1. The Private Activity Bond Council is hereby created.

2. The Council consists of seven members as follows:

(a) The Director, or his or her designee, who shall serve as Chair of the Council;

(b) The Executive Director of the Office of Economic Development, or his or her designee;

(c) One member who is a member of the Senate appointed by the Legislative Commission;

(d) One member who is a member of the Assembly appointed by the Legislative Commission;

(e) One member appointed by the Nevada League of Cities;

(f) One member appointed by the Nevada Association of Counties; and

(g) One member who has experience in financing affordable housing projects appointed by the Director.

3. An appointed member of the Council serves a term of 2 years and until his or her successor is appointed. An appointed member may be reappointed for additional terms of 2 years in the same manner as the original appointment.

4. A vacancy in the appointed membership of the Council must be filled in the same manner as the original appointment for the remainder of the unexpired term.

5. Each member of the Council:

(a) Serves without compensation; and

(b) While engaged in the business of the Council, is entitled to receive the per diem allowance and travel expenses provided for state officers and employees generally.

6. A member of the Council who is an officer or employee of this State or a political subdivision of this State must be relieved from his or her duties without loss of regular compensation to prepare for and attend meetings of the Council and perform any work necessary to carry out the duties of the Council in the most timely manner practicable. A state agency or political subdivision of this State shall not require an officer or employee who is a member of the Council to:

(a) Make up the time he or she is absent from work to carry out his or her duties as a member of the Council; or

(b) Take annual leave or compensatory time for the absence.

7. The Council shall meet at the call of the Chair as frequently as required to perform its duties, but not less than twice each year.

8. A majority of the voting members of the Council constitutes a quorum for the transaction of business, and a majority of a quorum present at any meeting is sufficient for any official action taken by the Council.

9. The Department of Business and Industry shall provide the Council with administrative support.

(Added to NRS by 2019, 2430)