Title 30

NRS 349.855 Director: Establishment of funds and accounts; investments and deposits. The Director may: 1. Establish such funds or accounts as may be necessary or desirable for carrying out the provisions of NRS 349.700 to 349.870, inclusive. 2. Subject to any agreement with the h…

NRS 349.857 Director: Loans of securities. 1. The Director may lend any securities in which he or she invests pursuant to NRS 349.855 if he or she receives collateral from the borrower in the form of cash or marketable securities that are: (a) Acceptable to the Director; and (b) …

NRS 349.860 Insurance. The Director may use money from the fund for financing exports to: 1. Insure against the program’s risk of loss resulting from the failure of the exporter to repay the loan provided by a participating financial institution; and 2. Purchase insurance to secu…

NRS 349.865 Faith of State pledged against repeal, amendment or modification of NRS 349.700 to 349.870, inclusive. The faith of the State is hereby pledged that NRS 349.700 to 349.870, inclusive, will not be repealed, amended or modified to impair any outstanding bonds or any rev…

NRS 349.870 Sufficiency of NRS 349.700 to 349.870, inclusive; construction. 1. The provisions of NRS 349.700 to 349.870, inclusive, without reference to other statutes of the State, constitute full authority for the exercise of powers granted in those sections, including but not …

NRS 349.900 Legislative declaration. It is the intent of the Legislature to: 1. Promote in the broadest sense the economic diversification and safe growth of the economy of the State; 2. Provide an attractive opportunity for the investment of venture capital within the State; 3. …

NRS 349.901 Definitions. As used in NRS 349.900 to 349.929, inclusive, unless the context otherwise requires, the words and terms defined in NRS 349.902 to 349.909, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 1987, 1405)

NRS 349.902 “Account for Venture Capital” defined. “Account for Venture Capital” means the special fund which contains that portion of the proceeds from the sale of the bonds allocated for venture capital by the Director or his or her representative. (Added to NRS by 1987, 1405)

NRS 349.903 “Agreement” defined. “Agreement” means the contract between the Director and the management company authorizing the management company to manage the assets of the Account for Venture Capital. (Added to NRS by 1987, 1405)

NRS 349.904 “Board” defined. “Board” means the State Board of Finance. (Added to NRS by 1987, 1405; A 1995, 2238)

NRS 349.905 “Bonds” and “revenue bonds” defined. “Bonds” or “revenue bonds” means bonds, notes or other securities evidencing an obligation and issued pursuant to NRS 349.900 to 349.929, inclusive. (Added to NRS by 1987, 1405)

NRS 349.906 “Director” defined. “Director” means the Director of the Department of Business and Industry or any person within the Department of Business and Industry designated by the Director to perform duties in connection with a financing or the issuance of bonds. (Added to NR…

NRS 349.907 “Expense of operation and maintenance” defined. “Expense of operation and maintenance” means any reasonable and necessary current expense of the State for the operation, maintenance or administration of the financing or of the collection and administration of revenues…

NRS 349.908 “Fund for the Retirement of Bonds” defined. “Fund for the Retirement of Bonds” means the fund established pursuant to the indenture and held by the trustee and which secures payment of the principal amount of the bonds at maturity. (Added to NRS by 1987, 1406)

NRS 349.909 “Management company” defined. “Management company” means the company which manages and administers the Account for Venture Capital pursuant to the agreement. (Added to NRS by 1987, 1406)

NRS 349.910 General powers of Director; promotion of funds for venture capital; liberal construction. 1. The Director has all the powers necessary to accomplish the purposes set forth in NRS 349.900 to 349.929, inclusive, but these powers must be exercised for the health, safety,…

NRS 349.911 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 349.912 Director: Selection of management company; agreement; regulations; expenses of operation and maintenance; employees, advisers and consultants. The Director may, upon approval of the Board: 1. Select the management company; 2. Enter into an agreement; 3. Adopt regulati…

NRS 349.913 Director: Restriction on operation or management of enterprise. The Director may not operate or manage any enterprise in which an investment has been made by a management company for the Account for Venture Capital. (Added to NRS by 1987, 1406)

NRS 349.914 Director: Allocation of proceeds of bonds. A portion of the proceeds of the bonds, after the allocation to the Fund for the Retirement of Bonds, must be placed by the Director in a special Account for Venture Capital. (Added to NRS by 1987, 1406)

NRS 349.915 Contents of agreement. In the agreement the management company shall agree to invest the money and other assets in the Account for Venture Capital consistent with the purposes of NRS 349.900 to 349.929, inclusive. In addition, the agreement must: 1. Specify the length…

NRS 349.916 Objective of investments for Account for Venture Capital. The objective of the investments for the Account for Venture Capital is to seek the appreciation of long-term capital by investing venture capital in new developing enterprises which the management company beli…

NRS 349.917 Form of investments of management company; management company to be managed by experienced person. 1. The investments of the management company for the Account for Venture Capital may take the form of an equity investment, a loan or a purchase of warrants or options t…

NRS 349.918 Prerequisites for management company. The management company must be: 1. Aware of and responsive to local issues; 2. Capable of supervising and financing an enterprise throughout its development; 3. Familiar with and able to cooperate with any agency or program of the…

NRS 349.919 Issuance of revenue bonds: Director required to submit findings to Board; approval of Board; limitation on amount of bonds. 1. The Director may, if he or she finds it feasible, issue revenue bonds to the extent necessary to provide sufficient money for the Account for…

NRS 349.920 Issuance of bonds: Findings of Director and Board. Before issuing bonds, the Director and the Board shall find that: 1. The financing will provide a public benefit. 2. There are sufficient safeguards to ensure that all money provided pursuant to NRS 349.900 to 349.929…

NRS 349.921 Bonds: Safety as to repayment of principal and interest; Fund for the Retirement of Bonds; investment of money in Fund. 1. The bonds issued pursuant to NRS 349.900 to 349.929, inclusive, must be structured to provide a significant degree of safety as to repayment of p…

NRS 349.922 Bonds: Special obligations of State. 1. All bonds issued by the Director pursuant to NRS 349.900 to 349.929, inclusive, are special, limited obligations of the State. 2. The bonds and interest coupons, if any, which are a part of those bonds do not constitute the debt…

NRS 349.923 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, not exceeding 40 years after their respective dates; (d) Be in the form; (e) B…

NRS 349.924 Bonds: Regulations for investment and reinvestment of proceeds and management of proceeds by banks or trust companies. The Director shall adopt regulations for: 1. Investment and reinvestment of the proceeds designated for the Account for Venture Capital from the sale…

NRS 349.925 Bonds: Refunding. 1. Any bonds issued under the provisions of NRS 349.900 to 349.929, inclusive, may be refunded by the Director by the issuance of refunding bonds in an amount which the Director deems necessary to refund the principal of the bonds to be so refunded, …

NRS 349.926 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 investment authorized by NRS 349.900 to 349.929, inclusive, more than 30 d…

NRS 349.927 Faith of State pledged against repeal, amendment or modification of NRS 349.900 to 349.929, inclusive. The faith of the State is hereby pledged that NRS 349.900 to 349.929, inclusive, will not be repealed, amended or modified to impair any outstanding bonds or any rev…

NRS 349.928 Sufficiency of NRS 349.900 to 349.929, inclusive; construction. 1. NRS 349.900 to 349.929, 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 aut…

NRS 349.929 Account for Venture Capital to be entrusted to management company; proceeds of bonds may be entrusted to another management company. The Account for Venture Capital is to be entrusted to a management company with the qualifications specified in those sections. Subject…

NRS 349.935 Definitions. As used in NRS 349.935 to 349.961, inclusive, unless the context otherwise requires, the words and terms defined in NRS 349.936 to 349.945, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 1987, 2273)

NRS 349.936 “Board” defined. “Board” means the Board for Financing Water Projects. (Added to NRS by 1987, 2273)

NRS 349.937 “Cost of a water project” defined. “Cost of a water project” means all or a designated part of the cost of any water project, including any incidental cost pertaining to the water project. The cost of a water project may include, among other costs, the costs of: 1. Su…

NRS 349.938 “Director” defined. “Director” means the Director of the State Department of Conservation and Natural Resources or any person within the State Department of Conservation and Natural Resources designated by the Director to perform duties in connection with a water proj…

NRS 349.939 “Expense of operation and maintenance” defined. “Expense of operation and maintenance” means any reasonable and necessary current expense of the State for the operation, maintenance or administration of a water project or of the collection and administration of revenu…

NRS 349.940 “Mortgage” defined. “Mortgage” includes a deed of trust and any other security agreement covering real or personal property, or both. (Added to NRS by 1987, 2274)

NRS 349.941 “Obligor” defined. “Obligor” means the natural person, partnership, firm, company, public utility, corporation, association, trust, estate, political subdivision, state agency or any other legal entity, or its legal representative, who agrees to make the payments suff…

NRS 349.942 “Revenue bonds” defined. “Revenue bonds” means bonds, notes or other securities evidencing a special limited obligation of the State, the principal and interest of which are payable solely out of revenues derived from the financing, leasing or sale of the water projec…

NRS 349.943 “State securities” defined. “State securities” means notes, warrants, interim debentures, bonds and temporary bonds issued as general obligations by the Director for any water project or for a refunding which are payable from taxes, whether or not additionally secured…

NRS 349.944 “Tax” defined. “Tax” means a general tax upon property. (Added to NRS by 1987, 2275)

NRS 349.945 “Water project” defined. “Water project” means a project for the management, control, delivery, use or distribution of water. (Added to NRS by 1987, 2275)