445A.155 - Issuance of bonds to support Account.
445A.155 Issuance of bonds to support Account.
1. The Director may, with the approval of the Department of Administration, authorize the State Treasurer to issue, sell or deliver general obligation bonds of the State or revenue bonds if viable to support the purposes of the Account.
2. If the Director authorizes the issuance of those bonds, the State Treasurer may:
(a) Sue and be sued to establish or enforce any right arising out of a project receiving financial assistance or of any state securities issued pursuant to this authorization;
(b) Acquire and hold municipal securities, and exercise all of the rights of holders of those securities;
(c) Sell or otherwise dispose of municipal securities and assets acquired in connection with those securities, unless limited by any agreement which relates to the securities;
(d) Make contracts and execute all necessary or convenient instruments;
(e) Accept grants of money from the Federal Government, the State, any agency or political subdivision, or any other person;
(f) Adopt regulations relating to projects receiving financial assistance and the administration of those projects;
(g) Employ for himself or herself or for any municipality or interstate agency, any necessary legal, fiscal, engineering and other expert services in connection with projects receiving financial assistance and with the authorization, sale and issuance of state securities and municipal securities;
(h) Enter into agreements and arrangements consistent with NRS 445A.060 to 445A.160, inclusive, concerning the issuance of state securities and the purchase of municipal securities; and
(i) Undertake other matters which he or she determines to be necessary or desirable to accomplish the purposes of NRS 445A.060 to 445A.160, inclusive.
3. Before any bonds are issued pursuant to this section, the State Board of Finance must certify that sufficient revenue will be available in the Account to pay the interest and installments of principal as they become due.
4. The money in the Account that is available for the payment of the interest and installments of principal on the bonds must be pledged as the primary source for the payment of the bonds. The full faith and credit of the State may be pledged.
(Added to NRS by 1989, 1258; A 1993, 645; 1997, 3013)