LAS VEGAS CONVENTION CENTER ACT OF 1971

[Rev. 6/29/2024 7:32:40 PM--2023]

Chapter 3, Statutes of Nevada 1971

AN ACT authorizing the Las Vegas Convention Authority on the behalf and in the name of Clark County to construct, otherwise acquire, improve, extend and better recreational facilities incidental thereto, and sites and grounds, equipment and furnishings therefor; authorizing the issuance of bonds for such purpose in not to exceed the aggregate principal amount of $7,500,000; providing for the payment of the bonds and the interest thereon by the levy and collection of general (ad valorem) taxes and optionally with revenues derived from the county’s exposition and convention hall buildings and appurtenant recreational facilities and from license taxes fixed and imposed for revenues upon certain operators of hotels and motels and upon gaming; concerning other securities relating to such project and such bonds; otherwise stating powers, duties, immunities, rights, privileges, liabilities, disabilities, other limitations and other details in connection therewith; and providing other matters properly relating thereto.

[Approved: February 2, 1971]

(Leadlines for sections have been supplied by the Legislative Counsel of the State of Nevada)

Whereas, The Las Vegas Convention Authority, in the county of Clark, State of Nevada (sometimes designated in this act as the “Authority,” the “County” and the “State,” respectively), ordered the submission of, and there was submitted, at the primary election held in the County on Tuesday, the 1st day of September 1970, to the duly qualified electors of the County, a proposal authorizing it to incur an indebtedness by the issuance of the County’s negotiable, coupon, general obligation bonds, in one series or more, in the aggregate principal amount of $7,500,000, or so much thereof as may be necessary, for the purpose of constructing, otherwise acquiring, improving, extending and bettering recreational facilities for the County for convention hall expansion and football stadium facilities, improvements incidental thereto, and sites and grounds, equipment and furnishings therefor (sometimes designated in this act as the “bonds”), the bonds to bear interest at a rate or rates of not exceeding 7 percent per year, to mature serially commencing not later than 3 years from the date or respective dates of the bonds and ending not later than 10 years therefrom, payable from general (ad valorem) taxes (sometimes designated in this act as “taxes”), except to the extent other moneys are available therefor, and to be issued and sold at, above or below par at an effective interest rate (including any sale discount) of not more than 7 percent per year to maturity, and otherwise in such manner, upon such terms and conditions, with such covenants and agreements, and with such other detail as the authorizing governing body may determine, including at its option but not necessarily limited to provisions for the redemption of bonds prior to maturity without or with the payment of a premium, for securing additionally the payment of the bonds by pledging all or any part of the revenues derived from the operation of the County’s recreational facilities, including but not necessarily limited to the exposition and convention hall buildings, from license taxes fixed and imposed for revenues upon certain operators of hotels and motels and upon gaming, and from any other sources legally made available therefor; and

Whereas, The proposal was approved by a majority voting thereon of those qualified electors of the County who were owners of, or spouses of owners of, real property in the County assessed on the assessment roll of the County and also by a majority voting thereon of all other qualified electors of the County; and

Whereas, There have been issued heretofore and there are now outstanding certain County bonds of an issue designated as the Clark County, Nevada, General Obligation Public Building and Recreation Bonds, Series July 15, 1963, authorized in the original aggregate principal amount of $4,790,000, payable from taxes (except to the extent other funds are available therefor), which payment is additionally secured by an irrevocable pledge of revenues derived by the County from the operation of the County’s exposition and convention hall facilities and incidental recreational facilities therefor (sometimes designated in this act as the “Convention Hall Facilities”) and of revenues derived by the County from the collection of certain license taxes fixed and imposed for revenues by the County and the cities of Boulder City, Henderson, Las Vegas and North Las Vegas upon certain operators of hotels and motels and upon gaming, excluding the costs of collecting such license taxes not exceeding for any collection period an amount equal to 10 percent of the gross revenues collected therefrom (sometimes collectively designated in this act as the “Pledged Revenues”), after the deduction of operation and maintenance expenses of the Convention Hall Facilities; and

Whereas, It is hereby declared, as a matter of legislative determination:

(a) Recent decisions of the United States Supreme Court in construing the federal constitution have raised by implication a question as to the validity of a bond election held under any of the State’s two-colors-of-bond-ballot laws; and

(b) The Legislature by this act desires to remove such impediment to the issuance of such proposed bonds and to defraying the cost of the Project; now therefore:

(Ch. 3, Stats. 1971 p. 2)

The People of the State of Nevada, represented in Senate and Assembly, do enact as follows:

Section 1. Construction or acquisition of recreational facilities; requirements for general obligation bonds. The County, acting by and through the Authority, in addition to the powers elsewhere conferred upon the County, is by this act authorized and empowered, without the necessity of another election or other or further preliminaries, to issue the County’s negotiable, coupon, general obligation bonds, in an aggregate principal amount of not exceeding $7,500,000, or such lesser amount as may be determined by the Authority, for the purpose of defraying wholly or in part the cost of constructing, otherwise acquiring, improving, extending and bettering recreational facilities for the County for convention hall expansion and football stadium facilities, improvements incidental thereto, sites and grounds, equipment and furnishings therefor, or any combination thereof (sometimes designated in this act as the “Project”), the bonds bearing interest at a rate or rates of not exceeding 7 percent per year, maturing serially commencing not later than 3 years from the date or respective dates of the bonds and ending not later than 12 years therefrom, payable from taxes (except to the extent other moneys are available for such payment), and being issued and sold at public or private sale at, above or below par at an effective interest rate (including any sale discount) of not exceeding 7 percent per year.

(Ch. 3, Stats. 1971 p. 3)

Sec. 2. Bonds: Pledge of revenues. The Authority may additionally secure the payment of the bonds by a pledge of the Pledged Revenues without any other or further preliminaries.

(Ch. 3, Stats. 1971 p. 4)

Sec. 3. Bonds: Limitation on delivery. The County shall not deliver any bonds authorized in this act after the expiration of 6 years from its effective date.

(Ch. 3, Stats. 1971 p. 4)

Sec. 4. Bonds: Applicability of Local Government Securities Law; signature. The bonds and any coupons shall be executed in the manner provided in the Local Government Securities Law, as from time to time amended; but the bonds shall also bear the manual or facsimile signature of the Chair of the Authority.

(Ch. 3, Stats. 1971 p. 4)

Sec. 5. Issuance of securities constituting general obligations. Except as otherwise provided in this act, the Authority or the Board of County Commissioners of Clark County, or both such governing bodies, as either or both may determine from time to time, on the behalf and in the name of the County, may borrow money, otherwise become obligated and evidence such obligations by the issuance of bonds and other securities of the County, constituting its general obligations, the payment of which may be additionally secured by a pledge of such Pledged Revenues, and in connection with the Project or any recreational facilities pertaining thereto, either or both such governing bodies may otherwise proceed as provided in the Local Government Securities Law, as from time to time amended.

(Ch. 3, Stats. 1971 p. 4)

Sec. 6. Powers supplemental; applicability of other laws. The powers conferred by this act shall be in addition and supplemental to, and the limitations imposed by this act shall not affect, the powers conferred by any other law, general or special; and securities may be issued under this act without regard to the procedure required by any other such law except as otherwise provided in this act or in the Local Government Securities Law (except to the extent of any conflict with this act). Insofar as the provisions of this act are inconsistent with the provisions of any other law, general or special, the provisions of this act shall be controlling.

(Ch. 3, Stats. 1971 p. 4)

Sec. 7. Liberal construction. This act being necessary to secure and preserve the public health, safety, convenience and welfare shall be liberally construed to effect its purposes.

(Ch. 3, Stats. 1971 p. 4)

Sec. 8. Severability. If any provision of this act or the application thereof to any person, thing or circumstance is held invalid, such invalidity shall not affect the provisions or application of this act that can be given effect without the invalid provision or application, and to this end the provisions of this act are declared to be severable.

(Ch. 3, Stats. 1971 p. 4)

Sec. 9. Effective date. This act shall become effective upon passage and approval.

(Ch. 3, Stats. 1971 p. 4)