1. The Board may, at the request of the State Treasurer, to pay the cost of any lending project, borrow money or otherwise become obligated, and may provide evidence of those obligations by issuing state securities.

2. State securities issued to acquire municipal securities may be outstanding pursuant to this chapter in an aggregate principal amount of not more than $1.8 billion.

3. State securities issued to:

(a) Acquire municipal securities must be payable from taxes and may be additionally secured by all or any designated revenues from one or more lending projects.

(b) Acquire revenue securities must be payable from all or any designated revenues from one or more lending projects and from allocable local revenues payable to a municipality.

Any such state securities may be issued without an election or other preliminaries. No state securities may be issued to refund any municipal securities issued before May 29, 1981.

4. No state securities may be issued to acquire revenue securities unless:

(a) The State Treasurer presents to the State Board of Finance findings which indicate that the revenues and taxes pledged to the payment of the revenue securities are sufficient to repay the state securities; and

(b) The State Board of Finance approves the findings.

5. Provisions of the State Securities Law which are not inconsistent with the provisions of this chapter apply to the issuance of state securities pursuant to this chapter.

(Added to NRS by 1981, 769; A 1985, 1901; 1989, 180; 1991, 180; 1993, 2320; 1997, 165)