Senate Bill No. 164–Senator O’Connell

 

CHAPTER..........

 

AN ACT relating to public securities; contingently authorizing the purchase of municipal and revenue securities by the state for the improvement, acquisition and construction of facilities for certain public schools; 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. NRS 350A.010 is hereby amended to read as follows:

   350A.010  The legislature finds that:

   1.  It is in the public interest to foster and promote the [protection] :

   (a) Protection and preservation of the property and natural resources of

 the State of Nevada, and to obtain the benefits thereof[,] ; and

   (b) Improvement, acquisition and construction of facilities for public

 elementary and secondary schools,

and that the state should encourage and assist municipalities in undertaking

 local projects for such purposes by making loans to municipalities which

 might not be otherwise available or which might be available only at

 prohibitive interest rates;

   2.  The making of such loans and the issuing of state securities therefor

 as general obligations are necessary, expedient and advisable for the

 protection and preservation of the property and natural resources of the

 State of Nevada [and] , for obtaining the benefits thereof[;] , and for the

 improvement, acquisition and construction of facilities for public

 elementary and secondary schools; and

   3.  Because of market conditions relating to credit and public finance, it

 is in the public interest to assist municipalities in the acquisition,

 construction or equipping of public improvements by providing money to

 municipalities at reasonable rates of interest through the issuance of state

 securities to finance the acquisition of revenue securities.

   Sec. 2.  NRS 350A.060 is hereby amended to read as follows:

   350A.060  “Lending project” means any undertaking which the state is

 authorized to complete in connection with loans to municipalities made by

 the purchase of:

   1.  Municipal securities validly issued for a purpose related to natural

 resources[;] or for the improvement, acquisition or construction of

 facilities for public elementary and secondary schools; or

   2.  Revenue securities validly issued for a purpose related to any

 undertaking which a municipality is authorized to complete.

   Sec. 3.  NRS 350A.070 is hereby amended to read as follows:

   350A.070  “Municipal securities” means notes, warrants, interim

 debentures, bonds and temporary bonds validly issued as obligations for a

 purpose related to natural resources or for the improvement, acquisition

 or construction of facilities for public elementary and secondary schools

 which are payable:

   1.  From taxes whether or not additionally secured by any municipal

 revenues available therefor;

   2.  For bonds issued by an irrigation district, from assessments against

 real property; or

   3.  For bonds issued by a water authority organized as a political

subdivision created by cooperative agreement, from revenues of the water

 system of the water authority or one or more of the water purveyors who

 are members of the water authority or any combination thereof.

   Sec. 4.  NRS 350A.110 is hereby amended to read as follows:

   350A.110  “State securities” means notes, warrants, interim debentures,

 bonds and temporary bonds issued as:

   1.  General obligations by the state pursuant to this chapter for any

 lending project which is for a purpose related to natural resources , for the

 improvement, acquisition or construction of facilities for public

 elementary and secondary schools or for a refunding which are payable

 from taxes, whether or not additionally secured by a pledge of all or any

 designated revenues of one or more lending projects; or

   2.  Limited obligations by the state pursuant to this chapter for any

 lending project which is for a purpose related to any undertaking which a

 municipality is authorized to complete or for a refunding which are

 payable from the revenues of one or more lending projects.

   Sec. 5.  NRS 350A.130 is hereby amended to read as follows:

   350A.130  In order to:

   1.  Protect and preserve the property and natural resources of the state,

 [and] to obtain the benefits thereof[;] , and to improve, acquire and

 construct facilities for public elementary and secondary schools; and

   2.  Assist municipalities in the acquisition, construction and equipping

 of public improvements,

the state treasurer may make loans to municipalities by purchasing their

 municipal securities validly issued for a purpose related to natural

 resources or for the improvement, acquisition or construction of facilities

 for public elementary and secondary schools, or their revenue securities

 validly issued for a purpose related to any undertaking which the

 municipality is authorized to complete.

   Sec. 6.  This act becomes effective on December 1, 2002, only if

 Assembly Joint Resolution No. 26 of the 70th session of the

Nevada Legislature is approved by the voters at the general election on

 November 5, 2002.

 

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