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; A 1977, 591; 1981, 389; 1985, 2082; 1993, 1476)
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 section and the corresponding provisions of future internal revenue laws. (Added to NRS by 1993, 1476)
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 provisions of future internal revenue laws. (Added to NRS by 1993, 1476)
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 project, whether these costs are incurred by the city, the obligor or a designee of […]
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 (directly or through notes, debentures, bonds or other secured or unsecured debt obligations of the obligor executed […]
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 agrees to make the payments required by the financing agreement. (Added to NRS by 1977, 590)
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 various standards prescribed by this state or the Federal Government. (Added to NRS by 1977, 590)
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 enterprise; (b) An organization for research and development; (c) A health and care facility; (d) A supplemental facility for a health […]
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 the obligor to the city or the city’s designee or assignee (including a trustee) pursuant to […]
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. (Added to NRS by 1981, 389)
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, 590)
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 commercial enterprises and organizations for research and development to locate in, remain or expand in this State to further […]
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 268.512 to 268.568, inclusive, must be liberally construed in conformity with the purposes set forth in […]
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 one or more projects, or part thereof. Such projects, upon […]
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 any manufacturing, industrial, warehousing or other commercial enterprise or any organization for research and development to locate within the city […]