1. The Commission may:

(a) Acquire and perfect any interest in supplemental water.

(b) Develop, store, transport, transfer, exchange, use and treat supplemental water.

(c) Acquire an interest in, finance, construct, reconstruct, operate, maintain, repair and dispose of any facility for water or power, including, without limitation, a facility for the storage or conveyance of water and a facility for the generation or transmission of electricity.

(d) Obtain any license, permit, grant, loan or aid from any agency of the United States, the State of Nevada or any other public or private entity.

(e) In accordance with the provisions of the State Securities Law:

(1) Borrow money and otherwise become obligated in a total principal amount which is approved by the Legislature or the Interim Finance Committee.

(2) Issue:

(I) General obligation securities payable from taxes and additionally secured with net pledged revenues;

(II) Securities constituting special obligations payable from net pledged revenues; or

(III) Any combination of those securities.

The Legislature finds and declares that the issuance of securities and other incurrence of indebtedness pursuant to this subsection are for the protection and preservation of the natural resources of this state and obtaining the benefits thereof, and constitute an exercise of the authority conferred by the second paragraph of Section 3 of Article 9 of the Constitution of the State of Nevada. The powers conferred by this subsection are in addition to and supplemental to the powers conferred by any other law.

(f) Perform all other lawful acts it considers necessary or desirable to carry out the purposes and provisions of any law relating to the powers, functions and duties of the Commission.

2. The Commission shall comply with the provisions of this chapter and chapters 532, 533 and 534 of NRS before taking any action pursuant to subsection 1 which relates in any way to supplemental water if the source of the supplemental water is located within the State of Nevada and is not the Colorado River.

(Added to NRS by 1995, 967; A 2001, 2086)