1. The Legislature finds and declares that any state securities issued pursuant to this section 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 their issuance constitutes an exercise of the authority conferred by the second paragraph of Section 3 of Article 9 of the Constitution of the State of Nevada.

2. The Administrator may authorize the State Treasurer to issue, sell or deliver state securities as general obligations or secured by pledged revenue if viable to carry out the purposes of the Account for the Revolving Fund, or to provide money from the State to match the federal grant as required by the Safe Drinking Water Act.

3. If the Administrator authorizes the issuance of state securities, the State Treasurer may:

(a) Sue and be sued to establish or enforce any right arising out of a project receiving financial assistance or of any state securities issued pursuant to this authorization;

(b) Acquire and hold municipal securities, and exercise all of the rights of holders of those securities;

(c) Sell or otherwise dispose of municipal securities and assets acquired in connection with those securities, unless limited by any agreement which relates to the securities;

(d) Make contracts and execute all necessary or convenient instruments;

(e) Accept grants of money from the Federal Government, the State, any agency or political subdivision thereof, or any other person;

(f) Adopt financial regulations relating to projects receiving financial assistance and the administration of those projects;

(g) Employ for himself or herself or for any public water system, any necessary legal, fiscal, engineering and other expert services in connection with projects receiving financial assistance and with the authorization, sale and issuance of state securities, and the purchase of municipal securities or nongovernmental debt;

(h) Enter into agreements and arrangements consistent with NRS 445A.200 to 445A.295, inclusive, concerning the authorization, sale and issuance of state securities and the purchase of municipal securities or nongovernmental debt;

(i) Require, as appropriate to secure a nongovernmental debt, enhancements of credit or the pledge of any variety of collateral or other types of security, such as corporate or personal guarantees; and

(j) Undertake other matters which he or she determines to be necessary or desirable to accomplish the purposes of NRS 445A.200 to 445A.295, inclusive.

4. The money in the Account for the Revolving Fund which is available for the payment of the interest and installments of principal on the state securities must be pledged as the primary source for the payment of the state securities. The full faith and credit of the State may be pledged as additional security for the payment of the state securities.

(Added to NRS by 1997, 1822, 1826)