NRS 268.5385
Issuance by governing body of city of bonds for project for affordable housing or residential housing for corporation for public benefit: Requirements.

The governing body of a city may approve the issuance of bonds for a project for affordable housing or for any form of residential housing for the purposes of a corporation for public benefit only if:

1.

The amount of the bonds to be issued is less than $15,000,000;

2.

An independent consultant hired by the governing body has reported favorably on the financial feasibility of the project;

3.

The bonds will be sold to not more than 10 investors, each of whom certifies that he or she:

(a)

Has a net worth of $500,000 or more; and

(b)

Is purchasing the bonds for investment and not for resale; and

4.

The issuance of the bonds is approved by the State Board of Finance, unless the amount of the bonds to be issued is $5,000,000 or less.

Source: Section 268.5385 — Issuance by governing body of city of bonds for project for affordable housing or residential housing for corporation for public benefit: Requirements., https://www.­leg.­state.­nv.­us/NRS/NRS-268.­html#NRS268Sec5385.

268.512
Short title. 268.514
Definitions. 268.515
“Affordable housing” defined. 268.516
“Bonds” and “revenue bonds” defined. 268.517
“Finance” and “financing” defined. 268.518
“Governing body” defined. 268.519
“Health and care facility” defined. 268.520
“Mortgage” defined. 268.521
“Obligor” defined. 268.522
“Project” defined. 268.523
“Warehousing” defined. 268.524
Legislative intent. 268.525
Exercise of powers by city 268.526
General powers. 268.527
Restrictions on powers of city. 268.528
Notice and public hearing by governing body. 268.530
Determinations required of governing body after public hearing 268.532
Bonds to be special obligations. 268.534
Bonds: Form 268.536
Security. 268.538
Terms of resolution and instruments. 268.539
Issuance by Director of Department of Business and Industry of bonds for governing body as special obligations of State. 268.540
Investments and bank deposits. 268.542
Construction of project. 268.544
Limitation on city’s obligation. 268.546
Rights upon default. 268.548
Determination of costs of financing. 268.550
Lease, sale or financing of project. 268.552
Option to purchase. 268.554
Refunding. 268.556
Application of proceeds 268.558
Payment by city prohibited 268.560
Operation by city prohibited. 268.562
City’s property exempt from taxation 268.564
Eminent domain not available. 268.566
Limitation of actions. 268.5165
“Corporation for public benefit” defined. 268.5171
“Financing agreement” defined. 268.5215
“Pollution” defined. 268.5225
“Revenues” defined. 268.5227
“Supplemental facility for a health and care facility” defined. 268.5385
Issuance by governing body of city of bonds for project for affordable housing or residential housing for corporation for public benefit: Requirements.
Last Updated

Feb. 5, 2021

§ 268.5385’s source at nv​.us