Amendment No. 735

 

 

 

     Amend the bill as a whole by renumbering sec. 2 as sec. 3 and adding a new section designated sec. 2, following section 1, to read as follows:

     “Sec. 2.  NRS 319.140 is hereby amended to read as follows:

SECOND PARALLEL SECTION

     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 may [employ] :

     (a) 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 [.] ; and

     (b) Develop or purchase, lease or otherwise acquire one or more information systems that the Division determines are necessary or convenient for the exercise of its powers and duties pursuant to this chapter and acquire any consulting, support or other service for such information systems.

     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] must 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.”.

     Amend the bill as a whole by renumbering sections 3 through 6 as sections 5 through 8 and adding a new section designated sec. 4, following sec. 2, to read as follows:

     “Sec. 4.  NRS 319.190 is hereby amended to read as follows:

SECOND PARALLEL SECTION

     319.190  1.  The Division may make, undertake commitments to make and participate with lending institutions in the making of mortgage loans [,] and may 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 rehabilitation of residential housing, including , without limitation, 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 to finance the acquisition, construction or rehabilitation of residential housing, including, without limitation, multifamily housing, only if [sufficient] :

     (a) At the time a letter of credit is issued, the Division has a credit rating within one of the three highest rating categories of a nationally recognized rating agency;

     (b) 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 [.] ;

     (c) The aggregate amount of outstanding letters of credit issued by the Division [must] and the proposed letter of credit does not exceed $5,000,000 [.] ; and

     (d) The Administrator has determined that a letter of credit is not otherwise available from a private lender upon reasonable equivalent terms and conditions.”.

     Amend sec. 5, page 5, lines 28 and 29, by deleting:

“2001 . [, and expires by limitation on July 1, 2003.]” and inserting:

“2001, and expires by limitation on July 1, [2003.] 2009.”.

     Amend sec. 6, page 5, by deleting line 30 and inserting:

     “Sec. 8. 1.  This section and sections 1, 3, 5, 6 and 7 of this act become effective on July 1, 2003.

     2.  Sections 1 and 3 of this act expire by limitation on June 30, 2009.

     3.  Sections 2 and 4 of this act become effective on July 1, 2009.”.

     Amend the title of the bill by deleting the fourth through seventh lines and inserting:

“revising the provisions governing the issuance of letters of credit by the Division; increasing the permissible aggregate principal amount of the outstanding obligations of the Division; extending the prospective expiration of”.