Title 21

NRS 268.512 Short title. NRS 268.512 to 268.568, inclusive, may be cited as the City Economic Development Revenue Bond Law. (Added to NRS by 1967, 1752)

NRS 268.514 Definitions. As used in NRS 268.512 to 268.568, inclusive, unless a different meaning clearly appears from the context, the words and terms defined in NRS 268.515 to 268.523, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 1967, 1752;…

NRS 268.515 “Affordable housing” defined. “Affordable housing” means multifamily housing for families of low or moderate income that is eligible for tax-exempt financing under section 142 of the Internal Revenue Code of 1986, in effect on July 1, 1993, future amendments to that s…

NRS 268.516 “Bonds” and “revenue bonds” defined. “Bonds” or “revenue bonds” means bonds, notes or other securities evidencing an obligation and issued under NRS 268.512 to 268.568, inclusive. (Added to NRS by 1967, 1752)

NRS 268.5165 “Corporation for public benefit” defined. “Corporation for public benefit” means a corporation that is recognized as exempt under section 501(c)(3) of the Internal Revenue Code of 1986 in effect on July 1, 1993, future amendments to that section and the corresponding…

NRS 268.517 “Finance” and “financing” defined. “Finance” or “financing” includes the issue of bonds by a city for the purpose of using substantially all of the proceeds to pay (or to reimburse the obligor or its designee) for the costs of acquiring, improving and equipping a proj…

NRS 268.5171 “Financing agreement” defined. “Financing agreement” means an agreement pursuant to which the city agrees to issue bonds pursuant to NRS 268.512 to 268.568, inclusive, to finance one or more projects and pursuant to which the obligor agrees to: 1. Make payments (dire…

NRS 268.518 “Governing body” defined. “Governing body” means the city council, city commission, board of supervisors or other governing body by whatever name denominated of any incorporated city within this state. (Added to NRS by 1967, 1752)

NRS 268.519 “Health and care facility” defined. “Health and care facility” means a hospital, facility for intermediate care or facility for skilled nursing as those terms are defined in chapter 449 of NRS. (Added to NRS by 1981, 389; A 1985, 1758)

NRS 268.520 “Mortgage” defined. “Mortgage” includes a deed of trust and any other security device for both real and personal property. (Added to NRS by 1967, 1752)

NRS 268.521 “Obligor” defined. “Obligor” means the individual, partnership, firm, company, corporation (including a public utility), association, trust, estate, political subdivision, state agency or any other legal entity, or its legal representative, agent or assigns, who agree…

NRS 268.5215 “Pollution” defined. “Pollution” means any form of environmental pollution including but not limited to water pollution, air pollution, pollution caused by solid waste disposal, thermal pollution, radiation contamination or noise pollution as determined by the variou…

NRS 268.522 “Project” defined. “Project” means: 1. Any land, building or other improvement and all real and personal properties necessary in connection therewith, whether or not in existence, suitable for: (a) A manufacturing, industrial, warehousing or other commercial enterpris…

NRS 268.5225 “Revenues” defined. “Revenues” of a project, or derived from a project, include payments under a lease, agreement of sale or financing agreement, or under notes, debentures, bonds and other secured or unsecured debt obligations of an obligor executed and delivered by…

NRS 268.5227 “Supplemental facility for a health and care facility” defined. “Supplemental facility for a health and care facility” includes a clinic, facility for outpatients, and any other structure or facility directly related to the operation of a health and care facility. (A…

NRS 268.523 “Warehousing” defined. “Warehousing” means the consignment of personal property from outside this state to a private warehouse within this state for temporary storage during the transit of the property to a final destination outside the State. (Added to NRS by 1977, 5…

NRS 268.524 Legislative intent. It is the intent of the Legislature to authorize cities to finance, acquire, own, lease, improve and dispose of properties to: 1. Promote industry and employment and develop trade by inducing manufacturing, industrial, warehousing and other commerc…

NRS 268.525 Exercise of powers by city; liberal construction. 1. Each city is vested with all the powers necessary to accomplish the purposes set forth in NRS 268.524, but these powers must be exercised for the health, safety and welfare of the inhabitants of this state. 2. NRS 2…

NRS 268.526 General powers. In addition to any other powers which it may now have, each city shall have the following powers: 1. To finance or acquire, whether by construction, purchase, gift, devise, lease or sublease, or any one or more of such methods, and to improve and equip…

NRS 268.527 Restrictions on powers of city. A city may not, under NRS 268.512 to 268.568, inclusive: 1. Operate any manufacturing, industrial, warehousing or other commercial enterprise or any organization for research and development to which it provided assistance; or 2. Assist…

NRS 268.528 Notice and public hearing by governing body. Before availing itself of the powers conferred by NRS 268.526 with respect to any project, a governing body shall: 1. Give notice of its intention by publication at least once in a newspaper of general circulation published…

NRS 268.530 Determinations required of governing body after public hearing; power to refuse to proceed on project; duty to provide sufficient safeguards. 1. After holding a public hearing as provided in NRS 268.528, the governing body shall proceed no further until it: (a) Determ…

NRS 268.532 Bonds to be special obligations. 1. All bonds issued by a city under the authority of NRS 268.512 to 268.568, inclusive, shall be special, limited obligations of the city. The principal of and interest on such bonds shall be payable, subject to the security provisions…

NRS 268.534 Bonds: Form; terms; variable rate of interest; sale. 1. The bonds must: (a) Be authorized by resolution; (b) Be in such denominations; (c) Bear such date or dates; (d) Mature at such time or times not exceeding 40 years from their respective dates; (e) Be in such form…

NRS 268.536 Security. The principal of, the interest on and any prior redemption premiums due in connection with the bonds shall be payable from, secured by a pledge of, and constitute a lien on the revenues out of which such bonds shall be made payable. In addition, they may, in…

NRS 268.538 Terms of resolution and instruments. The resolution under which the bonds are authorized to be issued, and any indenture or mortgage given to secure the same, may contain any provisions customarily contained in instruments securing bonds and constituting a covenant wi…

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…

NRS 268.539 Issuance by Director of Department of Business and Industry of bonds for governing body as special obligations of State. 1. The governing body may exercise its power to issue bonds and to redeem them by requesting the Director of the Department of Business and Industr…

NRS 268.540 Investments and bank deposits. 1. Unless prohibited by its charter, the city may provide that proceeds from the sale of bonds and special funds from the revenues of the project be invested and reinvested in such securities and other investments, whether or not any suc…

NRS 268.542 Construction of project. The city may also provide that: 1. The project and improvements to be constructed, if any, shall be constructed by the city, lessee or the lessee’s designee, purchaser or purchaser’s designee, obligor or obligor’s designee, or any one or more …

NRS 268.544 Limitation on city’s obligation. In making such agreements or provisions, a city shall not obligate itself, except with respect to the project and the application of the revenues therefrom and bond proceeds therefor. (Added to NRS by 1967, 1756)

NRS 268.546 Rights upon default. 1. The resolution authorizing any bonds or any indenture or mortgage securing such bonds may provide that if there is a default in the payment of the principal of, the interest on, or any prior redemption premiums due in connection with the bonds …

NRS 268.548 Determination of costs of financing. 1. Before the initial leasing, sale or financing of any project, the governing body shall by resolution determine: (a) The amount, or reasonably anticipated range of amounts, necessary in each year to pay the principal of and the i…

NRS 268.550 Lease, sale or financing of project. Prior to the issuance of any bonds authorized by NRS 268.512 to 268.568, inclusive, the city shall lease, sell or finance the project under an agreement conditioned upon completion of the project and providing for payment to the ci…

NRS 268.552 Option to purchase. 1. If the project is to be leased, the lease may grant the lessee an option to purchase all or a part of the project at a stipulated purchase price or prices or at a price or prices to be determined upon appraisal as provided in the lease. 2. The o…

NRS 268.554 Refunding. 1. Any bonds issued under the provisions of NRS 268.512 to 268.568, inclusive, and at any time outstanding may at any time and from time to time be refunded by a city by the issuance of its refunding bonds in such amount as the governing body may deem neces…

NRS 268.556 Application of proceeds; components of cost of project. 1. The proceeds from the sale of any bonds shall be applied only for the purpose for which the bonds were issued and if, for any reason, any portion of such proceeds is not needed for the purpose for which the bo…

NRS 268.558 Payment by city prohibited; use of land owned by city limited. 1. Except as otherwise provided in this section, a city shall not pay out of its general fund or otherwise contribute any part of the cost of acquiring, improving and equipping a project. 2. A city shall n…

NRS 268.560 Operation by city prohibited. 1. When all principal of, interest on and any prior redemption premiums due in connection with the bonds issued for a project have been paid in full, and if the option to purchase or option to renew a lease, if any, contained in the lease…

NRS 268.562 City’s property exempt from taxation; taxation of lessees, purchasers and obligors. Pursuant to NRS 361.060, all property owned by a city pursuant to NRS 268.512 to 268.568, inclusive, shall be and remain exempt from taxation. Lessees and purchasers shall pay all taxe…

NRS 268.564 Eminent domain not available. No land acquired by a city by the exercise of condemnation through eminent domain can be used for the project to effectuate the purposes of NRS 268.512 to 268.568, inclusive. (Added to NRS by 1967, 1758)

NRS 268.566 Limitation of actions. No action may be brought questioning the legality of any contract, lease, agreement of sale, financing agreement, indenture, mortgage, resolution proceedings or bonds executed, adopted or taken in connection with any project or improvements auth…

NRS 268.568 Sufficiency of NRS 268.512 to 268.568, inclusive. 1. NRS 268.512 to 268.568, inclusive, without reference to other statutes of the State, constitute full authority for the exercise of powers granted in those sections, including, but not limited to, the authorization a…

NRS 268.570 Applicability. The provisions of NRS 268.570 to 268.608, inclusive, apply only to cities located in a county whose population is 700,000 or more. (Added to NRS by 1967, 1601; A 1969, 1538; 1979, 526, 790; 1989, 1914; 2001, 605; 2003, 2783; 2011, 1161; 2019, 570; 2023,…

NRS 268.572 Legislative declaration. It is hereby declared as a matter of legislative determination that: 1. Sound urban development is essential to the continued economic development of this State. 2. Municipalities are created to provide the governmental services essential for …

NRS 268.574 Definitions. As used in NRS 268.570 to 268.608, inclusive: 1. “Contiguous” means either abutting directly on the boundary of the annexing municipality or separated from the boundary thereof by a street, alley, public right-of-way, creek, river or the right-of-way of a…