Senate Bill No. 497–Committee on Finance

 

CHAPTER..........

 

AN ACT relating to state financial administration; authorizing the issuance of general obligation bonds to acquire certain facilities for Truckee Meadows Community 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.  At the request of the University and Community

 College System of Nevada, the State Board of Finance shall issue general

 obligation bonds of the State of Nevada or a combination of general

 obligation bonds of the State of Nevada and other state securities in the

 face amount of not more than $8,500,000 for the purpose of acquiring a

 portion of the facilities known as the Reno Town Mall or similar facilities

 for Truckee Meadows Community College in Washoe County.

   2.  The amount of the bonds and the timing of the issuance of the bonds

 must be determined by the State Treasurer and representatives of the

 University and Community College System of Nevada and must reflect

 the expenses associated with the issuance of the bonds and the expenses

 and timing associated with the acquisition of a portion of the Reno Town

 Mall or similar facilities for Truckee Meadows Community College in

 Washoe County.

   3.  Following the acquisition of the portion of the Reno Town Mall or

 similar facilities for Truckee Meadows Community College in Washoe

 County with the proceeds of the bonds authorized by this act, the

 University and Community College System of Nevada shall pay or

 transfer to the State Treasurer on the date on which the rent payments for

 the portion of the Reno Town Mall that is rented by the University and

 Community College System of Nevada on the effective date of this act

 would have been due, for deposit into the consolidated bond interest and

 redemption fund, from amounts appropriated by the Legislature to the

 University and Community College System of Nevada for rent payments

 on a portion of the Reno Town Mall and from other money of the

 University and Community College System of Nevada, an amount equal to

 the amount of principal and interest which accrues on the bonds in each

 month following the acquisition of the portion of the Reno Town Mall or

 similar facilities for Truckee Meadows Community College in Washoe

 County.

For the purposes of this section, the principal amount and interest on the

 bonds shall be deemed to accrue in equal monthly amounts from the date

 of the issuance of the bonds until the date of the first interest payment on

 the bonds and thereafter each semiannual interest payment shall be

 deemed to accrue in six equal monthly installments ending on the

 semiannual interest payment date. Principal on the bonds shall be deemed

 to accrue in equal monthly installments from the date of the issuance of

 the bonds until the first principal payment date on the bonds and thereafter

 each annual principal payment shall be deemed to accrue in 12 equal

 monthly installments ending on each annual bond principal payment date.

 The annual principal payment must occur on the date of the first

 semiannual interest payment.

   4.  Except with respect to the first interest and principal payments, the

interest payments on the bonds must be made semiannually and the

 principal payments must be made annually.

   5.  The provisions of the State Securities Law, set forth in NRS

 349.150 to 349.364, inclusive, apply to the issuance of bonds pursuant to

 the provisions of this act.

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

 

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