Senate Bill No. 552–Committee on Government Affairs
CHAPTER..........
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1. Chapter 319 of NRS is hereby amended by adding thereto a
new section to read as follows:
1. Upon the approval of the state board of finance, the division may
enter into instruments, agreements and other such transactions for one
or more of the following purposes:
(a) Reducing or modifying the amount or duration of any payment,
interest rate, spread or similar risk;
(b) Lowering the cost of borrowing when used in combination with
the issuance or carrying of bonds or investments; or
(c) Enhancing the relationship between risk and return with respect to
the programs of the division for lending or investment or any portion
thereof.
2. In entering into such instruments, agreements or other such
transactions, the division shall consider the creditworthiness of the
counterparties and other relevant criteria relating to the objectives of the
programs of the division.
Sec. 2. NRS 319.140 is hereby amended to read as follows:
319.140 1. The division shall administer the provisions of this
chapter. The administrator may adopt, amend or rescind regulations,
consistent with the provisions of this chapter, appropriate to carry out its
purposes.
2. The administrator may make copies of all proceedings and other
records and documents of the division and issue certificates under the seal
of the division to the effect that the copies are true copies, and all persons
dealing with the division may rely upon such certificates.
3. The division has perpetual succession, subject to termination in
accordance with statute, and may [employ] :
(a) Sue and be sued in its own name, subject to chapter 41 of NRS;
(b) Adopt an official seal and alter the same at the pleasure of the
division;
(c) Maintain such offices at any place or places within the state as it
determines necessary to carry out the provisions of this chapter;
(d) Adopt, amend and repeal regulations as provided in chapter 233B
of NRS, consistent with the provisions of this chapter and appropriate to
carry out its purposes;
(e) Maintain records, proceedings and documents of the division,
subject to chapters 239, 239A and 239B of NRS;
(f) Make and execute contracts and all other instruments necessary or
convenient for the exercise of its powers and functions pursuant to this
chapter with any governmental agency, private corporation or other
entity, or natural person;
(g) Enter into agreements or other transactions with, and accept
grants from and cooperate with, any governmental agency or other
source in furtherance of the purposes of this chapter;
(h) Acquire real or personal property or any interest therein, by gift,
purchase, foreclosure, deed in lieu of foreclosure, lease, option or
otherwise;
(i) Hold, sell, assign, lease, encumber, mortgage, release or otherwise
dispose of any real or personal property or any interest therein, by public
or private sale, with or without public bidding, notwithstanding any
other provision of law;
(j) Employ or contract for the services of attorneys, accountants,
financial experts and any other advisers, employees, consultants and
agents as the administrator may determine to be necessary[.] ;
(k) Create or cause to be created legal entities, including nonprofit
corporations, grantor trusts and other legal entities, which the division
determines are necessary or convenient for the exercise of its powers and
duties pursuant to this chapter, provided, however, that the issuance of
bonds, notes or other evidence of indebtedness by any legal entity
controlled by the division is subject to the approval of the state board of
finance;
(l) Provide advice, technical information, training and educational
services related to the development of housing, building technologies
and related fields;
(m) Conduct research, make grants, and promote the development of
housing, building technologies and related fields; and
(n) Do any and all things necessary or appropriate to carry out its
purposes and exercise the powers expressly granted pursuant to this
chapter.
4. Before September 1 of each even-numbered year , the division shall
submit a report of its activities for the biennium ending June 30 of that
year to the governor, state treasurer and the legislature. Each such report
shall set forth a complete operating and financial statement of the division
during such biennium. The division shall cause an audit of its books and
accounts to be made at least once in each fiscal year by a certified public
accountant. The certified public accountant may audit the division’s books
and accounts for consecutive audit periods as requested by the division.
5. The division is exempt from the provisions of chapter 333 of NRS.
Sec. 3. NRS 319.190 is hereby amended to read as follows:
319.190 [1.] The division may make, undertake commitments to
make and participate with lending institutions in the making of mortgage
loans, make temporary loans and advances in anticipation of mortgage
loans, and issue letters of credit [pursuant to subsection 2] to finance the
acquisition, construction [or] , development, renewal, redevelopment,
rehabilitation or refinancing of residential housing, including multifamily
housing[. Any loan made by the division pursuant to this section must be
insured or guaranteed unless it is financed by an issue of obligations of the
division that are insured or secured by surety bonds, letters of credit not
issued by the division, guaranties or other means of assuring repayment of
those obligations. Such loans may be made or letters of credit issued only
after a determination by the administrator that mortgage loans or letters of
credit are not otherwise available from private lenders upon reasonable
equivalent terms and conditions.
2. The division may issue a letter of credit only if sufficient reserves in
the funds established by the division are deposited in a separate account to
be used to pay any liabilities that may be incurred by issuing the letter of
credit. The aggregate amount of outstanding letters of credit issued by the
division must not exceed $5,000,000.] , within this state.
Sec. 4. NRS 319.200 is hereby amended to read as follows:
319.200 Any [insured] mortgage loan made by the division [shall:
1. Not exceed the amount permitted under the insurance program
under which the mortgage is insured.
2. Be] must be secured in such manner, be repaid in such period and
bear interest at [a] such rate or rates as are determined by the division .
[and permitted under the insurance program under which the mortgage is
insured. In addition to such interest charges, the division may charge and
collect such fees and charges, including reimbursement of the division’s
operating expenses, financing costs, service charges, insurance premiums
and mortgage insurance premiums as the division determines to be
reasonable.]
Sec. 5. NRS 319.210 is hereby amended to read as follows:
319.210 1. The division may:
(a) Invest in, purchase or make commitments to purchase, and take
assignments from lending institutions of mortgage loans and promissory
notes accompanying such mortgage loans, including [federally insured]
mortgage loans or participations with lending institutions in such
promissory notes and mortgage loans, for the construction, rehabilitation,
purchase, leasing or refinancing of residential housing within this state.
(b) Sell, at public or private sale, with or without public bidding, any
mortgage or other obligation held by the division.
2. At or before the time of purchase, the lending institution shall
certify to the division with respect to all mortgage loans transferred to the
division:
(a) That the mortgage loans transferred to the division are for residential
housing for eligible families within this state; or
(b) That the proceeds of sale or its equivalent will be reinvested in
mortgage loans for residential housing for eligible families within this
state in an aggregate principal amount equal to the amount of such sale
proceeds.
Sec. 6. NRS 333.020 is hereby amended to read as follows:
333.020 As used in this chapter, unless the context otherwise requires:
1. “Chief” means the chief of the purchasing division.
2. “Director” means the director of the department of administration.
3. “Invitation to bid” means a written statement which sets forth the
requirements and specifications of a contract to be awarded by competitive
selection.
4. “Proprietary information” means:
(a) Any trade secret or confidential business information that is
contained in a bid or proposal submitted on a particular contract; or
(b) Any other trade secret or confidential business information
submitted in a bid or proposal and designated as proprietary by the
chief.
As used in this subsection, “confidential business information” means any
information relating to the amount or source of any income, profits, losses
or expenditures of a person, including data relating to cost or price
submitted in support of a bid or proposal. The term does not include the
amount of a bid or proposal.
5. “Purchasing division” means the purchasing division of the
department of administration.
6. “Purchasing officer” means a person who is authorized by the chief
or a using agency to participate in:
(a) The evaluation of bids or proposals for a contract;
(b) Any negotiations concerning a contract; or
(c) The development, review or approval of a contract.
7. “Request for proposals” means a written statement which sets forth
the requirements and specifications of a contract to be awarded by
competitive selection.
8. “Trade secret” has the meaning ascribed to it in NRS 600A.030.
9. “Using agencies” means all officers, departments, institutions,
boards, commissions and other agencies in the executive department of the
state government which derive their support from public money in whole
or in part, whether the money is provided by the State of Nevada, received
from the Federal Government or any branch, bureau or agency thereof, or
derived from private or other sources. The term does not include the
Nevada rural housing authority, the housing division of the department of
business and industry, local governments as defined in NRS 354.474,
conservation districts, irrigation districts and the University and
Community College System of Nevada.
10. “Volunteer fire department” means a volunteer fire department
which pays premiums for industrial insurance pursuant to the provisions of
chapters 616A to 616D, inclusive, or chapter 617 of NRS.
Sec. 7. NRS 319.080, 319.150, 319.160, 319.165, 319.175 and
319.180 are hereby repealed.
Sec. 8. This act becomes effective on July 1, 2001, and expires by
limitation on July 1, 2003.
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