1. The Board shall not become obligated with respect to a particular lending project unless the Board:
(a) Has determined that the lending project is for a purpose related to natural resources and that the obligation to be incurred for the lending project will be exempt from the limitation on state debt set forth in Section 3 of Article 9 of the Nevada Constitution; or
(b) Has obtained judicial confirmation, in a proceeding pursuant to chapter 43 of NRS or another proceeding, that the obligation to be incurred for that project will be exempt from the State’s debt limit. If an appeal is taken or the confirmation is otherwise reviewed, the obligation must not be incurred unless the exemption is affirmed by the court of last resort.
2. The Legislature hereby finds that obligations issued as state securities which are general obligations, for which a Board determination has been made pursuant to paragraph (a) of subsection 1 or a judicial confirmation has been obtained pursuant to paragraph (b) of subsection 1, are necessary for the protection and preservation of the property and natural resources of this State and for the purpose of obtaining the benefits thereof, and the issuance of those securities constitutes an exercise of the authority conferred by the second paragraph of Section 3 of Article 9 of the Nevada Constitution.
(Added to NRS by 1981, 769; A 1993, 2321; 2015, 29th Special Session, 53)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
