349.825 - Issuance of revenue bonds: Director required to submit findings to Advisory Committee on Financing Exports and State Board of Finance; approval of State Board of Finance; limitation on amoun
349.825 Issuance of revenue bonds: Director required to submit findings to Advisory Committee on Financing Exports and State Board of Finance; approval of State Board of Finance; limitation on amount of bonds.
1. Subject to the limitations imposed by subsection 2, the Director may, if he or she finds it feasible, issue revenue bonds to the extent necessary to provide sufficient money for guaranteed funding, pay the interest on the bonds until the proceeds are so used, procure insurance, create reserves to cover guarantees he or she is obligated to honor, and pay all other expenses incurred in providing guaranteed funding and administering the program.
2. Before any bonds may be issued pursuant to this section, except those issued for the purpose of refunding outstanding bonds, the Director shall submit to the Advisory Committee on Financing Exports, if created, his or her findings that:
(a) All of the conditions prerequisite to providing guaranteed funding, as set forth in NRS 349.760 and 349.765, are met;
(b) A satisfactory plan of repayment or an assurance of repayment by a third party is available so as to make any bonds issued pursuant to this section marketable; and
(c) The anticipated revenues from the program are sufficient to repay the bonds issued pursuant to this section.
3. The Advisory Committee on Financing Exports, if created, shall recommend approval, with or without conditions, or disapproval of the findings of the Director made pursuant to subsection 2. The Director shall submit to the State Board of Finance a copy of his or her findings and the recommendations of the Advisory Committee on Financing Exports, if any. If the Board approves, the Director may proceed to issue the bonds in the amount approved, but the aggregate principal amount of the outstanding bonds issued must not exceed $50,000,000, exclusive of any bonds or obligations which have been refunded.
(Added to NRS by 1985, 2018)