exempt

                                                   (REPRINTED WITH ADOPTED AMENDMENTS)

 

Senate Bill No. 496–Committee on Finance

 

March 26, 2001

____________

 

Referred to Committee on Finance

 

SUMMARY—Authorizes issuance of revenue bonds to finance certain buildings at Great Basin College. (BDR S‑1226)

 

FISCAL NOTE:            Effect on Local Government: No.

                                    Effect on the State: No.

 

~

 

EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.

 

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:

 

1-1    Section 1. 1.  Except as otherwise provided in this section, the terms

1-2  used or referred to in this section have the meanings ascribed to them in the

1-3  University Securities Law. As used in this section, unless the context

1-4  otherwise requires:

1-5    (a) “Net pledged revenues” means all the pledged revenues, without any

1-6  deduction of any operation and maintenance expenses, except as otherwise

1-7  provided in the definition of “pledged revenues.”

1-8    (b) “Pledged revenues”:

1-9       (1) Means, in connection with securities issued pursuant to this

1-10  section to finance in part the project designated in paragraph (c):

1-11        (I) The gross revenues derived from or otherwise pertaining to the

1-12  operation of any one, all, or any combination of facilities enumerated in

1-13  NRS 396.828 and situated on the campuses of the community colleges,

1-14  including, without limitation, the Great Basin College, of the University

1-15  and Community College System of Nevada, including, without limitation,

1-16  the project, which revenues the board, by the resolution authorizing the

1-17  securities issued pursuant to this section, determines to pledge for the

1-18  payment of the securities, after the deduction of the expenses of operation

1-19  and maintenance of those facilities pertaining to those pledged revenues;

1-20  and

1-21        (II) The gross revenues derived from the imposition and collection

1-22  of the fees designated in NRS 396.8395, payable by the students attending

2-1  any of the community colleges, including, without limitation, the Great

2-2  Basin College, of the University and Community College System of

2-3  Nevada, subject to the limitation provided in subsection 5 of NRS 396.840;

2-4       (2) Includes, in connection with students attending those community

2-5  colleges, any fees of students authorized by law after the effective date of

2-6  this section, all grants, conditional or unconditional, from the Federal

2-7  Government for the payment of any securities requirements, if any, and net

2-8  revenues, if any, to be derived from the operations of income-producing

2-9  facilities of the community colleges, including, without limitation, the

2-10  Great Basin College, the board or from other available sources, and to

2-11  which fees, grants and revenues, the pledge and lien provided for the

2-12  payment of the securities authorized in this section and any other securities

2-13  payable therefrom are extended after the effective date of this section; and

2-14      (3) Indicates a source of revenues and does not necessarily indicate

2-15  all or any portion of such revenues in the absence of further qualification.

2-16    (c) “Project” means the construction, other acquisition and

2-17  improvement, or any combination thereof, of a building or buildings for

2-18  student housing and dining at the Great Basin College, equipment and

2-19  furnishings therefor, and other appurtenances relating thereto.

2-20    2.  The board, on behalf and in the name of the university, is authorized

2-21  by this section, as supplemented by the provisions of the University

2-22  Securities Law:

2-23    (a) To finance the project by the issuance of bonds and other securities

2-24  of the university in a total principal amount not exceeding $3,000,000,

2-25  except that if the board sells any of the bonds or other securities at a

2-26  discount, the total principal amount of the bonds and other securities the

2-27  board is authorized to issue increases by an amount equal to the amount of

2-28  the discount at which the bonds or other securities are sold;

2-29    (b) To issue the bonds and other securities in connection with the

2-30  project in one series or more at any time or from time to time, but not later

2-31  than 5 years after the effective date of this section, as the board determines,

2-32  and consisting of special obligations of the university payable from the net

2-33  pledged revenues authorized by this section and which may subsequently

2-34  be payable from other net pledged revenues, secured by a pledge thereof

2-35  and a lien thereon, subject to existing contractual limitations, and subject to

2-36  the limitations in paragraph (a);

2-37    (c) To employ legal, fiscal and other expert services and to defray the

2-38  costs thereof with any money available therefor, including, without

2-39  limitation, proceeds of securities authorized by this section; and

2-40    (d) To exercise the incidental powers provided in the University

2-41  Securities Law in connection with the powers authorized by this section

2-42  except as otherwise expressly provided in this section.

2-43    3.  This section does not prevent the board from funding, refunding or

2-44  reissuing any securities of the university or the board at any time as

2-45  provided in the University Securities Law.

2-46    4.  The powers conferred by this section are in addition to and

2-47  supplemental to, and the limitations imposed by this section do not affect

2-48  the powers conferred by any other law, general or special. Securities may

2-49  be issued under this section without regard to the procedure required by

3-1  any other such law except as otherwise provided in this section or in the

3-2  University Securities Law. Insofar as the provisions of this section are

3-3  inconsistent with the provisions of any other law, general or special, the

3-4  provisions of this section control.

3-5    5.  The legislature intends that this section, being necessary to secure

3-6  and preserve the public health, safety, convenience and welfare, be

3-7  liberally construed to effect its purposes.

3-8    6.  If any provision of this section or the application thereof to any

3-9  person, thing or circumstances is held invalid, that invalidity does not

3-10  affect the provisions or application of this section that can be given effect

3-11  without the invalid provisions or application, and to this end the provisions

3-12  of this section are declared to be severable.

3-13    Sec. 2.  This act becomes effective upon passage and approval.

 

3-14  H