NRS 333A.0902
Installment-purchase and lease-purchase contracts: Security interests

  • certificates of participation
  • lease of property
  • other agreements, contracts or arrangements.
In connection with any installment-purchase contract or lease-purchase contract entered into to finance a performance contract, the Board may:

1.

Grant a security interest in any property that is the subject of the installment-purchase contract or lease-purchase contract and execute an instrument to evidence such a security interest, including, without limitation, a deed of trust, a leasehold interest deed of trust, a mortgage or a financing agreement.

2.

Offer certificates of participation.

3.

If the installment-purchase contract or lease-purchase contract involves an improvement to property owned by the State of Nevada or the using agency, enter into a lease of the property to which the improvement will be made and any property that is adjacent to that property if the installment-purchase contract or lease-purchase contract:

(a)

Except as otherwise provided in NRS 333A.0916, has a term of not more than 20 years beyond the date on which construction of the work required by the installment-purchase contract or lease-purchase contract is completed; and

(b)

Provides for rental payments that approximate the fair market rental of the property before the improvement is made, as determined by the Board at the time the parties enter into the lease, which must be paid if the installment-purchase contract or lease-purchase contract terminates before the expiration of the lease because the Legislature fails to appropriate money for payments due pursuant to the installment-purchase contract or lease-purchase contract.
Ê A lease entered into pursuant to this subsection may provide for nominal rental payments to be paid pursuant to the lease before the installment-purchase contract or lease-purchase contract terminates.

4.

Enter into any other agreement, contract or arrangement that the Board determines would be beneficial to the purpose of the installment-purchase contract or lease-purchase contract, including, without limitation, contracts for professional services, trust indentures, paying agent agreements and contracts of insurance.

Source: Section 333A.0902 — Installment-purchase and lease-purchase contracts: Security interests; certificates of participation; lease of property; other agreements, contracts or arrangements., https://www.­leg.­state.­nv.­us/NRS/NRS-333A.­html#NRS333ASec0902.

333A.010
Definitions. 333A.015
“Board” defined. 333A.020
“Building” defined. 333A.030
“Operating cost savings” defined. 333A.040
“Operating cost-savings measure” defined. 333A.050
“Performance contract” defined. 333A.060
“Qualified service company” defined. 333A.070
“Using agency” defined. 333A.075
Authority of using agency to enter into performance contract 333A.080
Procedure for determination of qualified service companies by State Public Works Division 333A.082
Notification to qualified service companies 333A.084
Requirements for comprehensive audits. 333A.086
Third-party consultants. 333A.090
Financing and structure of performance contract 333A.091
Proceeds of refunding obligations in escrow or trust: Investment 333A.092
Recital in resolution as conclusive evidence of validity of obligation. 333A.100
Indebtedness of State under contract 333A.110
Period over which payments become due. 333A.120
Prevailing wage requirement. 333A.130
Monitoring of cost savings attributable to operating cost-savings measures. 333A.140
Information concerning performance contract provided to Office of Energy. 333A.150
Financial mechanisms to guarantee operational cost savings are realized. 333A.0902
Installment-purchase and lease-purchase contracts: Security interests 333A.0904
Installment-purchase and lease-purchase contracts: Property that is subject of contract is exempt from ad valorem property taxation under certain circumstances and is to be deemed property of State or using agency for purposes of statutory limits on damages. 333A.0906
Refunding of obligations: Resolution 333A.0908
Refunding of obligations: Disposition of proceeds 333A.0912
Issuance of refunding and other obligations separately or in combination. 333A.0914
Other statutory provisions applicable to refunding obligations. 333A.0916
Conditions for refunding obligations. 333A.0918
Conclusive determination of using agency that statutory limitations have been met.
Last Updated

Feb. 5, 2021

§ 333A.0902’s source at nv​.us