NRS 350A.160
Judicial confirmation of exemption of specific obligation from State’s debt limit required

  • legislative declaration.

1.

The Board shall not become obligated with respect to a particular lending project unless the Board:

(a)

Has determined that the lending project is for a purpose related to natural resources and that the obligation to be incurred for the lending project will be exempt from the limitation on state debt set forth in Section 3 of Article 9 of the Nevada Constitution; or

(b)

Has obtained judicial confirmation, in a proceeding pursuant to chapter 43 of NRS or another proceeding, that the obligation to be incurred for that project will be exempt from the State’s debt limit. If an appeal is taken or the confirmation is otherwise reviewed, the obligation must not be incurred unless the exemption is affirmed by the court of last resort.

2.

The Legislature hereby finds that obligations issued as state securities which are general obligations, for which a Board determination has been made pursuant to paragraph (a) of subsection 1 or a judicial confirmation has been obtained pursuant to paragraph (b) of subsection 1, are necessary for the protection and preservation of the property and natural resources of this State and for the purpose of obtaining the benefits thereof, and the issuance of those securities constitutes an exercise of the authority conferred by the second paragraph of Section 3 of Article 9 of the Nevada Constitution.

Source: Section 350A.160 — Judicial confirmation of exemption of specific obligation from State’s debt limit required; legislative declaration., https://www.­leg.­state.­nv.­us/NRS/NRS-350A.­html#NRS350ASec160.

350A.010
Legislative findings. 350A.020
Definitions. 350A.025
“Allocable local revenues” defined. 350A.030
“Board” defined. 350A.040
“Cost of a lending project” defined. 350A.050
“Expense of operation and maintenance” defined. 350A.055
“Flood management authority” defined. 350A.060
“Lending project” defined. 350A.070
“Municipal securities” defined. 350A.080
“Municipality” defined. 350A.090
“Purpose related to natural resources” defined. 350A.095
“Revenue securities” defined. 350A.100
“Revenues of a lending project” defined. 350A.110
“State securities” defined. 350A.120
“Tax” defined. 350A.125
“Wastewater authority” defined. 350A.130
Loans to municipalities by state purchase of municipal securities authorized. 350A.140
Powers of State Treasurer as Administrator of Municipal Bond Bank. 350A.150
Limitations and conditions on issuance of certain state securities 350A.152
Conditions upon issuance of state securities to acquire bonds issued by certain water authorities 350A.153
Limitations and conditions upon issuance of state securities to acquire revenue securities 350A.154
Revenue security pledged by allocable local revenues not debt of State. 350A.155
Issuance of state securities to refund state securities. 350A.160
Judicial confirmation of exemption of specific obligation from State’s debt limit required 350A.170
State securities: Interest 350A.180
Private sale of municipal or revenue securities to State 350A.190
Fund for the Municipal Bond Bank: Creation 350A.200
Powers additional 350A.210
Liberal construction.
Last Updated

Jun. 24, 2021

§ 350A.160’s source at nv​.us