Senate Bill No. 496–Committee on Finance

 

CHAPTER..........

 

AN ACT relating to the University and Community College System of Nevada; authorizing the issuance of revenue bonds to pay a portion of the cost of constructing buildings for student housing and dining at the Great Basin College; 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. 1.  Except as otherwise provided in this section, the terms

 used or referred to in this section have the meanings ascribed to them in

 the University Securities Law. As used in this section, unless the context

 otherwise requires:

   (a) “Net pledged revenues” means all the pledged revenues, without any

 deduction of any operation and maintenance expenses, except as otherwise

 provided in the definition of “pledged revenues.”

   (b) “Pledged revenues”:

     (1) Means, in connection with securities issued pursuant to this

 section to finance in part the project designated in paragraph (c):

        (I) The gross revenues derived from or otherwise pertaining to the

 operation of any one, all, or any combination of facilities enumerated in

 NRS 396.828 and situated on the campuses of the community colleges,

 including, without limitation, the Great Basin College, of the University

 and Community College System of Nevada, including, without limitation,

 the project, which revenues the board, by the resolution authorizing the

 securities issued pursuant to this section, determines to pledge for the

 payment of the securities, after the deduction of the expenses of operation

 and maintenance of those facilities pertaining to those pledged revenues;

 and

        (II) The gross revenues derived from the imposition and collection

 of the fees designated in NRS 396.8395, payable by the students attending

 any of the community colleges, including, without limitation, the Great

 Basin College, of the University and Community College System of

 Nevada, subject to the limitation provided in subsection 5 of NRS

 396.840;

     (2) Includes, in connection with students attending those community

 colleges, any fees of students authorized by law after the effective date of

 this section, all grants, conditional or unconditional, from the Federal

 Government for the payment of any securities requirements, if any, and

 net revenues, if any, to be derived from the operations of income

-producing facilities of the community colleges, including, without

 limitation, the Great Basin College, the board or from other available

 sources, and to which fees, grants and revenues, the pledge and lien

 provided for the payment of the securities authorized in this section and

 any other securities payable therefrom are extended after the effective date

 of this section; and

     (3) Indicates a source of revenues and does not necessarily indicate

 all or any portion of such revenues in the absence of further qualification.

   (c) “Project” means the construction, other acquisition and

 improvement, or any combination thereof, of a building or buildings for

 student housing and dining at the Great Basin College, equipment and

 furnishings therefor, and other appurtenances relating thereto.

   2.  The board, on behalf and in the name of the university, is authorized

by this section, as supplemented by the provisions of the University

 Securities Law:

   (a) To finance the project by the issuance of bonds and other securities

 of the university in a total principal amount not exceeding $3,000,000,

 except that if the board sells any of the bonds or other securities at a

 discount, the total principal amount of the bonds and other securities the

 board is authorized to issue increases by an amount equal to the amount of

 the discount at which the bonds or other securities are sold;

   (b) To issue the bonds and other securities in connection with the

 project in one series or more at any time or from time to time, but not later

 than 5 years after the effective date of this section, as the board

 determines, and consisting of special obligations of the university payable

 from the net pledged revenues authorized by this section and which may

 subsequently be payable from other net pledged revenues, secured by a

 pledge thereof and a lien thereon, subject to existing contractual

 limitations, and subject to the limitations in paragraph (a);

   (c) To employ legal, fiscal and other expert services and to defray the

 costs thereof with any money available therefor, including, without

 limitation, proceeds of securities authorized by this section; and

   (d) To exercise the incidental powers provided in the University

 Securities Law in connection with the powers authorized by this section

 except as otherwise expressly provided in this section.

   3.  This section does not prevent the board from funding, refunding or

 reissuing any securities of the university or the board at any time as

 provided in the University Securities Law.

   4.  The powers conferred by this section are in addition to and

 supplemental to, and the limitations imposed by this section do not affect

 the powers conferred by any other law, general or special. Securities may

 be issued under this section without regard to the procedure required by

 any other such law except as otherwise provided in this section or in the

 University Securities Law. Insofar as the provisions of this section are

 inconsistent with the provisions of any other law, general or special, the

 provisions of this section control.

   5.  The legislature intends that this section, being necessary to secure

 and preserve the public health, safety, convenience and welfare, be

 liberally construed to effect its purposes.

   6.  If any provision of this section or the application thereof to any

 person, thing or circumstances is held invalid, that invalidity does not

 affect the provisions or application of this section that can be given effect

 without the invalid provisions or application, and to this end the provisions

 of this section are declared to be severable.

   Sec. 2.  This act becomes effective upon passage and approval.

 

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