3-3 and 3 of this act, unless the context otherwise requires, the words and

3-4 terms defined in NRS 349.410 to 349.540, inclusive, have the meanings

3-8 [recognized] :

3-9 1. Recognized as exempt pursuant to section 501(c)(3) of the Internal

3-10 Revenue Code of 1986, 26 U.S.C. § 501(c)(3), future amendments to that

3-11 section and the corresponding provisions of future internal revenue laws [.]

3-12 ; or

3-13 2. Organized for a public or charitable purpose and which, upon

3-14 dissolution, must distribute its assets to the United States, a state, or a

3-15 person which is recognized as exempt pursuant to section 501(c)(3) of the

3-16 Internal Revenue Code of 1986, 26 U.S.C. § 501(c)(3), future

3-17 amendments to that section and the corresponding provisions of future

3-21 inclusive [:

3-22 1.] , and sections 2 and 3 of this act:

3-23 (a) Operate any manufacturing, industrial, warehousing or commercial

3-24 enterprise or an organization for research and development or any health

3-25 and care facility to which he provided assistance; or

3-26 [2. Assist]

3-27 (b) Except as otherwise provided in subsection 2, assist any

3-28 manufacturing, industrial, warehousing or commercial enterprise or an

3-29 organization for research and development to locate in a county or city

3-30 which would [compete substantially with an enterprise or organization

3-31 already established in the county or city for substantially the same intrastate

3-32 markets.] result in the abandonment or closure of an existing facility of a

3-33 like nature located within that county or city, unless the existing facility

3-34 is operated by the contemplated lessee, purchaser or other obligor or an

3-35 affiliate of such a person and the facility is to be abandoned or closed

3-36 because of obsolescence, lack of available labor or limitations at the site

3-37 of the facility.

3-38 2. The provisions of paragraph (b) of subsection 1 do not apply to:

3-39 (a) Health and care facilities and supplemental facilities for a health

3-40 and care facility;

3-41 (b) Civic and cultural enterprises open to the general public;

3-42 (c) Enterprises located in a redevelopment area created pursuant to

4-11 section 2 of this act, the director shall not finance a project unless, before

4-12 financing:

4-13 1. The director finds that:

4-14 (a) The project to be financed has been approved for financing pursuant

4-15 to the requirements of NRS 244A.669 to 244A.763, inclusive, or 268.512

4-16 to 268.568, inclusive; and

4-17 (b) There has been a request by a city or county to have the director

4-18 issue bonds to finance the project; or

4-19 2. The director finds and both the board and the governing body of the

4-20 city or county where the project is to be located approve the findings of the

4-21 director that:

4-22 (a) The project consists of any land, building or other improvement and

4-23 all real and personal properties necessary in connection therewith,

4-24 excluding inventories, raw materials and working capital, whether or not in

4-25 existence, which is suitable for new construction, improvement,

4-26 preservation, restoration, rehabilitation or redevelopment:

4-27 (1) For manufacturing, industrial, warehousing, civic, cultural or other

4-28 commercial enterprises, educational institutions , corporations for public

4-29 benefit or organizations for research and development;

4-30 (2) For a health and care facility or a supplemental facility for a health

4-31 and care facility;

4-32 (3) Of real or personal property appropriate for addition to a hotel,

4-33 motel, apartment building, casino or office building to protect it or its

4-34 occupants from fire; or

4-35 (4) Of a historic structure;

4-36 (b) The project will provide a public benefit;

4-37 (c) The contemplated lessee, purchaser or other obligor has sufficient

4-38 financial resources to place the project in operation and to continue its

4-39 operation, meeting the obligations of the lease, purchase contract or

4-40 financing agreement;

4-41 (d) There are sufficient safeguards to assure that all money provided by

5-18 before financing a project pursuant to subsection 2 of NRS 349.580, the

5-19 director and the [state board of finance] board must also:

5-20 1. Determine the total amount of money necessary to be provided by

5-21 the director for financing the project.

5-22 2. [Receive] Except as otherwise provided in this subsection, receive

5-23 a 5-year operating history from the contemplated lessee, purchaser or other

5-24 obligor or from [a parent or other enterprise which guarantees principal and

5-25 interest payments] any other enterprise that will make or guarantee the

5-26 payment of the principal, premium, if any, and interest on any bonds

5-27 issued. An operating history is not required if the bonds:

5-28 (a) Are to be sold only to qualified institutional buyers, as defined in

5-29 Rule 144A of the Securities and Exchange Commission, 17 C.F.R. §

5-30 230.144A, in minimum denominations of at least $100,000; or

5-31 (b) Will receive a rating within one of the top four rating categories of

5-32 Moody’s Investors Service, Inc., Standard and Poor’s Rating Services or

5-33 Fitch IBCA, Inc.

5-34 3. Consider whether the contemplated lessee, purchaser, other obligor

5-35 or other enterprise [which guarantees principal and interest payments] that

5-36 will make or guarantee the payment of the principal, premium, if any,

5-37 and interest on any bonds issued has received within the 12 months

5-38 preceding the date of the findings of the director, or then has or has not in

5-39 effect, a rating within one of the top four rating categories of [either]

5-40 Moody’s Investors Service, Inc., [or] Standard and Poor’s Ratings Services

5-41 [.] or Fitch IBCA, Inc.

5-42 4. Identify any existing facilities of a like nature within the [area to be

6-11 provisions of NRS 349.400 to 349.670, inclusive, and sections 2 and 3 of

6-12 this act, including, without limitation, regulations for:

6-13 1. Investment and reinvestment of the proceeds from the sale of bonds,

6-14 including, but not limited to:

6-15 (a) Bonds or other obligations of the United States of America.

6-16 (b) Bonds or other obligations, the payment of the principal and interest

6-17 of which is unconditionally guaranteed by the United States of America.

6-18 (c) Obligations issued or guaranteed as to principal and interest by any

6-19 agency or person controlled or supervised by and acting as an

6-20 instrumentality of the United States of America pursuant to authority

6-21 granted by the Congress of the United States of America.

6-22 (d) Obligations issued or guaranteed by any state of the United States of

6-23 America, or any political subdivision of any state.

6-24 (e) Prime commercial paper.

6-25 (f) Prime finance company paper.

6-26 (g) Bankers’ acceptances drawn on and accepted by commercial banks.

6-27 (h) Repurchase agreements fully secured by obligations issued or

6-28 guaranteed as to principal and interest by the United States of America or

6-29 by any person controlled or supervised by and acting as an instrumentality

6-30 of the United States of America pursuant to authority granted by the

6-31 Congress of the United States of America.

6-32 (i) Certificates of deposit issued by commercial banks, including banks

6-33 domiciled outside the United States of America.

6-34 (j) Money market mutual funds that:

6-35 (1) Are registered with the Securities and Exchange Commission;

6-36 (2) Are rated by a nationally recognized rating service as "AAA" or

6-37 its equivalent; and

6-38 (3) Invest only in securities issued or guaranteed as to payment of

6-39 principal and interest by the Federal Government, or its agencies or

6-40 instrumentalities, or in repurchase agreements that are fully collateralized

6-41 by such securities.

6-42 2. Receiving, holding and disbursing of proceeds of the sale of bonds

7-3 to 349.670, inclusive, and sections 2 and 3 of this act, or NRS 244A.669

7-4 to 244A.763, inclusive, or 268.512 to 268.568, inclusive, may be refunded

7-5 by the director by the issuance of refunding bonds in an amount which he

7-6 deems necessary to refund the principal of the bonds to be so refunded, any

7-7 unpaid interest thereon and any premiums and incidental expenses

7-8 necessary to be paid in connection with refunding.

7-9 2. Refunding may be carried out whether the bonds to be refunded

7-10 have matured or thereafter mature, either by sale of the refunding bonds

7-11 and the application of the proceeds to the payment of the bonds to be

7-12 refunded, or by exchange of the refunding bonds for the bonds to be

7-13 refunded. The holders of the bonds to be refunded must not be compelled,

7-14 without their consent, to surrender their bonds for payment or exchange

7-15 before the date on which they are payable by maturity, option to redeem or

7-16 otherwise, or if they are called for redemption before the date on which

7-17 they are by their terms subject to redemption by option or otherwise.

7-18 3. All refunding bonds issued pursuant to this section must be payable

7-19 solely from revenues and other money out of which the bonds to be

7-20 refunded thereby are payable or from revenues out of which bonds of the

7-21 same character may be made payable under this or any other law then in

7-22 effect at the time of the refunding.

7-23 4. The director shall not issue refunding bonds unless before the

7-24 refinancing he finds that issuance of refunding bonds will provide a

7-25 lower cost of financing for the obligor or provide some other public

7-26 benefit, but the findings and determinations required by NRS 349.580

7-27 and 349.590 and section 2 of this act are not required with respect to