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. Correct the serious shortage of venture capital available or dedicated to development of new […]
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)
“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)
“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)
“Board” means the State Board of Finance. (Added to NRS by 1987, 1405; A 1995, 2238)
“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)
“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 NRS by 1987, 1405; A 1993, 1570)
“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 from the financing, and includes, but is not limited to: 1. Expenses for engineering, auditing, reporting or legal services and any other expense […]
“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)
“Management company” means the company which manages and administers the Account for Venture Capital pursuant to the agreement. (Added to NRS by 1987, 1406)
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, convenience, prosperity and welfare of the inhabitants of this state and for the economic diversification and development of the State and the marketing and development […]
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 by the Director pursuant to NRS 349.900 to 349.929, inclusive, or for any damage or injury resulting from the performance of those duties. […]
The Director may, upon approval of the Board: 1. Select the management company; 2. Enter into an agreement; 3. Adopt regulations necessary to carry out the provisions of NRS 349.900 to 349.929, inclusive; 4. Charge the Account for Venture Capital for the expenses of operation and maintenance; and 5. Employ or contract for the services […]
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)
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)
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 of the term of the agreement, the compensation to be paid the management company and […]
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 believes offers the possibility of significant long-term growth consistent with the protection of the environment of the State. (Added to NRS by 1987, 1407)
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 to purchase stock. 2. The management company must be managed by a person who is experienced in various aspects of the development of new enterprises. […]
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 United States for the development or promotion of small enterprises; and 4. Willing to locate branch offices […]
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 Venture Capital and sufficient to pay the interest on the bonds until the proceeds are so used and to pay all other expenses incurred in providing the financing. 2. […]
