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;

4-13 section 2 of this act, the director shall not finance a project unless, before

4-14 financing:

4-15 1. The director finds that:

4-16 (a) The project to be financed has been approved for financing pursuant

4-17 to the requirements of NRS 244A.669 to 244A.763, inclusive, or 268.512

4-18 to 268.568, inclusive; and

4-19 (b) There has been a request by a city or county to have the director

4-20 issue bonds to finance the project; or

4-21 2. The director finds and both the board and the governing body of the

4-22 city or county where the project is to be located approve the findings of the

4-23 director that:

4-24 (a) The project consists of any land, building or other improvement and

4-25 all real and personal properties necessary in connection therewith,

4-26 excluding inventories, raw materials and working capital, whether or not in

4-27 existence, which is suitable for new construction, improvement,

4-28 preservation, restoration, rehabilitation or redevelopment:

4-29 (1) For manufacturing, industrial, warehousing, civic, cultural or other

4-30 commercial enterprises, educational institutions , corporations for public

4-31 benefit or organizations for research and development;

4-32 (2) For a health and care facility or a supplemental facility for a health

4-33 and care facility;

4-34 (3) Of real or personal property appropriate for addition to a hotel,

4-35 motel, apartment building, casino or office building to protect it or its

4-36 occupants from fire; or

4-37 (4) Of a historic structure;

4-38 (b) The project will provide a public benefit;

4-39 (c) The contemplated lessee, purchaser or other obligor has sufficient

4-40 financial resources to place the project in operation and to continue its

4-41 operation, meeting the obligations of the lease, purchase contract or

5-20 before financing a project pursuant to subsection 2 of NRS 349.580, the

5-21 director and the [state board of finance] board must also:

5-22 1. Determine the total amount of money necessary to be provided by

5-23 the director for financing the project.

5-24 2. [Receive] Except as otherwise provided in this subsection, receive

5-25 a 5-year operating history from the contemplated lessee, purchaser or other

5-26 obligor or from [a parent or other enterprise which guarantees principal and

5-27 interest payments] any other enterprise that will make or guarantee the

5-28 payment of the principal, premium, if any, and interest on any bonds

5-29 issued. An operating history is not required if the bonds:

5-30 (a) Are to be sold only to qualified institutional buyers, as defined in

5-31 Rule 144A of the Securities and Exchange Commission, 17 C.F.R. §

5-32 230.144A, in minimum denominations of at least $100,000; or

5-33 (b) Will receive a rating within one of the top four rating categories of

5-34 Moody’s Investors Service, Inc., Standard and Poor’s Rating Services or

5-35 Fitch IBCA, Inc.

5-36 3. Consider whether the contemplated lessee, purchaser, other obligor

5-37 or other enterprise [which guarantees principal and interest payments] that

5-38 will make or guarantee the payment of the principal, premium, if any,

5-39 and interest on any bonds issued has received within the 12 months

5-40 preceding the date of the findings of the director, or then has or has not in

5-41 effect, a rating within one of the top four rating categories of [either]

5-42 Moody’s Investors Service, Inc., [or] Standard and Poor’s Ratings Services

6-13 provisions of NRS 349.400 to 349.670, inclusive, and sections 2 and 3 of

6-14 this act, including, without limitation, regulations for:

6-15 1. Investment and reinvestment of the proceeds from the sale of bonds,

6-16 including, but not limited to:

6-17 (a) Bonds or other obligations of the United States of America.

6-18 (b) Bonds or other obligations, the payment of the principal and interest

6-19 of which is unconditionally guaranteed by the United States of America.

6-20 (c) Obligations issued or guaranteed as to principal and interest by any

6-21 agency or person controlled or supervised by and acting as an

6-22 instrumentality of the United States of America pursuant to authority

6-23 granted by the Congress of the United States of America.

6-24 (d) Obligations issued or guaranteed by any state of the United States of

6-25 America, or any political subdivision of any state.

6-26 (e) Prime commercial paper.

6-27 (f) Prime finance company paper.

6-28 (g) Bankers’ acceptances drawn on and accepted by commercial banks.

6-29 (h) Repurchase agreements fully secured by obligations issued or

6-30 guaranteed as to principal and interest by the United States of America or

6-31 by any person controlled or supervised by and acting as an instrumentality

6-32 of the United States of America pursuant to authority granted by the

6-33 Congress of the United States of America.

6-34 (i) Certificates of deposit issued by commercial banks, including banks

6-35 domiciled outside the United States of America.

6-36 (j) Money market mutual funds that:

6-37 (1) Are registered with the Securities and Exchange Commission;

6-38 (2) Are rated by a nationally recognized rating service as "AAA" or

6-39 its equivalent; and

6-40 (3) Invest only in securities issued or guaranteed as to payment of

6-41 principal and interest by the Federal Government, or its agencies or

6-42 instrumentalities, or in repurchase agreements that are fully collateralized

7-5 to 349.670, inclusive, and sections 2 and 3 of this act, or NRS 244A.669

7-6 to 244A.763, inclusive, or 268.512 to 268.568, inclusive, may be refunded

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

7-8 deems necessary to refund the principal of the bonds to be so refunded, any

7-9 unpaid interest thereon and any premiums and incidental expenses

7-10 necessary to be paid in connection with refunding.

7-11 2. Refunding may be carried out whether the bonds to be refunded

7-12 have matured or thereafter mature, either by sale of the refunding bonds

7-13 and the application of the proceeds to the payment of the bonds to be

7-14 refunded, or by exchange of the refunding bonds for the bonds to be

7-15 refunded. The holders of the bonds to be refunded must not be compelled,

7-16 without their consent, to surrender their bonds for payment or exchange

7-17 before the date on which they are payable by maturity, option to redeem or

7-18 otherwise, or if they are called for redemption before the date on which

7-19 they are by their terms subject to redemption by option or otherwise.

7-20 3. All refunding bonds issued pursuant to this section must be payable

7-21 solely from revenues and other money out of which the bonds to be

7-22 refunded thereby are payable or from revenues out of which bonds of the

7-23 same character may be made payable under this or any other law then in

7-24 effect at the time of the refunding.

7-25 4. The director shall not issue refunding bonds unless before the

7-26 refinancing he finds that issuance of refunding bonds will provide a

7-27 lower cost of financing for the obligor or provide some other public

7-28 benefit, but the findings and determinations required by NRS 349.580

7-29 and 349.590 and section 2 of this act are not required with respect to