusive.

1-9 2. The director, the board or the governing body of the county or city

1-10 where the project is located shall not disclose, except as ordered by a

1-11 court of competent jurisdiction:

1-12 (a) Financial records;

2-1 (b) Proprietary information; or

2-2 (c) Information relating to the location of a project within this
2-3 state,

2-4 that an obligor furnishes to the director for the sole purpose of obtaining

2-5 the director’s assistance in financing a project pursuant to NRS 349.400

2-6 to 349.670, inclusive.

2-7 3. As used in this section:

2-8 (a) "Proprietary information" means any trade secret or other

2-9 information which, if disclosed to members of the general public, may

2-10 result in a competitive disadvantage to the obligor, including, without

2-11 limitation:

2-12 (1) Documents concerning the marketing or strategic planning of

2-13 the obligor;

2-14 (2) Data, studies and reports concerning the development of new

2-15 products or services; and

2-16 (3) Data that identify the share of the market of the obligor.

2-17 (b) "Trade secret" has the meaning ascribed to it in NRS 600A.030.

2-18 Sec. 2. NRS 349.400 is hereby amended to read as follows:

2-19 349.400 As used in NRS 349.400 to 349.670, inclusive, and section 1

2-22 to them in those sections.

2-23 Sec. 3. NRS 349.425 is hereby amended to read as follows:

2-24 349.425 "Corporation for public benefit" means a corporation that is

2-35 internal revenue laws.

2-36 Sec. 4. NRS 349.565 is hereby amended to read as follows:

2-37 349.565 1. The director may not, under NRS 349.400 to 349.670,

2-43 [2. Assist]

3-1 (b) Except as otherwise provided in subsection 2, assist any

3-2 manufacturing, industrial, warehousing or commercial enterprise or an

3-3 organization for research and development to locate in a county or city

3-4 which would [compete substantially with an enterprise or organization

3-5 already established in the county or city for substantially the same intrastate

3-6 markets.] result in the abandonment or closure of an existing facility of a

3-7 like nature located within that county or city, unless the existing facility

3-8 is operated by the contemplated lessee, purchaser or other obligor or an

3-9 affiliate of such a person and the facility is to be abandoned or closed

3-10 because of obsolescence, lack of available labor or limitations at the site

3-11 of the facility.

3-12 2. The provisions of paragraph (b) of subsection 1 do not apply to:

3-13 (a) Health and care facilities and supplemental facilities for a health

3-14 and care facility;

3-15 (b) Civic and cultural enterprises open to the general public;

3-16 (c) Enterprises located in a redevelopment area created pursuant to

3-17 NRS 279.382 to 279.685, inclusive;

3-18 (d) Enterprises located in an area designated as an empowerment

3-19 zone pursuant to sections 1391 to 1397, inclusive, of the Internal

3-20 Revenue Code of 1986, 26 U.S.C. §§ 1391-97, future amendments to

3-21 those sections and the corresponding provisions of future internal

3-22 revenue laws;

3-23 (e) Facilities established by a corporation for public benefit; and

3-24 (f) Enterprises whose products are substantially sold, used or

3-25 distributed outside this state.

3-26 Sec. 5. NRS 349.580 is hereby amended to read as follows:

3-27 349.580 [The] Except as otherwise provided in NRS 349.640, the

3-42 preservation, restoration, rehabilitation or redevelopment:

4-1 (1) For manufacturing, industrial, warehousing, civic, cultural or other

4-2 commercial enterprises, educational institutions , corporations for public

4-3 benefit or organizations for research and development;

4-4 (2) For a health and care facility or a supplemental facility for a health

4-5 and care facility;

4-6 (3) Of real or personal property appropriate for addition to a hotel,

4-7 motel, apartment building, casino or office building to protect it or its

4-8 occupants from fire; or

4-9 (4) Of a historic structure;

4-10 (b) The project will provide a public benefit;

4-11 (c) The contemplated lessee, purchaser or other obligor has sufficient

4-12 financial resources to place the project in operation and to continue its

4-13 operation, meeting the obligations of the lease, purchase contract or

4-14 financing agreement;

4-15 (d) There are sufficient safeguards to assure that all money provided by

4-16 the department will be expended solely for the purposes of the project;

4-17 (e) [There are existing and projected needs for the project and the

4-18 project would alleviate an existing shortage of facilities or services in the

4-19 state;

4-20 (f)] The project would be compatible with existing facilities in the area

4-21 adjacent to the location of the project;

4-22 [(g)] (f) The project is compatible with the plan of the state for

4-23 economic diversification and development or for the marketing and

4-24 development of tourism in this state;

4-25 [(h)] (g) Through the advice of counsel or other reliable source that the

4-26 project has received all approvals by the local, state and federal

4-27 governments which may be necessary to proceed with construction,

4-28 improvement, rehabilitation or redevelopment of the project; and

4-29 [(i)] (h) There has been a request by a city, county, lessee, purchaser,

4-30 other obligor or other enterprise to have the director issue revenue bonds

4-31 for industrial development to finance the project.

4-32 Sec. 6. NRS 349.590 is hereby amended to read as follows:

4-33 349.590 [Before] Except as otherwise provided in NRS 349.640,

4-43 issued. An operating history is not required if the bonds:

5-1 (a) Are to be sold only to qualified institutional buyers, as defined in

5-2 Rule 144A of the Securities and Exchange Commission, 17 C.F.R. §

5-3 230.144A, in minimum denominations of at least $100,000; or

5-4 (b) Will receive a rating within one of the top four rating categories of

5-5 Moody’s Investors Service, Inc., Standard and Poor’s Rating Services or

5-6 Fitch IBCA, Inc.

5-7 3. Consider whether the contemplated lessee, purchaser, other obligor

5-8 or other enterprise [which guarantees principal and interest payments] that

5-9 will make or guarantee the payment of the principal, premium, if any,

5-10 and interest on any bonds issued has received within the 12 months

5-11 preceding the date of the findings of the director, or then has or has not in

5-12 effect, a rating within one of the top four rating categories of [either]

5-13 Moody’s Investors Service, Inc., [or] Standard and Poor’s Ratings Services

5-14 [.] or Fitch IBCA, Inc.

5-15 4. Identify any existing facilities of a like nature within the [area to be

5-16 served by the project] county or city in which the project will be located

5-17 and consider [what the competitive effect of the project would be on the

5-18 existing facilities.] the applicability of paragraph (b) of subsection 1 of

5-19 NRS 349.565.

5-20 5. Consider the extent to which the project is affected by any federal,

5-21 state or local governmental action, activity, program or development.

5-22 6. Consider whether the lessee, purchaser, other obligor or other

5-23 enterprise of the project has maintained facilities appropriate to the

5-24 community in this state for 10 years or longer.

5-25 Sec. 7. NRS 349.630 is hereby amended to read as follows:

5-26 349.630 The director shall adopt regulations to carry out the

5-42 (g) Bankers’ acceptances drawn on and accepted by commercial banks.

6-1 (h) Repurchase agreements fully secured by obligations issued or

6-2 guaranteed as to principal and interest by the United States of America or

6-3 by any person controlled or supervised by and acting as an instrumentality

6-4 of the United States of America pursuant to authority granted by the

6-5 Congress of the United States of America.

6-6 (i) Certificates of deposit issued by commercial banks, including banks

6-7 domiciled outside the United States of America.

6-8 (j) Money market mutual funds that:

6-9 (1) Are registered with the Securities and Exchange Commission;

6-10 (2) Are rated by a nationally recognized rating service as "AAA" or

6-11 its equivalent; and

6-12 (3) Invest only in securities issued or guaranteed as to payment of

6-13 principal and interest by the Federal Government, or its agencies or

6-14 instrumentalities, or in repurchase agreements that are fully collateralized

6-15 by such securities.

6-16 2. Receiving, holding and disbursing of proceeds of the sale of bonds

6-17 by one or more banks or trust companies located within or out of this state.

6-18 Sec. 8. NRS 349.640 is hereby amended to read as follows:

6-19 349.640 1. Any bonds issued under the provisions of NRS 349.400

6-43 benefit, but the findings and determinations required by NRS 349.580

7-1 and 349.590 are not required with respect to refunding bonds issued

7-2 pursuant to this section.

7-3 Sec. 9. This act becomes effective upon passage and approval.