Title 30

NRS 349.540 “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 1981, 1…

NRS 349.550 Applicability of definitions contained in county and city economic development revenue bond laws. As used in NRS 349.400 to 349.670, inclusive, unless the context otherwise requires, the words and terms defined in: 1. NRS 244A.672 to 244A.693, inclusive, have the mean…

NRS 349.555 Exercise of powers for general welfare; liberal construction. 1. The Director has all the powers necessary to accomplish the purposes set forth in NRS 349.560, but these powers must be exercised for the health, safety, convenience, prosperity and welfare of the inhabi…

NRS 349.560 Legislative declaration. It is the intent of the Legislature to authorize the Director, with the approval of the Office of Economic Development, to finance, acquire, own, lease, improve and dispose of properties to: 1. Promote industry and employment and develop trade…

NRS 349.565 Restrictions on Director’s powers. 1. The Director may not, under NRS 349.400 to 349.670, inclusive: (a) Operate any manufacturing, industrial, warehousing or commercial enterprise or an organization for research and development or any health and care facility to whic…

NRS 349.570 General power of Director to issue bonds. When the Director has received requests from one or more cities, counties, lessees, purchasers, other obligors or other enterprises, the Director may issue industrial development revenue bonds to obtain money to fulfill the re…

NRS 349.580 Prerequisites to financing project: Findings of Director. Except as otherwise provided in NRS 349.595 and 349.640, the Director shall not finance a project unless, before financing: 1. The Director finds that: (a) The project to be financed has been approved for finan…

NRS 349.585 Prerequisites to financing project: Approval of Office of Economic Development. 1. Except as otherwise provided in NRS 349.640, the Director shall not finance a project without the approval of the Office of Economic Development. The Office shall approve the financing …

NRS 349.590 Prerequisites to financing project: Additional considerations. Except as otherwise provided in NRS 349.640, before financing a project pursuant to subsection 2 of NRS 349.580, the Director and the Board must also: 1. Determine the total amount of money necessary to be…

NRS 349.595 Prerequisites to financing costs related to equipment for project; establishment of guidelines. 1. Except as otherwise provided in NRS 349.585, the Director may provide financing for a project pursuant to this section if: (a) The financing is limited in amount and pur…

NRS 349.597 Confidentiality of information concerning obligor. 1. Except as otherwise provided in subsection 2, the Director, the Board and the governing body of the county or city where a project is located shall make available for public inspection, upon request, information fu…

NRS 349.600 Bonds to be special obligations. 1. All bonds issued by the Director pursuant to NRS 349.400 to 349.670, inclusive, are special, limited obligations of the State. The principal of and interest on such bonds are payable, subject to the security provisions of NRS 349.40…

NRS 349.610 Form and terms of bonds; sale; employment of financial and legal consultants. 1. The bonds must be authorized by an order of the Director, and must: (a) Be in the denominations; (b) Bear the date or dates; (c) Mature at the time or times, not exceeding 40 years after …

NRS 349.620 Security. 1. The principal of, the interest on and any prior redemption premiums due in connection with the bonds issued pursuant to NRS 349.400 to 349.670, inclusive, are payable from, secured by a pledge of, and constitute a lien on the revenues out of which the bon…

NRS 349.630 Regulations. The Director shall adopt regulations to carry out the provisions of NRS 349.400 to 349.670, inclusive, including, without limitation, regulations for: 1. Investment and reinvestment of the proceeds from the sale of bonds, including, but not limited to: (a…

NRS 349.640 Refunding. 1. Any bonds issued under the provisions of NRS 244A.669 to 244A.763, inclusive, 268.512 to 268.568, inclusive, or 349.400 to 349.670, inclusive, may be refunded by the Director by the issuance of refunding bonds in an amount which the Director deems necess…

NRS 349.650 Limitation of actions. No action may be brought questioning the legality of any contract, lease, agreement, indenture, mortgage, order or bonds executed, adopted or taken in connection with any project or improvements authorized by NRS 349.400 to 349.670, inclusive, a…

NRS 349.660 Faith of State pledged against repeal, amendment or modification of NRS 349.400 to 349.670, inclusive. The faith of the State is hereby pledged that NRS 349.400 to 349.670, inclusive, will not be repealed, amended or modified to impair any outstanding bonds or any rev…

NRS 349.670 Sufficiency of NRS 349.400 to 349.670, inclusive. 1. NRS 349.400 to 349.670, 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 and…

NRS 349.700 Legislative declaration. It is the purpose of NRS 349.700 to 349.870, inclusive, in the interest of promoting the general welfare of the people of the State, to further prosperity and employment throughout the State by encouraging the production of goods for export, t…

NRS 349.710 Definitions. As used in NRS 349.700 to 349.870, inclusive, unless the context otherwise requires, the words and terms defined in NRS 349.715 to 349.745, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 1985, 2014)

NRS 349.715 “Bonds” defined. “Bonds” means bonds, notes or other securities evidencing an obligation and issued under NRS 349.700 to 349.870, inclusive. (Added to NRS by 1985, 2014)

NRS 349.720 “Director” defined. “Director” means the Director of the Department of Business and Industry. (Added to NRS by 1985, 2014; A 1993, 1570)

NRS 349.725 “Exporter” defined. “Exporter” means any person, the State and its political subdivisions or any agency of either, a legal representative of a trust or an estate, or their agents or assigns which is eligible for guaranteed funding. (Added to NRS by 1985, 2014)

NRS 349.730 “Guaranteed funding” defined. “Guaranteed funding” means a loan made to a participating financial institution which includes an agreement to excuse its repayment, under specified conditions, made for the purpose of financing an eligible transaction. A guarantee may co…

NRS 349.735 “Loss” defined. “Loss” means a loss incurred by an exporter on an eligible transaction because of: 1. The insolvency of the foreign customer or other failure of the customer to pay to the exporter when due, all or part of the money due from the transaction as denomina…

NRS 349.740 “Participating financial institution” defined. “Participating financial institution” means: 1. Any office or subsidiary of a foreign banking corporation licensed or approved by the Commissioner of Financial Institutions; or 2. Any bank, trust company, savings and loan…

NRS 349.745 “Program” defined. “Program” means the providing of guaranteed funding pursuant to NRS 349.700 to 349.870, inclusive. (Added to NRS by 1985, 2014)

NRS 349.750 Director: Administration of provisions; powers; biennial report to State Board of Finance and Legislative Commission. 1. The Director shall administer the provisions of NRS 349.700 to 349.870, inclusive. The Director may: (a) Employ or contract for the services of att…

NRS 349.755 Director: Delegation of duties. The Director may delegate the performance of any of the duties required under this program to any person within the Department of Business and Industry whom the Director designates. (Added to NRS by 1985, 2015; A 1993, 1570)

NRS 349.760 Transactions eligible for guaranteed funding: Criteria. An exporting contract is a transaction eligible for guaranteed funding if, in the judgment of the Director, it will create or maintain employment in Nevada and it: 1. Promotes the sale abroad of goods whose final…

NRS 349.765 Guaranteed funding provided to participating financial institution: Limitation on amount; finding of Director of necessity for funding; term of and interest on loan to exporter. 1. The Director may provide guaranteed funding to a participating financial institution th…

NRS 349.770 Investigation of credit available to exporter prerequisite for guaranteed funding. Before any guaranteed funding is provided, the participating financial institution shall investigate the credit or sources of credit available to the exporter in order to determine the …

NRS 349.775 Confidentiality of information concerning exporter. Except as otherwise provided in NRS 239.0115, or unless the exporter consents to its disclosure, any information submitted to or compiled by the Director regarding the identity, background, finances, marketing plans,…

NRS 349.780 Fees charged to participating financial institution. The Director shall by regulation establish fees to be charged a participating financial institution for providing guaranteed funding. The fees must be sufficient to cover the costs of administering the program and a…

NRS 349.785 Agreements excusing payment on guaranteed funding and loan to exporter; fee charged to exporter. 1. The Director shall agree that the participating financial institution is excused from the payment to the Director of the principal of or interest on the guaranteed fund…

NRS 349.790 Director subrogated to rights of exporter and participating financial institution upon default by exporter. If an exporter defaults on the participating financial institution’s loan because of a loss and that institution is excused from repaying the guaranteed funding…

NRS 349.795 Guarantee: Not general obligation of State; limitation on termination, cancellation or revocation; presumption of validity. Any guarantee entered into by the Director does not constitute a general obligation of the State of Nevada. A guarantee may not be terminated, c…

NRS 349.800 Advisory Committee on Financing Exports: Creation; composition; terms of members. 1. If the Director certifies to the Governor that there is a need to issue revenue bonds to carry out the program and that it is feasible to do so, the Governor may issue an executive or…

NRS 349.805 Advisory Committee on Financing Exports: Meetings; quorum; officers; rules; compensation and expenses. 1. If the Advisory Committee on Financing Exports is created, it shall meet when requested by the Director and at such other times as its Chair may designate. 2. A m…

NRS 349.810 Advisory Committee on Financing Exports: Powers and duties. 1. If the Advisory Committee on Financing Exports is created, it has only the powers and duties authorized by law. 2. If created, the Committee shall review and make recommendations to the Director concerning…

NRS 349.815 Regulations for operation of program. The Director shall, before the issuance of any bonds, adopt regulations for the operation of the program, which must include provisions concerning the following: 1. The maximum aggregate amount of guaranteed funding available to a…

NRS 349.820 Limitation on personal liability of Director or person acting on his or her behalf. In the absence of fraud, malice or willful misconduct, the Director or any person acting on his or her behalf is not personally liable on any contracts or other agreements entered into…

NRS 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 Directo…

NRS 349.830 Bonds: Special obligations of State. 1. All bonds issued by the Director are special, limited obligations of the State. The principal of, the interest on, and premiums, if any, due in connection with the bonds issued are payable from, secured by a pledge of and consti…

NRS 349.835 Bonds: Form and terms; sale. 1. The bonds must be authorized by an order of the Director, and must: (a) Be in the denominations; (b) Bear the date or dates; (c) Mature at the time or times; (d) Bear interest at a specified rate or rates; (e) Be in the form; (f) Carry …