Title 34

NRS 396.7996 Activities of nonprofit corporation public in nature. The activities of such corporation are hereby determined to be essentially public in nature. (Added to NRS by 1968, 3)

NRS 396.7997 Income of nonprofit corporation. Any income of the corporation shall not inure to any member thereof or to any other private person, partnership or corporation, excluding any payment of the nonprofit corporation’s operation and maintenance expenses, any securities re…

NRS 396.7998 Beneficial interest of System and Board of Regents in nonprofit corporation. The System, or the Board of Regents, as it may determine, has the beneficial interest in the corporation while any obligations evidenced by its bonds or other securities remain outstanding. …

NRS 396.7999 Approval of corporate acts by System. The System, acting by and through the Board of Regents may: 1. Approve the corporation and any securities issued thereby. 2. Do all acts necessary, convenient or desirable, as the Board may determine, to carry out the provisions …

NRS 396.801 Formation of nonprofit corporation: Powers of Board of Regents. The Board of Regents, in the name and on the behalf of the System, may: 1. Cause to be formed a nonprofit corporation pursuant to chapter 82 of NRS for the acquisition of real property for the future deve…

NRS 396.802 System and Board of Regents not obligated to acquire property from nonprofit corporation. Neither the System nor the Board of Regents is obligated to acquire from such a nonprofit corporation any property acquired by it, except as is otherwise provided in NRS 396.807.…

NRS 396.803 Status of nonprofit corporation on formation. Such a nonprofit corporation, upon its formation, is: 1. A corporate agency of the System and the Board of Regents; 2. A body corporate and politic; and 3. A political subdivision of this state. (Added to NRS by 1967, 1342…

NRS 396.804 Limitations on activities of nonprofit corporation. No part of the activities of such corporation shall consist of carrying on propaganda, or otherwise attempting to influence legislation, or participation or intervention in (including without limitation the publishin…

NRS 396.805 Activities of nonprofit corporation public in nature. The activities of such corporation are hereby determined to be essentially public in nature. (Added to NRS by 1967, 1343)

NRS 396.806 Income of nonprofit corporation. Any income of the corporation shall not inure to any member thereof or to any other private person, partnership or corporation, excluding any payment of the nonprofit corporation’s operation and maintenance expenses, any securities req…

NRS 396.807 Beneficial interest of System and Board of Regents in nonprofit corporation. The System, or the Board of Regents, as it may determine, has the beneficial interest in the corporation while any obligations evidenced by its bonds or other securities remain outstanding an…

NRS 396.808 Approval of corporate acts by System. The System, acting by and through the Board of Regents may: 1. Approve the corporation and any securities issued thereby. 2. Do all acts necessary, convenient or desirable, as the Board may determine, to carry out the provisions o…

NRS 396.809 Short title. NRS 396.809 to 396.885, inclusive, may be known as the University Securities Law. (Added to NRS by 1967, 2; A 2001, 2650)

NRS 396.810 Purpose; supplemental nature. It is the purpose of the University Securities Law to provide a procedure for financing any projects otherwise authorized by law and for the issuance of securities to evidence or reevidence obligations incurred in connection with any proj…

NRS 396.811 Definitions. The terms in NRS 396.812 to 396.838, inclusive, defined for all purposes of the University Securities Law and of any act amendatory thereof, supplemental thereto or relating thereto, and of any instrument or document appertaining thereto, except where the…

NRS 396.812 “Acquisition” and “acquire” defined. “Acquisition” or “acquire” includes the opening, laying out, establishment, purchase, construction, securing, installation, reconstruction, lease, gift, grant from the Federal Government, this state, any body corporate and politic …

NRS 396.813 “Board” defined. “Board” means the Board of Regents of the University of Nevada, constituting the governing body of the State University and a body corporate and politic by the name of the “Board of Regents of the University of Nevada,” is a political subdivision of t…

NRS 396.814 “Chair” and “Chair of the Board” defined. “Chair,” or “Chair of the Board,” or any phrase of similar import, means the de facto or de jure presiding officer of the Board, or his or her successor in functions, if any. (Added to NRS by 1967, 3)

NRS 396.8145 “Chancellor of the University” defined. “Chancellor of the University” means the de facto or de jure presiding officer of the System and its Chief Administrative Officer, now designated as the Chancellor of the System, and formerly designated as the Chancellor of the…

NRS 396.815 “Commercial bank” defined. “Commercial bank” means: 1. A state or national bank or trust company that is a member of the Federal Deposit Insurance Corporation, including, without limitation, a branch of the Federal Reserve Bank. 2. A credit union whose deposits are in…

NRS 396.816 “Cost of any project” defined. “Cost of any project,” or any phrase of similar import, means all or any part designated by the Board of the cost of any project, or interest therein, which cost at the option of the Board may include all or any part of the incidental co…

NRS 396.8163 “Disposal” and “dispose” defined. “Disposal” or “dispose” means the sale, destruction, razing, loan, lease, grant, transfer, assignment, option to sell, other contract, or other disposition, or any combination thereof, of facilities, other property, or any interest t…

NRS 396.8167 “Equip” and “equipment” defined. “Equip” or “equipment” means the furnishing of all related or appurtenant machinery, furnishings, apparatus, paraphernalia and other gear, or any combination thereof, pertaining to any project or other property, or any interest therei…

NRS 396.817 “Facilities” defined. “Facilities” means buildings, structures or other income-producing facilities from the operation of which or in connection with which pledged revenues for the payment of any bonds or other securities issued hereunder are derived, including withou…

NRS 396.818 “Federal Government” defined. “Federal Government” means the United States, or any agency, instrumentality or corporation thereof. (Added to NRS by 1967, 4)

NRS 396.819 “Federal securities” defined. “Federal securities” means bills, certificates of indebtedness, notes, bonds or similar securities which are direct obligations of, or the principal and interest of which securities are unconditionally guaranteed by, the United States. (A…

NRS 396.820 “Gross revenues” and “gross pledged revenues” defined. “Gross revenues” or “gross pledged revenues” means all pledged revenues received by the University or the Board, or both the University and the Board, and pledged for the payment of any securities issued hereunder…

NRS 396.821 “Hereby,” “herein,” “hereinabove,” “hereinafter,” “hereinbefore,” “hereof,” “hereto,” “hereunder,” “heretofore” and “hereafter” defined. “Hereby,” “herein,” “hereinabove,” “hereinafter,” “hereinbefore,” “hereof,” “hereto,” “hereunder,” and any similar term refer to th…

NRS 396.822 “Holder” defined. “Holder,” or any similar term, when used in conjunction with any coupons, any bonds or any other securities issued hereunder, means the person in possession and the apparent owner of the designated item if such obligation is registered for payment to…

NRS 396.823 “Improvement” and “improve” defined. “Improvement” or “improve” includes the extension, widening, lengthening, betterment, alteration, reconstruction or other major improvement, or any combination thereof, of any properties pertaining to a project, or an interest ther…

NRS 396.824 “Net revenues” and “net pledged revenues” defined. “Net revenues” or “net pledged revenues” means “gross revenues,” after the deduction of operation and maintenance expenses. (Added to NRS by 1967, 5)

NRS 396.825 “Operation and maintenance expenses” defined. “Operation and maintenance expenses,” or any phrase of similar import, means all reasonable and necessary current expenses of the University or the Board, or of both the University and the Board, as the case may be, paid o…

NRS 396.826 “Operation and maintenance expenses”: Exclusions from definition. The term “operation and maintenance expenses” does not include: 1. Any allowance for depreciation, except as otherwise provided in subsection 7 of NRS 396.825; 2. Any costs of reconstruction, improvemen…

NRS 396.828 “Pledged revenues” defined. “Pledged revenues” means the money pledged wholly or in part for the payment of bonds or other securities issued hereunder and, subject to any existing pledges or other contractual limitations, may include at the Board’s discretion, all loa…

NRS 396.829 “Pledged revenues”: Exclusions from definition. The term “pledged revenues” does not include any of the following: 1. The proceeds of any tuition charges and registration fees; 2. The principal of any endowments, restricted or unrestricted; 3. The proceeds of any levy…

NRS 396.831 “Project” defined. “Project” means any undertaking or undertakings which the Board is authorized by law (other than NRS 396.809 to 396.885, inclusive) to complete in its name or in the name of the University, the cost of which the Board is authorized by law (other tha…

NRS 396.832 “Secretary of the Board” defined. “Secretary of the Board” means the de facto or de jure Secretary of the Board of Regents of the University of Nevada, or his or her successor in functions, if any. (Added to NRS by 1967, 6)

NRS 396.833 “Securities” defined. “Securities” means notes, warrants, bonds, temporary bonds and interim debentures authorized to be issued hereunder in the name and on the behalf of the University or of the Board for the benefit of the University. (Added to NRS by 1967, 6)

NRS 396.834 “State” defined. “State” means the State of Nevada, or any board, department or other agency or instrumentality thereof, in the United States; and where the context so indicates, “State” means the geographical area comprising the State of Nevada. (Added to NRS by 1967…

NRS 396.835 “Treasurer of the University” defined. “Treasurer of the University” means the de facto or de jure Treasurer of the Board and ex officio Treasurer of the System, or his or her successor in functions, if any. (Added to NRS by 1967, 6; A 1969, 1440; 1993, 358)

NRS 396.836 “Trust bank” defined. “Trust bank” means: 1. A commercial bank that is authorized to exercise and is exercising trust powers. 2. A branch of the Federal Reserve Bank. 3. A credit union whose deposits are insured by the National Credit Union Share Insurance Fund or by …

NRS 396.837 “United States” defined. “United States” means the United States of America; and where the context so indicates, “United States” means the geographical area comprising the United States of America. (Added to NRS by 1967, 7; A 1971, 2121)

NRS 396.838 “University” defined. “University” means the Nevada System of Higher Education, the State University constituting a body corporate and politic, a political subdivision of this State, with the seat located in the City of Reno, in the County of Washoe and State of Nevad…

NRS 396.839 Bonds and other securities are special obligations payable solely out of net pledged revenues. 1. Any bonds or other securities issued hereunder, together with any interest accruing thereon and any prior redemption premiums due in connection therewith, shall be payabl…

NRS 396.8395 Revenues which may be included as pledged revenues. Subject to any existing pledges or other contractual limitations and to the provisions of NRS 396.810: 1. The Board may include, without limitation, as pledged revenues for the payment of bonds or other securities i…

NRS 396.840 Proposed securities: Sufficiency of revenues; earnings test; estimates and adjustments. 1. Before any securities are actually issued payable from any net pledged revenues, except for any securities issued solely for the purpose of funding or refunding or both funding …