Senate Bill No. 323–Senator Titus

 

CHAPTER..........

 

AN ACT relating to railroads; authorizing the California-Nevada Super Speed Ground Transportation Commission to issue bonds, notes, obligations or evidences of borrowing to finance the construction of a super speed ground transportation system; making various changes to the definition of a super speed ground transportation system; 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. Chapter 705 of NRS is hereby amended by adding thereto a

 new section to read as follows:

   1.  The commission, or a corporation formed by the commission

 pursuant to the laws of this state or the State of California, as the

 commission deems appropriate, may issue bonds, notes, obligations or

 other evidences of borrowing to finance all or a part of the construction

 of all or a part of the super speed ground transportation system. For

 purposes of issuing bonds, notes, obligations or other evidences of

 borrowing pursuant to this section, the commission and any corporation

 formed by the commission are constituted authorities for the purposes of

 regulations enacted by the Internal Revenue Service pursuant to 26

 U.S.C. §§ 103 and 141 to 150, inclusive.

   2.  Bonds, notes, obligations or other evidences of borrowing issued

 by the commission or any corporation formed by the commission which

 are issued to finance all or any part of the construction of all or a part of

 the super speed ground transportation system may be payable from and

 secured by:

   (a) A pledge of property of the commission or a corporation formed by

 the commission pursuant to this section;

   (b) A pledge of any revenue of the super speed ground transportation

 system, including revenue from fares, revenue from advertising and all

 other revenue of the system; and

   (c) A pledge of any other money made available to the commission or

 a corporation formed by the commission pursuant to this section by:

     (1) Grants from the federal government or any other federal funds

 as may be available to pay costs of the super speed ground

 transportation system or debt service on any borrowing;

     (2) Any company, public or private; or

     (3) Any local government or governmental entity in this state or in

 the State of California pursuant to an intergovernmental agreement or

 otherwise.

   3.  The commission may enter into agreements with any person, local

 government or governmental entity for the provision of resources or

 assistance to the commission or a corporation formed by the commission

 concerning the financing of the super speed ground transportation

 system.

   4.  The commission or any corporation formed by the commission

 pursuant to this section may issue obligations to refund any obligations

 issued pursuant to the provisions of this section and NRS 705.4291 to

705.4296, inclusive, for any purpose the commission determines to be

sufficient.

   5.  Nothing in this section authorizes the commission or any

 corporation formed by the commission to obligate this state or the State

 of California or any political subdivision thereof unless such state or

 political subdivision has obligated itself to the commission or a

 corporation created by the commission through an intergovernmental

 agreement.

   6.  Unless a specific statute of this state or the State of California

 requires otherwise, upon dissolution of the commission, all property of

 the commission must be distributed between this state and the State of

 California in an equitable manner as agreed upon by the states.

   7.  The creation, perfection, priority and enforcement of any lien on

 pledged revenue or other money established to secure any bond, note,

 obligation or other evidence of borrowing issued pursuant to this

 section, must be as specified in this section and in the instruments

 approved by the commission pertaining to that bond, note, obligation or

 other evidence of borrowing. It is the purpose of this section to provide

 expressly for the creation, perfection, priority and enforcement of a

 security interest created by the commission in pledged revenues or other

 money in connection with bonds, notes, obligations or other evidences of

 borrowing issued pursuant to this section as described in paragraph (b)

 of subsection 3 of NRS 104.9109. Any lien on pledged revenue or other

 money created to secure any bond, note, obligation or other evidence of

 borrowing issued pursuant to this section has priority over any lien

 thereon created pursuant to the provisions of chapter 104 of NRS unless

 otherwise provided in the instrument creating the lien to secure such

 bond, note, obligation or other evidence of borrowing issued pursuant to

 the provisions of this section.

   Sec. 2.  NRS 705.4292 is hereby amended to read as follows:

   705.4292  As used in NRS 705.4291 to 705.4296, inclusive, and

 section 1 of this act, unless the context otherwise requires:

   1.  “Commission” means the California-Nevada Super Speed Ground

 Transportation Commission.

   2.  “Southern California” means the counties of Los Angeles, Orange,

 Riverside and San Bernardino.

   3.  “Super speed ground transportation system” means a system that:

   (a) Is capable of sustained speeds of at least [180] 240 miles per hour;

   (b) Uses magnetic levitation technology;

   (c) Carries primarily passengers; and

   [(c)] (d) Operates on a grade-separated, dedicated guideway.

   Sec. 3. Section 7 of chapter 568, Statutes of Nevada 1987, at page

 1359, as amended by section 4 of chapter 106, Statutes of Nevada 1991, at

 page 177, is hereby amended to read as follows:

   Sec. 7.  1.  This act becomes effective on January 1, 1988.

   2.  This act expires by limitation [1] :

   (a) One year after the date on which the governor declares by

 public proclamation that the super speed ground transportation

 system connecting southern California with southern Nevada has

 been completed [.] ; or

   (b) On the date all borrowing made pursuant to section 1 of this

act is retired,

whichever is later.

   Sec. 4.  1.  This act becomes effective on July 1, 2001.

   2.  Sections 1 and 2 of this act expire by limitation:

   (a) One year after the date on which the governor declares by public

 proclamation that the super speed ground transportation system connecting

 southern California with southern Nevada has been completed; or

   (b) On the date all borrowing made pursuant to section 1 of this act is

 retired,

whichever is later.

 

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