[Rev. 11/21/2013 10:49:34 AM--2013]

CHAPTER 315 - HOUSING AUTHORITIES

GENERAL PROVISIONS

Termination of Housing Assistance

NRS 315.007           Availability of judicial review; requirements for retention of premises pending judicial review.

 

Eviction of Tenants of Public Housing for Convictions of Laws Regulating Controlled Substances

NRS 315.011           Legislative findings and declarations.

NRS 315.021           Definitions.

NRS 315.031           Conditions upon which tenant required to vacate public housing.

NRS 315.041           Notice of termination of tenancy; contents of notice; affidavit filed by tenant; affidavit filed by housing authority or landlord; determination by justice of the peace.

NRS 315.051           Service of notices: Manner and proof.

NRS 315.061           Action for damages not precluded; appeal of decision of justice of the peace.

NRS 315.071           Return of evicted tenant to public housing.

HOUSING AUTHORITIES LAW OF 1947

General Provisions

NRS 315.140           Short title.

NRS 315.150           Definitions.

NRS 315.160           “Area of operation” defined.

NRS 315.170           “Authority” defined.

NRS 315.180           “Bonds” defined.

NRS 315.190           “City” defined.

NRS 315.200           “Clerk” defined.

NRS 315.210           “Federal Government” defined.

NRS 315.220           “Governing body” defined.

NRS 315.225           “Housing Authorities Law of 1943” defined.

NRS 315.226           “Housing Law of 1951” defined.

NRS 315.230           “Housing project” defined.

NRS 315.240           “Mayor” defined.

NRS 315.250           “Obligee of the authority” and “obligee” defined.

NRS 315.260           “Persons of low income” defined.

NRS 315.270           “Real property” defined.

NRS 315.275           “Regional authority” defined.

NRS 315.280           “State public body” defined.

NRS 315.290           “Town” defined.

NRS 315.300           “Veteran” and “serviceman or servicewoman” defined.

NRS 315.310           Exemption of real property from execution, process and judgment lien: Enforcement of certain encumbrances, pledges and liens.

NRS 315.320           Housing authority: Nature; resolution of necessity to function.

NRS 315.330           Factual findings required.

NRS 315.340           Determination of unsafe or insanitary conditions: Considerations.

NRS 315.350           Actions involving authority’s contracts; establishment of authority conclusively presumed; sufficiency of resolution.

NRS 315.360           Continuation of housing authorities organized under prior laws.

NRS 315.365           Effect of chapter 16, Statutes of Nevada 1975.

NRS 315.370           Appointment of commissioners: Number; term; qualifications; vacancies.

NRS 315.380           Officers of authority.

NRS 315.390           Compensation and expenses of commissioner.

NRS 315.400           Conflicts of interest.

NRS 315.410           Removal of commissioners.

NRS 315.420           Nature and functions; power to effectuate purposes.

NRS 315.430           General powers.

NRS 315.435           Area of another authority.

NRS 315.440           Powers concerning housing projects.

NRS 315.450           Contracts for services or works: Compliance with wage and hour laws; conditions of federal aid.

NRS 315.460           Powers relating to real and personal property.

NRS 315.470           Authorized investments; redemption or repurchase of bonds.

NRS 315.480           Exercise of powers granted in NRS 315.420 to 315.470, inclusive.

NRS 315.490           Acquisition, operation or disposition of property by public bodies: Law applicable.

NRS 315.500           Rentals.

NRS 315.510           Tenant selection: Preferences.

NRS 315.520           Remedies of authority’s obligee: Effect of NRS 315.500 and 315.510.

NRS 315.530           Cooperation between authorities.

NRS 315.540           Payments in lieu of taxes.

NRS 315.550           Powers of state public bodies respecting housing projects.

NRS 315.560           Federal aid.

NRS 315.570           Housing in rural areas.

NRS 315.580           Housing for veterans and servicemen or servicewomen.

NRS 315.590           Lease of government war housing projects by authority.

NRS 315.600           Bonds for corporate and refunding purposes.

NRS 315.610           Types of bonds; additional security.

NRS 315.620           Liability on bonds; debt limitations.

NRS 315.630           Resolution authorizing bonds: Contents.

NRS 315.640           Sale.

NRS 315.650           Discontinuance in office: Negotiability.

NRS 315.660           Validity; conclusive presumptions.

NRS 315.670           Authorized provisions: Bonds; trust indentures; mortgages.

NRS 315.680           Pledges and mortgages.

NRS 315.690           Limitation of further indebtedness; bond proceeds; lost and destroyed bonds; extension of bond and interest payment; redemption.

NRS 315.700           Rental income; special funds.

NRS 315.710           Procedure relating to bondholders’ contracts.

NRS 315.720           Use, maintenance and insurance of property.

NRS 315.725           Program to jointly self-insure and purchase insurance or reinsurance.

NRS 315.730           Obligees’ powers and duties.

NRS 315.740           Exercise of enumerated powers.

NRS 315.750           Submission to and certification of bonds by Attorney General.

NRS 315.760           Housing authority bonds: Authorized investments.

NRS 315.770           Remedies of authority’s obligee.

NRS 315.780           Additional remedies conferrable by authority on obligee.

 

Regional Authorities in Counties Whose Population is 700,000 or More

NRS 315.7805         Formation.

NRS 315.7807         Dissolution of individual authorities.

NRS 315.7809         Appointment of commissioners; number; term; qualifications; vacancies.

NRS 315.7811         Additional powers.

NRS 315.7813         Reservation or nomination of land from Bureau of Land Management prohibited; exception.

RURAL HOUSING AUTHORITY

General Provisions

NRS 315.961           Policy of State; findings and declarations.

NRS 315.962           Definitions.

NRS 315.963           “Area of operation” defined.

NRS 315.964           “Authority” and “State Authority” defined.

NRS 315.965           “Bonds” defined.

NRS 315.966           “City” defined.

NRS 315.967           “Executive Director” defined.

NRS 315.968           “Federal Government” defined.

NRS 315.969           “Housing project” defined.

NRS 315.971           “Local housing authority” and “local authority” defined.

NRS 315.972           “Obligee” defined.

NRS 315.973           “Persons of low and moderate income” defined.

NRS 315.976           “Town” defined.

 

Administration

NRS 315.977           Creation of Authority; appointment of commissioners; quorum; majority vote required to carry question.

NRS 315.978           Certificate of appointment or reappointment of commissioner: Filing.

NRS 315.979           Organization of Authority: Officers; bylaws and rules; employees; report and recommendations.

NRS 315.980           Compensation of commissioners.

NRS 315.981           Conflicts of interest.

NRS 315.982           Removal of commissioners; filling of vacancy in office.

NRS 315.983           Nature and functions; general powers; creation of nonprofit organization for development of housing projects.

NRS 315.9835         Area of operation.

NRS 315.984           Powers of Authority concerning housing projects and low-rent housing; power of nonprofit organization concerning housing projects.

NRS 315.9845         Determination of income.

NRS 315.988           Powers of State Authority under Housing Authorities Law of 1947.

NRS 315.989           State projects subject to local ordinances.

NRS 315.990           Payments in lieu of taxes.

NRS 315.991           Acquisition, operation or disposition of property by public agencies: Law applicable.

NRS 315.992           Exemption of property from execution, process and judgment lien; enforcement of certain encumbrances, pledges and liens.

NRS 315.993           Projects not to be constructed or operated for profit; fixing of rentals or payments.

NRS 315.994           Tenant selection.

NRS 315.995           Remedies of Authority’s obligee: Effect of NRS 315.993 and 315.994.

NRS 315.996           Powers of state public bodies respecting housing projects.

 

Financing

NRS 315.9981         Definitions.

NRS 315.99815       “Lending institution” defined.

NRS 315.99818       “Mortgage” defined.

NRS 315.9982         “Mortgage loan” defined.

NRS 315.99825       “Real property” defined.

NRS 315.99828       “Residential housing” defined.

NRS 315.9983         Mortgages and loans: Generally.

NRS 315.99832       Mortgages and loans: Security; repayment; interest.

NRS 315.99834       Mortgages and loans: Related powers.

NRS 315.99836       Mortgages and loans: Fees and charges.

NRS 315.99838       Mortgages and loans: Insurance.

NRS 315.9984         Findings necessary for financing.

NRS 315.99842       Notes, bonds and other obligations: Issuance; amounts; payment.

NRS 315.99844       Notes, bonds and other obligations: Type; interest; sale.

NRS 315.99846       Notes, bonds and other obligations: Pledges.

NRS 315.99848       Notes, bonds and other obligations: Trust indentures.

NRS 315.9985         Notes, bonds and other obligations: Guarantees of payment.

NRS 315.99852       Notes, bonds and other obligations: Redemption; remarketing or refunding.

NRS 315.99854       Notes, bonds and other obligations: Provision for or requirement of means of assuring repayment; payment of associated fees and costs.

NRS 315.99856       Notes, bonds and other obligations: Waiver of exemption of interest from federal income taxation; issuance of obligations not exempt from taxation.

NRS 315.99858       Notes, bonds and other obligations: Refunding obligations.

NRS 315.9986         Notes, bonds and other obligations: Establishment, use and requirements for bond reserve funds.

NRS 315.99862       Notes, bonds and other obligations: Limitations on bond reserve funds.

NRS 315.99864       Notes, bonds and other obligations: Purpose of bond reserve fund requirements.

NRS 315.99866       Notes, bonds and other obligations: Remedies of bondholders and noteholders.

NRS 315.99868       Notes, bonds and other obligations: Pledge against impairment of holders’ rights and remedies; credit of State or political subdivision not pledged.

NRS 315.9987         Notes, bonds and other obligations: Submission to and certification by Attorney General.

NRS 315.99872       Notes, bonds and other obligations: Legal investments; securities.

NRS 315.99874       Notes, bonds and other obligations: Signatures of commissioners and officers.

_________

_________

 

GENERAL PROVISIONS

Termination of Housing Assistance

      NRS 315.007  Availability of judicial review; requirements for retention of premises pending judicial review.

      1.  The decision of a housing authority to terminate a person’s housing assistance is a final decision for the purposes of judicial review. A person aggrieved by such a final decision of the housing authority is entitled to judicial review of the decision in the manner provided in NRS 233B.130 to 233B.150, inclusive, for the review of decisions of administrative agencies in contested cases.

      2.  If a person who seeks judicial review of a final decision of a housing authority pursuant to subsection 1 retains possession of the premises during the pendency of the action, the person shall pay the rent and comply with all other provisions set forth in the underlying contract for possession of the premises. If the person fails to pay such rent or comply with the other provisions of the contract, the landlord may initiate proceedings for eviction. If the person is evicted, the housing authority is not required to issue a new voucher for housing assistance to the person unless and until the person prevails in the action for judicial review.

      3.  As used in this section:

      (a) “Housing assistance” means any financial assistance that a person receives under the Housing Choice Voucher Program pursuant to section 8 of the United States Housing Act of 1937, 42 U.S.C. § 1437f, and any regulations adopted pursuant thereto, or pursuant to any successor program.

      (b) “Housing authority” means a housing authority created pursuant to this chapter and includes, without limitation, the Nevada Rural Housing Authority.

      (c) “Landlord” has the meaning ascribed to it in NRS 315.021.

      (d) “Premises” has the meaning ascribed to it in NRS 315.021.

      (Added to NRS by 2005, 944)

Eviction of Tenants of Public Housing for Convictions of Laws Regulating Controlled Substances

      NRS 315.011  Legislative findings and declarations.  The Legislature hereby finds and declares that:

      1.  The policy of this State, to provide decent, safe and sanitary housing for persons of low income, is being thwarted by the frequent occurrence in public housing of activities concerning the unlawful possession, distribution and use of controlled substances.

      2.  The provision of public housing has never been intended to help subsidize criminal behavior.

      3.  These unlawful activities, conducted by an intimidating minority of the residents of public housing, are causing our public housing to become increasingly infested with violence, degeneracy and squalor, which imperils the physical and mental health of the peaceful residents therein.

      4.  Persons residing with the active participants in these unlawful activities commonly share in the proceeds thereof or have the ability to prevent or interfere significantly in the conduct of the activities.

      5.  It will promote the public health, safety and welfare of the residents of this State to require housing authorities to evict from public housing both the persons who actively participate in unlawful activities relating to the possession, distribution or use of controlled substances, and the persons who reside with them.

      (Added to NRS by 1989, 1223)

      NRS 315.021  Definitions.  As used in NRS 315.021 to 315.071, inclusive, unless the context otherwise requires:

      1.  “Housing authority” means a housing authority created pursuant to this chapter. The term includes a regional authority formed pursuant to NRS 315.7805.

      2.  “Landlord” means a person who owns or manages any premises that he or she rents or leases to a tenant pursuant to a contract with a housing authority.

      3.  “Premises” means a particular apartment or other residential unit of public housing occupied by a tenant, or a residential unit that is occupied by a tenant pursuant to a federally assisted housing program administered by a housing authority.

      4.  “Public housing” means the residential accommodations operated by a housing authority or a landlord.

      (Added to NRS by 1989, 1224; A 2009, 2224)

      NRS 315.031  Conditions upon which tenant required to vacate public housing.  A tenant in public housing, and every person who resides with the tenant, is required to vacate public housing upon:

      1.  The conviction of the tenant, or any person residing with the tenant, of a violation, while a resident of public housing, of any state or federal law regulating the possession, distribution or use of a controlled substance; or

      2.  The determination by a juvenile court that any minor residing with the tenant has committed, while a resident of public housing:

      (a) A second violation of any state or federal law regulating the possession, distribution or use of a controlled substance; or

      (b) A single violation of any state or federal law regulating the possession, distribution or use of a controlled substance, if:

             (1) There is a program of rehabilitation in the community which is available to the minor; and

             (2) The minor fails to enroll immediately in the program, or enrolls in the program and fails or refuses to comply with any term, condition or requirement thereof.

      (Added to NRS by 1989, 1224)

      NRS 315.041  Notice of termination of tenancy; contents of notice; affidavit filed by tenant; affidavit filed by housing authority or landlord; determination by justice of the peace.

      1.  Except as otherwise required by federal law or regulation, or as a condition to the receipt of federal money, a housing authority or a landlord shall, immediately upon learning of facts indicating that a tenant is required pursuant to NRS 315.031 to vacate public housing, serve upon the tenant a written notice which:

      (a) States that the tenancy is terminated at noon of the fifth full day following the day of service, and that the tenant must surrender the premises at or before that time;

      (b) Sets forth the facts upon which the tenant is required to vacate the premises pursuant to NRS 315.031;

      (c) Advises the tenant of the tenant’s right to contest the matter by filing, within 5 days, an affidavit with the justice of the peace denying the occurrence of the conditions set forth in NRS 315.031; and

      (d) Contains any other matter required by federal law or regulation regarding the eviction of the tenant from those premises, or as a condition to the receipt of federal money.

Ê If the tenant timely files the affidavit and provides the housing authority or the landlord with a copy of the affidavit, stamped as filed with the justice of the peace, the housing authority or the landlord shall not refuse the tenant, or any person who resides with the tenant, access to the premises.

      2.  Upon noncompliance with the notice:

      (a) The housing authority or the landlord shall apply by affidavit to the justice of the peace of the township where the premises are located. If it appears to the justice of the peace that the conditions set forth in NRS 315.031 have occurred and that the tenant is required by that section to vacate the premises, the justice of the peace shall issue an order directing the sheriff or constable of the county to remove the tenant and any other person on the premises within 24 hours after receipt of the order. The affidavit required by this paragraph must contain:

             (1) The date when, and the facts upon which, the tenant became required to vacate the premises.

             (2) The date when the written notice was given, a copy of the notice and a statement that the notice was served as provided in NRS 315.051.

      (b) Except when the tenant has timely filed the affidavit described in subsection 1 and provides the housing authority or the landlord with a copy of the affidavit, stamped as filed with the justice of the peace, the housing authority or the landlord may, in a peaceable manner, refuse the tenant, and any person who resides with the tenant, access to the premises.

      3.  Upon the filing by the tenant of the affidavit authorized by subsection 1 and the filing by the housing authority or the landlord of the affidavit required by subsection 2, the justice of the peace shall hold a hearing, after service of notice of the hearing upon the parties, to determine the truthfulness and sufficiency of any affidavit or notice provided for in this section. If the justice of the peace determines that the conditions set forth in NRS 315.031 have occurred and that the tenant is required by that section to vacate the premises, the justice of the peace shall issue a summary order for removal of the tenant and any other person on the premises, or an order refusing the tenant, and any person who resides with the tenant, admittance to the premises. If the justice of the peace determines that the conditions set forth in NRS 315.031 have not occurred and that the tenant is not required by that section to vacate the premises, the justice of the peace shall refuse to grant any relief.

      4.  The provisions of NRS 40.215 to 40.425, inclusive, do not apply to any proceeding brought pursuant to the provisions of NRS 315.011 to 315.071, inclusive.

      (Added to NRS by 1989, 1224)

      NRS 315.051  Service of notices: Manner and proof.

      1.  The notices required by NRS 315.041 must be served in any manner required by federal law or regulation concerning the eviction of the tenant from those premises, or as a condition to the receipt of federal money, or, in the absence of such a requirement, the notice may be served:

      (a) By delivering a copy to the tenant personally, in the presence of a witness; or

      (b) If the tenant cannot be found with reasonable diligence, by leaving a copy with a person of suitable age and discretion at the premises or the tenant’s usual place of business, mailing a copy to the tenant at the premises or the tenant’s usual place of business, and posting a copy in a conspicuous place on the premises.

      2.  Before an order to remove a tenant is issued pursuant to NRS 315.041, a housing authority or a landlord must file with the court a proof of service of any notice required by that section. This proof must consist of a statement, signed by the tenant and a witness, acknowledging that the tenant received the notice on a specified date, or:

      (a) The endorsement of a sheriff, constable or other process server stating the time and manner of service; and

      (b) If service is accomplished in a manner which requires that a copy of the notice be mailed to the tenant, a certificate of mailing issued by the United States Postal Service.

      (Added to NRS by 1989, 1226)

      NRS 315.061  Action for damages not precluded; appeal of decision of justice of the peace.

      1.  The issuance of a summary order for removal of a tenant of public housing does not preclude an action by the tenant, or any person who resides with the tenant, for any damages or other relief to which he or she is entitled.

      2.  Either party may, within 10 days, appeal the decision of the justice of the peace to the district court for that county. An appeal by the tenant does not stay the order issued by the justice of the peace.

      (Added to NRS by 1989, 1226)

      NRS 315.071  Return of evicted tenant to public housing.  If a person required to vacate public housing pursuant to NRS 315.031:

      1.  Committed the actual violation or violations for which the person is required to vacate public housing, a housing authority or a landlord, except as otherwise required by federal law or regulation, or as a condition to the receipt of federal money, shall not allow the person to again reside in public housing.

      2.  Did not commit the actual violation or violations for which the person is required to vacate public housing, a housing authority or a landlord may again allow that person to reside in public housing after he or she has vacated public housing for a reasonable period.

      (Added to NRS by 1989, 1224)

HOUSING AUTHORITIES LAW OF 1947

General Provisions

      NRS 315.140  Short title.  NRS 315.140 to 315.7813, inclusive, may be referred to as the Housing Authorities Law of 1947.

      [1:253:1947; 1943 NCL § 5470.01]—(NRS A 1975, 16; 1977, 1184; 2005, 219; 2009, 2224)

      NRS 315.150  Definitions.  Unless the context otherwise requires, the definitions contained in NRS 315.160 to 315.300, inclusive, govern the construction of NRS 315.140 to 315.7813, inclusive.

      [Part 2:253:1947; A 1951, 8]—(NRS A 1975, 16; 1977, 1184; 2005, 219; 2009, 2224; 2011, 581)

      NRS 315.160  “Area of operation” defined.

      1.  In the case of an authority of a city or town, “area of operation” shall include such city or town and the area within 5 miles of the territorial boundaries thereof; but the area of operation of an authority of any city or town shall not include any area which lies within the territorial boundaries of some other city or town as herein defined, unless a resolution shall have been adopted by the governing body of such other city or town (and by any authority which shall have been theretofore established and authorized to exercise its powers in such city or town) declaring that there is a need for such authority to exercise its powers within that city or town.

      2.  In the case of an authority of a county, “area of operation” shall include all of the county for which it is created; but a county authority shall not undertake any housing project or projects within the boundaries of any city or town, as herein defined, unless a resolution shall have been adopted by the governing body of such city or town (and by any authority which shall have been theretofore established and authorized to exercise its powers in such city or town) declaring that there is a need for the county authority to exercise its powers within such city or town.

      3.  In the case of a regional authority, “area of operation” shall include:

      (a) All of the territory within the geographic scope of the regional authority, as referred to in paragraph (c) of subsection 2 of NRS 315.7805; and

      (b) Any other territory regarding which the regional authority and another authority agree to exercise joint power or control.

      [Part 2:253:1947; A 1951, 8]—(NRS A 2005, 220; 2009, 2224)

      NRS 315.170  “Authority” defined.  “Authority” means any of the public corporations created or authorized to be created by NRS 315.140 to 315.7813, inclusive, and any housing authority established and operating prior to July 1, 1975, under the provisions of the Housing Authorities Law of 1943 or the Housing Law of 1951. The term includes a regional authority.

      [Part 2:253:1947; A 1951, 8]—(NRS A 1975, 16; 1977, 1184; 2009, 2225)

      NRS 315.180  “Bonds” defined.  “Bonds” means any bonds, notes, interim certificates, debentures or other obligations issued by an authority pursuant to NRS 315.140 to 315.7813, inclusive.

      [Part 2:253:1947; A 1951, 8]—(NRS A 1975, 16; 1977, 1184)

      NRS 315.190  “City” defined.  “City” means any incorporated city.

      [Part 2:253:1947; A 1951, 8]

      NRS 315.200  “Clerk” defined.  “Clerk” means the clerk of the city or town or the clerk of the county, as the case may be, or the officer charged with the duties customarily imposed on such clerk.

      [Part 2:253:1947; A 1951, 8]

      NRS 315.210  “Federal Government” defined.  “Federal Government” includes the United States of America or any agency or instrumentality of the United States of America.

      [Part 2:253:1947; A 1951, 8]

      NRS 315.220  “Governing body” defined.  “Governing body” means city council, board of trustees, board of county commissioners, or other legislative body of the city, town or county.

      [Part 2:253:1947; A 1951, 8]

      NRS 315.225  “Housing Authorities Law of 1943” defined.  “Housing Authorities Law of 1943” means former NRS 315.010 to 315.130, inclusive (chapter 20, Statutes of Nevada 1943, as amended).

      (Added to NRS by 1975, 15)

      NRS 315.226  “Housing Law of 1951” defined.  “Housing Law of 1951” means former NRS 315.800 to 315.950, inclusive (chapter 286, Statutes of Nevada 1951).

      (Added to NRS by 1975, 16)

      NRS 315.230  “Housing project” defined.

      1.  “Housing project” means any work or undertaking:

      (a) To demolish, clear or remove buildings from any area acquired by the authority; or

      (b) To provide decent, safe and sanitary urban or rural dwellings, apartments or other living accommodations for persons of low income. Such work or undertaking may include buildings, land, equipment, facilities and other real or personal property for necessary, convenient or desirable appurtenances, streets, sewers, water service, utilities, parks, site preparation, landscaping, administrative, health, recreational, welfare or other purposes; or

      (c) To accomplish a combination of the foregoing.

      2.  “Housing project” also may be applied to the planning of the buildings and improvements, the acquisition of property, the demolition of existing structures, the construction, reconstruction, alteration and repair of the improvements and all other work in connection therewith.

      3.  The term includes the acquisition or development of mobile home parks and facilities, the leasing or rental of mobile home lots in the park or the purchase, leasing or rental of mobile homes.

      [Part 2:253:1947; A 1951, 8]—(NRS A 1979, 990)

      NRS 315.240  “Mayor” defined.  “Mayor” means the mayor of the city or the officer thereof charged with the duties customarily imposed on the mayor or executive head of the city.

      [Part 2:253:1947; A 1951, 8]

      NRS 315.250  “Obligee of the authority” and “obligee” defined.  “Obligee of the authority” or “obligee” shall include any bondholder, agents or trustees for any bondholders, or lessor demising to the authority property used in connection with a housing project, or any assignee or assignees of such lessor’s interest or any part thereof, and the Federal Government when it is a party to any contract with the authority.

      [Part 2:253:1947; A 1951, 8]

      NRS 315.260  “Persons of low income” defined.  “Persons of low income” means persons or families who lack the amount of income which is necessary (as determined by the housing authority) to enable them, without financial assistance, to live in decent, safe and sanitary dwellings, without overcrowding.

      [Part 2:253:1947; A 1951, 8]

      NRS 315.270  “Real property” defined.  “Real property” includes all lands, improvements and fixtures thereon, and every estate, interest and right therein.

      [Part 2:253:1947; A 1951, 8]

      NRS 315.275  “Regional authority” defined.  “Regional authority” means an authority formed pursuant to NRS 315.7805.

      (Added to NRS by 2009, 2222)

      NRS 315.280  “State public body” defined.  “State public body” means any city, town, county, municipal corporation, commission, district, authority, other subdivision or public body of the State.

      [Part 2:253:1947; A 1951, 8]

      NRS 315.290  “Town” defined.  “Town” means any town for which the board of county commissioners acts as a town board.

      [Part 2:253:1947; A 1951, 8]

      NRS 315.300  “Veteran” and “serviceman or servicewoman” defined.  “Veteran” or “serviceman or servicewoman” means a person who has served in the Armed Forces of the United States at any time:

      1.  On or after April 6, 1917, and prior to November 11, 1918;

      2.  On or after September 16, 1940, and prior to July 26, 1947;

      3.  On or after June 27, 1950, and prior to January 31, 1955; and

      4.  On or after August 5, 1964, and prior to such date thereafter as shall be determined by Presidential proclamation or concurrent resolution of the Congress as the end of the Vietnam era,

Ê and, in the case of a veteran, has been discharged or released therefrom under conditions other than dishonorable, or in the case of a serviceman or servicewoman, is presently in the Armed Forces of the United States.

      [Part 2:253:1947; A 1951, 8]—(NRS A 1975, 16)

      NRS 315.310  Exemption of real property from execution, process and judgment lien: Enforcement of certain encumbrances, pledges and liens.

      1.  All real property of an authority shall be exempt from levy and sale by virtue of an execution, and no execution or other judicial process shall issue against the same, nor shall any judgment against an authority be a charge or lien upon its real property.

      2.  The provisions of this section shall not apply to or limit the right of obligees to foreclose or otherwise enforce any mortgage or other security of an authority or the right of obligees to pursue any remedies for the enforcement of any pledge or lien given by an authority on its rents, fees or revenues.

      [18:253:1947; 1943 NCL § 5470.18]

      NRS 315.320  Housing authority: Nature; resolution of necessity to function.

      1.  In each city, town or county of the State there is hereby created a public body corporate and politic to be known as the housing authority of the city, town or county; but such authority shall not transact any business or exercise its powers hereunder until or unless the governing body of the city, town or county, as the case may be, by proper resolution shall declare at any time thereafter that there is need for an authority to function in such city, town or county.

      2.  Such housing authority is hereby created a public body corporate for municipal purposes and shall be a municipal corporation.

      [Part 3:253:1947; 1943 NCL § 5470.03]

      NRS 315.330  Factual findings required.  The governing body shall adopt a resolution declaring that there is need for an authority in the city, town or county, as the case may be, if it shall find:

      1.  That dwelling accommodations are occupied in such city, town or county, which are unsafe or insanitary; or

      2.  That there is a shortage of safe or sanitary dwelling accommodations in such city, town or county available to veterans and other persons of low income at rentals they can afford.

      [Part 3:253:1947; 1943 NCL § 5470.03]

      NRS 315.340  Determination of unsafe or insanitary conditions: Considerations.  In determining, as provided in NRS 315.330, whether dwelling accommodations are unsafe or insanitary, a governing body may take into consideration:

      1.  The physical condition of the dwelling accommodations.

      2.  The degree of overcrowding.

      3.  The percentage of land coverage.

      4.  The light, air, space and access available to the occupants of such dwelling accommodations.

      5.  The size and arrangement of the rooms.

      6.  The adequacy of sanitary facilities and water supply.

      7.  The extent to which conditions exist in such buildings which endanger life or property by fire or other causes.

      [Part 4:253:1947; 1943 NCL § 5470.04]

      NRS 315.350  Actions involving authority’s contracts; establishment of authority conclusively presumed; sufficiency of resolution.

      1.  In any suit, action or proceeding involving the validity or enforcement of or relating to any contract of the authority, an authority shall be conclusively deemed to have become established and authorized to transact business and exercise its powers hereunder upon proof of the adoption of the resolution or resolutions herein prescribed declaring the need for the authority.

      2.  Each such resolution or resolutions shall be deemed sufficient if it declares that there is such need for an authority and finds in substantially the terms provided in NRS 315.330 (no further detail being necessary) that the conditions therein enumerated exist.

      3.  A copy of such resolution duly certified by the clerk shall be admissible in evidence in any suit, action or proceeding.

      [Part 4:253:1947; 1943 NCL § 5470.04]

      NRS 315.360  Continuation of housing authorities organized under prior laws.  Any housing authority created and existing prior to July 1, 1975, pursuant to the Housing Authorities Law of 1943 or the Housing Law of 1951 continues in existence for the purposes of and has all of the powers granted by NRS 315.140 to 315.7813, inclusive.

      [Part 3:253:1947; 1943 NCL § 5470.03]—(NRS A 1975, 16; 1977, 1185; 2011 581)

      NRS 315.365  Effect of chapter 16, Statutes of Nevada 1975.

      1.  Chapter 16, Statutes of Nevada 1975, shall not impair or affect any act done, offense committed or right accruing, accrued or acquired, or liability, penalty, forfeiture or punishment incurred prior to July 1, 1975, but the same may be enjoyed, asserted, enforced, prosecuted or inflicted, as fully and to the same extent as if it had not been passed.

      2.  Chapter 16, Statutes of Nevada 1975, shall not affect the corporate existence of any authority established or operating under the Housing Authorities Law of 1943 or the Housing Law of 1951 prior to July 1, 1975.

      3.  The passage of chapter 16, Statutes of Nevada 1975, shall not repeal or in any way affect or modify:

      (a) Any law authorizing the issuance of any outstanding bonds and other securities by any authority established or operating prior to July 1, 1975, under the Housing Authorities Law of 1943 or the Housing Law of 1951.

      (b) Any other contract of any such authority.

      (c) Any law pursuant to which there have been levied by or on behalf of any such authority and there have not been paid in full, including without limitation the principal and any interest and penalties, any rents, fees and charges pertaining to the facilities or services, or both facilities and services, provided by any such authority.

      (d) The running of the statutes of limitations in force on July 1, 1975.

      4.  All incomplete proceedings had and taken by any such authority, under any law repealed by chapter 16, Statutes of Nevada 1975, preliminary to and in the acquisition or improvement of any housing project or the issuance of any interim or temporary bond, or any definitive bond, which proceedings are in substantial compliance with the provisions of NRS 315.140 to 315.7813, inclusive, may, at the option of the commissioners of the authority, be completed under the provisions of NRS 315.140 to 315.7813, inclusive, the same as if such incomplete proceedings had been had and taken pursuant to such provisions.

      5.  The passage of chapter 16, Statutes of Nevada 1975, shall not repeal or in any way affect or modify the power of the commissioners of any authority established or operating under the Housing Authorities Law of 1943 or the Housing Law of 1951 prior to July 1, 1975, concerning the borrowing of money or the acceptance of any grant of public or private money, which power was exercised prior to July 1, 1975.

      6.  All bonds, notes, contracts, agreements and obligations of authorities relating to financing or undertaking (including cooperating with or acting as agent of the Federal Government in) the development or administration of any project to assure the availability of safe and sanitary dwellings for persons engaged in national defense activities, which bonds, notes, contracts, agreements and obligations were issued or entered into prior to July 1, 1951, are validated and declared legal in all respects, notwithstanding any defect or irregularity therein or any want of statutory authority.

      (Added to NRS by 1975, 21; A 1977, 1185)

      NRS 315.370  Appointment of commissioners: Number; term; qualifications; vacancies.

      1.  Upon the adoption of a resolution declaring the need for an authority, the chief executive of the city or the governing body of the town or county, as the case may be, shall thereupon appoint five persons to serve as commissioners of the authority. Three of the commissioners who are first appointed pursuant to this section must be designated to serve for terms of 1, 2 and 3 years, respectively, from the date of their appointment, and two must be designated to serve for terms of 4 years from the date of their appointment, but thereafter commissioners must be appointed for a term of office of 4 years.

      2.  The first commissioner appointed after the authority has provided assistance to at least five persons must be a current recipient of assistance from the authority who was selected from a list of at least five eligible nominees submitted for this purpose by an organization which represents tenants of housing projects. If no such organization exists, the commissioner must be selected from a list of nominees submitted for this purpose from persons who currently receive assistance from the authority. Thereafter, at least one commissioner must be such a recipient who was nominated and appointed in the same manner. If during his or her term the commissioner ceases to be a recipient of assistance, he or she must be replaced in the manner set forth in this subsection by a person who is a recipient of assistance.

      3.  Nothing in this section affects the terms of office of commissioners appointed to an authority created before October 1, 1995. The appointing authority shall appoint to the term next expiring a commissioner who was nominated and appointed in the same manner as is set forth in subsection 2. Thereafter, at least one commissioner must be such a recipient who was nominated and appointed in the same manner. If during his or her term the commissioner ceases to be a recipient of assistance, he or she must be replaced in the manner set forth in subsection 2 by a person who is a recipient of assistance.

      4.  All vacancies must be filled for the unexpired term.

      [Part 3:253:1947; 1943 NCL § 5470.03]—(NRS A 1995, 2693)

      NRS 315.380  Officers of authority.

      1.  An authority shall select a chair and a vice chair from its commissioners.

      2.  For the purpose of managing a regional authority, the commissioners of the regional authority shall initially select an executive director by way of a competitive, open and public process. Thereafter, the selection of an executive director must be made as determined by the commissioners of the regional authority to be in the best interests of the authority.

      [Part 3:253:1947; 1943 NCL § 5470.03]—(NRS A 2009, 2225)

      NRS 315.390  Compensation and expenses of commissioner.

      1.  A commissioner is entitled to necessary expenses, including travel expenses, incurred in the discharge of the commissioner’s duties.

      2.  An authority may provide by resolution that each commissioner is entitled to receive compensation of $80 for each meeting attended.

      3.  No commissioner may receive as compensation more than $240 in a calendar month.

      [Part 3:253:1947; 1943 NCL § 5470.03]—(NRS A 1975, 17; 1977, 392; 1981, 1979; 1985, 930)

      NRS 315.400  Conflicts of interest.

      1.  A commissioner or employee of the authority shall not voluntarily acquire any interest, direct or indirect, except as a residential tenant, in any housing project or in any property included or planned to be included in any housing project, or in any contract or proposed contract in connection with any housing project. Where the acquisition is not voluntary, the commissioner or employee shall immediately disclose the interest in writing to the authority and the disclosure must be entered upon the minutes of the authority. Upon disclosure the commissioner or employee shall not participate in any action by the authority involving the housing project, property or contract. If any commissioner or employee of the authority previously owned or controlled an interest, direct or indirect, in any housing project or in any property included or planned to be included in any housing project, or in any contract or proposed contract in connection with any housing project, he or she shall immediately disclose the interest in writing to the authority and the disclosure must be entered upon the minutes of the authority. Upon disclosure the commissioner or employee shall not participate in any action by the authority involving the housing project, property or contract.

      2.  Any violation of this section constitutes misconduct in office.

      3.  This section is not applicable to the acquisition of any interest in notes or bonds of the authority issued in connection with any housing project or the execution of agreements by financial institutions for the deposit or handling of money in connection with a housing project or to act as trustee under any trust indenture.

      [5:253:1947; A 1951, 10]—(NRS A 1975, 933; 1977, 1112; 1995, 2694; 1999, 1468)

      NRS 315.410  Removal of commissioners.

      1.  For inefficiency or neglect of duty or misconduct in office, a commissioner of an authority may be removed by the mayor, or in the case of an authority for a town or county, by its governing body.

      2.  A commissioner shall be removed only after a hearing and after he or she shall have been given a copy of the charges at least 10 days prior to such hearing and had an opportunity to be heard in person or by counsel.

      3.  In the event of the removal of any commissioner, a record of the proceedings, together with the charges and findings thereon, shall be filed in the office of the clerk.

      [6:253:1947; 1943 NCL § 5470.06]

      NRS 315.420  Nature and functions; power to effectuate purposes.  An authority shall constitute a public body corporate and politic, exercising public and essential governmental functions, and having all the powers necessary or convenient to carry out and effectuate the purposes and provisions of NRS 315.140 to 315.7813, inclusive, (but not the power to levy and collect taxes or special assessments).

      [Part 7:253:1947; A 1951, 11]—(NRS A 1975, 17; 1977, 1186)

      NRS 315.430  General powers.  An authority may:

      1.  Sue and be sued.

      2.  Have a seal and alter the same at pleasure.

      3.  Have perpetual succession.

      4.  Make and execute contracts and other instruments necessary or convenient to the exercise of its powers.

      5.  Make, and from time to time amend and repeal bylaws, rules and regulations to carry into effect the powers and purposes of the authority.

      [Part 7:253:1947; A 1951, 11]

      NRS 315.435  Area of another authority.  Except as otherwise provided in NRS 315.9835, a housing authority shall not operate in any area in which an authority already established is operating without the consent by resolution of the authority already operating therein. For the purposes of this section, the formation of a regional authority pursuant to NRS 315.7805 shall be deemed to constitute consent by resolution of the authority of any participating local governmental entity.

      (Added to NRS by 2005, 212; A 2009, 2225)

      NRS 315.440  Powers concerning housing projects.  Within its area of operation, an authority may:

      1.  Prepare, carry out and operate housing projects and provide for the construction, reconstruction, improvement, extension, alteration, or repair of any such project or any part thereof.

      2.  Determine where there is unsafe, insanitary or overcrowded housing.

      3.  Make studies and recommendations relating to the problem of eliminating unsafe, insanitary or overcrowded housing.

      4.  Cooperate with the city, the county, the State, or any political subdivision thereof in action taken in connection with such problems.

      5.  If it is a regional authority, work cooperatively with the relevant local jurisdictions concerning new developments or housing projects, or both. The relevant local jurisdictions with which a regional authority works cooperatively concerning new developments or housing projects, or both, shall provide to the regional authority such support and assistance as the regional authority may require.

      [Part 7:253:1947; A 1951, 11]—(NRS A 2009, 2225)

      NRS 315.450  Contracts for services or works: Compliance with wage and hour laws; conditions of federal aid.  An authority may:

      1.  Arrange or contract for the furnishing by any person or agency, public or private, of services, privileges, works or facilities for, or in connection with, its housing projects.

      2.  Notwithstanding anything to the contrary contained in NRS 315.140 to 315.7813, inclusive, or any other provisions of law, agree to any conditions attached to federal financial assistance relating to the determination of prevailing salaries or wages or payment of not less than prevailing salaries or wages or compliance with labor standards, in the development or administration of projects.

      3.  Include in any contract let in connection with a housing project, stipulations requiring that the contractor and any subcontractors comply with requirements as to minimum salaries or wages and maximum hours of labor, and comply with any conditions attached to the financial aid of such project.

      [Part 7:253:1947; A 1951, 11]—(NRS A 1975, 17; 1977, 1186)

      NRS 315.460  Powers relating to real and personal property.  An authority may:

      1.  Lease or rent any dwellings, accommodations, buildings, structures or facilities embraced in any housing project, and establish and revise the rents or charges therefor.

      2.  Own, hold and improve real or personal property.

      3.  Purchase, lease, obtain options upon, acquire by gift, grant, bequest, devise or otherwise any real or personal property or any interest therein.

      4.  Acquire by the exercise of the power of eminent domain any real property pursuant to the provisions of the laws of Nevada and rules of court relative to the right of eminent domain, civil actions, new trials and appeals, which laws and rules shall be applicable to and constitute the rules of practice in condemnation proceedings by housing authorities.

      5.  Sell, lease, exchange, transfer, assign, pledge or dispose of any real or personal property or any interest therein.

      6.  Insure or provide for the insurance of any real or personal property or operations of the authority against any risks or hazards.

      [Part 7:253:1947; A 1951, 11]

      NRS 315.470  Authorized investments; redemption or repurchase of bonds.  An authority may:

      1.  Invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement, in:

      (a) Obligations issued by the United States Postal Service or the Federal National Mortgage Association, whether or not the payment of principal and interest thereon is guaranteed by the Federal Government.

      (b) Bonds or other obligations issued by a redevelopment agency created pursuant to Chapter 279 of NRS or a legislative body that has elected to exercise the powers granted an agency pursuant to that chapter.

      (c) Bonds or other securities issued pursuant to the provisions of NRS 349.150 to 349.364, inclusive, 350.500 to 350.720, inclusive, or 396.809 to 396.885, inclusive.

      (d) Money market mutual funds that:

             (1) Are registered with the Securities and Exchange Commission;

             (2) Are rated by a nationally recognized rating service as “AAA” or its equivalent; and

             (3) Invest only in securities issued or guaranteed as to payment of principal and interest by the Federal Government, or its agencies or instrumentalities, or in repurchase agreements that are fully collateralized by such securities.

      2.  Redeem its bonds at the redemption price established therein or purchase its bonds at less than such redemption price. All bonds so redeemed or purchased must be cancelled.

      [Part 7:253:1947; A 1951, 11]—(NRS A 1997, 2878; 1999, 621)

      NRS 315.480  Exercise of powers granted in NRS 315.420 to 315.470, inclusive.  An authority may exercise all or any part or combination of powers granted in NRS 315.420 to 315.470, inclusive.

      [Part 7:253:1947; A 1951, 11]

      NRS 315.490  Acquisition, operation or disposition of property by public bodies: Law applicable.  No provision of law with respect to the acquisition, operation or disposition of property by other public bodies shall be applicable to an authority unless the Legislature shall specifically so state.

      [Part 7:253:1947; A 1951, 11]

      NRS 315.500  Rentals.  It is declared to be the policy of this state that each authority shall manage and operate its housing projects in an efficient manner so as to enable it to fix the rentals or payments for dwelling accommodations at low rates consistent with its providing decent, safe and sanitary dwelling accommodations for persons of low income, and that no authority shall construct or operate any housing project for profit, or as a source of revenue to the city, town or the county. To this end an authority shall fix the rentals or payments for dwellings in its housing projects at no higher rates than it shall find to be necessary in order to produce revenues which, together with all other available moneys, revenues, income and receipts of the authority from whatever sources derived, will be sufficient:

      1.  To pay, as the same become due, the principal and interest on the bonds of the authority.

      2.  To create and maintain such reserves as may be required to assure the payment of principal and interest as it becomes due on its bonds.

      3.  To meet the cost of, and to provide for, maintaining and operating the housing projects (including necessary reserves therefor and the cost of any insurance) and the administrative expenses of the authority.

      4.  To make such payments in lieu of taxes as it determines are consistent with the maintenance of the low-rent character of the housing projects.

      [8:253:1947; 1943 NCL § 5470.08]

      NRS 315.510  Tenant selection: Preferences.  In the operation or management of housing projects, an authority shall at all times observe the following duties with respect to rentals and tenant admissions:

      1.  It may rent or lease the dwelling accommodations therein only to persons of low income and, as among low-income persons who are eligible applicants for occupancy in dwellings of given sizes and at specified rents, shall extend the following preferences in the selection of tenants:

      (a) First: To families who are to be displaced by any low-rent housing project or by any public slum clearance or redevelopment project initiated after January 1, 1947, or who were so displaced within 3 years before making application on authority for admission to any low-rent housing. Among such families, first preference must be given to families of veterans with a disability whose disability has been determined by the Department of Veterans Affairs to be service connected, second preference must be given to families of deceased veterans and servicemen or servicewomen whose death has been determined by the Department of Veterans Affairs to be service connected, and third preference must be given to families of other veterans and servicemen or servicewomen.

      (b) Second: To families of other veterans and servicemen or servicewomen. Among such families, first preference must be given to families of veterans with a disability whose disability has been determined by the Department of Veterans Affairs to be service connected, and second preference must be given to families of deceased veterans and servicemen or servicewomen whose death has been determined by the Department of Veterans Affairs to be service connected.

      2.  It may rent or lease to a tenant dwelling accommodations consisting of a number of rooms, but no greater number, which it deems necessary to provide safe and sanitary accommodations to the proposed occupants thereof, without overcrowding.

      3.  An authority shall not accept any person or persons as tenants in any housing project if the person or persons who occupy the dwelling accommodations have, at the time of admission, an aggregate annual net income, less an exemption of $200 for each minor member of the family other than the head of the family and his or her spouse, in excess of seven times the annual rental of the quarters to be furnished such person or persons, but an authority may agree to conditions as to tenant eligibility or preference required by the Federal Government pursuant to federal law in any contract for financial assistance with the authority. In computing the rental for this purpose of admitting tenants, there must be included in the rental the average annual cost, as determined by the authority, to occupants of heat, water, electricity, gas, cooking fuel and other necessary services or facilities, whether or not the charge for such services and facilities is included in the rental.

      [Part 9:253:1947; A 1951, 12]—(NRS A 1967, 1268; 1995, 1086)

      NRS 315.520  Remedies of authority’s obligee: Effect of NRS 315.500 and 315.510.  Nothing contained in NRS 315.500 and 315.510 shall be construed as limiting the power of an authority to vest in an obligee the right, in the event of a default by the authority, to take possession thereof or cause the appointment of a receiver thereof, free from all the restrictions imposed by such sections.

      [Part 9:253:1947; A 1951, 12]

      NRS 315.530  Cooperation between authorities.  Any authority or authorities may join or cooperate with another in the exercise, either jointly or otherwise, of any of their powers for the purpose of financing, including the issuance of bonds, notes or other obligations and the giving of security therefor, planning, undertaking, owning, constructing, operating or contracting with respect to a housing project or projects located within the area within which one or more of such authorities are authorized to exercise their powers. For such purpose any cooperating authority may, by resolution, prescribe and authorize any authority so joining and cooperating with it to act in its behalf in the exercise of any of such powers, or the cooperating authorities may, by resolution, appoint from among the commissioners of such authorities an executive committee with full powers to act on behalf of such authorities with respect to any of their powers as prescribed by resolution of such authority.

      [10:253:1947; 1943 NCL § 5470.10]

      NRS 315.540  Payments in lieu of taxes.  An authority shall agree to make such payments in lieu of taxes to the city, town, county, and the State, or any political subdivision, as it finds consistent with the maintenance of the low-rent character of housing projects or the achievement of the purposes of NRS 315.140 to 315.7813, inclusive.

      [11:253:1947; 1943 NCL § 5470.11]—(NRS A 1975, 17; 1977, 1186)

      NRS 315.550  Powers of state public bodies respecting housing projects.

      1.  For the purpose of aiding and cooperating in the planning, undertaking, construction or operation of housing projects of housing authorities located within the area in which it is authorized to act, any state public body may, upon such terms, with or without consideration, as it may determine:

      (a) Dedicate, sell, convey or lease any of its interest in any property, or grant easements, licenses, or any other rights or privileges therein to a housing authority.

      (b) Cause parks, playgrounds, recreational, community, educational, water, sewer, or drainage facilities, or any other works which it is otherwise empowered to undertake, to be furnished adjacent to or in connection with such projects.

      (c) Furnish, dedicate, close, pave, install, grade, regrade, plan or replan streets, roads, roadways, alleys, sidewalks, or other places which it is otherwise empowered to undertake.

      (d) Cause services to be furnished to the housing authority of the character which such state public body is otherwise empowered to furnish.

      (e) Enter into agreements with respect to the exercise by such state public body of its powers relating to the repair, improvement, condemnation, closing or demolition of unsafe, insanitary or unfit buildings.

      (f) Employ (notwithstanding the provisions of any other law) any funds belonging to or within the control of such state public body, including funds derived from the sale or furnishing of property or facilities to a housing authority, in the purchase of the bonds or other obligations of a housing authority; and, as the holder of such bonds or other obligation, exercise the rights connected therewith.

      (g) Do any and all things, necessary or convenient, to aid and cooperate in the planning, undertaking, construction or operation of such housing projects.

      (h) Incur the entire expense of any public improvements made by such state public body in exercising the powers granted in NRS 315.140 to 315.7813, inclusive.

      (i) Enter into agreements (which may extend over any period, notwithstanding any provision or rule of law to the contrary) with a housing authority respecting action to be taken by such state public body pursuant to any of the powers granted by NRS 315.140 to 315.7813, inclusive. If at any time title to, or possession of, any project is held by any public body or governmental agency authorized by law to engage in the development or administration of low-rent housing or slum clearance projects, including any agency or instrumentality of the United States of America, the provisions of such agreements shall inure to the benefit of and may be enforced by such public body or governmental agency.

      2.  Any sale, conveyance, lease or agreement provided for in this section may be made by a state public body without appraisal, public notice, advertisement or public bidding, notwithstanding any other laws to the contrary.

      [19:253:1947; A 1951, 13]—(NRS A 1975, 17; 1977, 1186)

      NRS 315.560  Federal aid.

      1.  In addition to the powers conferred upon an authority by other provisions of NRS 315.140 to 315.7813, inclusive, an authority may:

      (a) Borrow money or accept contributions, grants or other financial assistance from the Federal Government for or in aid of any housing project within its area of operation.

      (b) Take over or lease or manage any housing project or undertaking constructed or owned by the Federal Government, and to these ends, to comply with such conditions and enter into such mortgages, trust indentures, leases or agreements as may be necessary, convenient or desirable.

      2.  In any contract with the Federal Government for annual contributions to an authority, the authority may obligate itself (which obligation shall be specifically enforceable and shall not constitute a mortgage, notwithstanding any other laws) to convey to the Federal Government possession of or title to the project to which such contract relates, upon the occurrence of a substantial default (as defined in such contract) with respect to the covenants or conditions to which the authority is subject. Such contract may further provide that in case of such conveyance, the Federal Government may complete, operate, manage, lease, convey or otherwise deal with the project in accordance with the terms of such contract; provided, that the contract requires that, as soon as practicable after the Federal Government is satisfied that all defaults with respect to the project have been cured and that the project will thereafter be operated in accordance with the terms of the contract, the Federal Government shall reconvey to the authority the project as then constituted.

      3.  It is the purpose and intent of NRS 315.140 to 315.7813, inclusive, to authorize every authority to do any and all things necessary or desirable to secure the financial aid or cooperation of the Federal Government in the undertaking, construction, maintenance or operation of any housing project by such authority.

      [20:253:1947; A 1951, 14]—(NRS A 1975, 18; 1977, 1187)

      NRS 315.570  Housing in rural areas.  Any city, town, county or regional housing authority which has rural areas under its jurisdiction may undertake the provision of housing for families of low income in such rural areas, and may comply with any conditions not inconsistent with the purposes of this housing authorities law required by the Federal Government pursuant to federal law in any contract for financial assistance with the authority concerning such undertakings.

      [20a:253:1947; added 1951, 15]

      NRS 315.580  Housing for veterans and servicemen or servicewomen.

      1.  In addition to other powers conferred upon an authority by NRS 315.140 to 315.7813, inclusive, an authority may acquire property and construct housing projects thereon for the purpose of leasing dwellings to servicemen or servicewomen, veterans and their families, and the families of deceased persons who served in the Armed Forces, at rentals, excluding utilities, of not to exceed $50 per month, during the existence of the acute shortage of housing available to such persons as determined by applicable law or as may be provided for in any contract for financial assistance with the Federal Government.

      2.  In exercising the powers provided in this section an authority shall not be subject to the limitations provided in NRS 315.500 or 315.510 during the period of acute housing shortage for veterans and servicemen or servicewomen, and their families and the families of deceased persons who served in the Armed Forces, of moderate income.

      [21:253:1947; 1943 NCL § 5470.21]—(NRS A 1967, 1269; 1975, 19; 1977, 1188)

      NRS 315.590  Lease of government war housing projects by authority.  An authority, in addition to its other powers, is authorized to cooperate with and lease from the Federal Government war housing projects constructed by the Federal Government, for the purpose of providing housing for veterans and servicemen or servicewomen and their families, and families of deceased persons who served in the Armed Forces, and persons engaged in war activities; provided, that such war housing projects shall not be subject to the limitations provided in NRS 315.500 or 315.510.

      [22:253:1947; 1943 NCL § 5470.22]

      NRS 315.600  Bonds for corporate and refunding purposes.  An authority shall have power:

      1.  To issue bonds from time to time, in its discretion, for any of its corporate purposes.

      2.  To issue refunding bonds for the purpose of paying or retiring bonds previously issued by it.

      [Part 12:253:1947; 1943 NCL § 5470.12]

      NRS 315.610  Types of bonds; additional security.

      1.  An authority may issue such types of bonds as it may determine, including (without limiting the generality of the foregoing) bonds on which the principal and interest are payable:

      (a) Exclusively from the income and revenues of the housing project financed with the proceeds of such bonds.

      (b) Exclusively from the income and revenues of certain designated housing projects whether or not they are financed in whole or in part with the proceeds of such bonds.

      (c) From its revenues generally.

      2.  Any of the bonds may be additionally secured by a pledge of any grant or contributions from the Federal Government or other source, or a pledge of any income or revenues of the authority, or a mortgage of any housing project, projects or other property of the authority.

      [Part 12:253:1947; 1943 NCL § 5470.12]

      NRS 315.620  Liability on bonds; debt limitations.  Neither the commissioners of an authority nor any person executing the bonds is liable personally on the bonds by reason of the issuance thereof. The bonds and other obligations of an authority are not, and must state on their face that they are not, a debt of the city, the county, the State or any other political subdivision thereof, and neither the city, the county, the State nor any other political subdivision thereof is liable thereon, nor in any event are the bonds or obligations payable out of any funds or properties other than those of the authority. The bonds do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.

      [Part 12:253:1947; 1943 NCL § 5470.12]—(NRS A 1995, 811)

      NRS 315.630  Resolution authorizing bonds: Contents.  By resolution, an authority may authorize bonds. The resolution, its trust indenture or mortgage may provide for:

      1.  The issuance of bonds in one or more series.

      2.  The date the bonds must bear.

      3.  The date of maturity.

      4.  The interest rate or rates, which must not exceed by more than 3 percent the Index of Revenue Bonds which was most recently published before the bids are received or a negotiated offer is accepted.

      5.  The denomination of the bonds.

      6.  The form of the bonds, either coupon or registered.

      7.  The conversion or registration privileges which the bonds must carry.

      8.  The rank or priority of the bonds.

      9.  The manner of execution of the bonds.

      10.  The medium of payment in which the bonds are payable.

      11.  The place of payment.

      12.  The terms of redemption, with or without premium.

      [Part 13:253:1947; 1943 NCL § 5470.13]—(NRS A 1971, 2108; 1975, 853; 1981, 1414; 1983, 583)

      NRS 315.640  Sale.  The bonds may be sold at public or private sale.

      [Part 13:253:1947; 1943 NCL § 5470.13]—(NRS A 1967, 228)

      NRS 315.650  Discontinuance in office: Negotiability.  If any of the commissioners or officers of the authority whose signatures appear on any bonds or coupons cease to be such commissioners or officers before the delivery of such bonds, such signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if such commissioners or officers had remained in office until such delivery. Any provision of any law to the contrary notwithstanding, any bonds issued pursuant to NRS 315.140 to 315.7813, inclusive, are fully negotiable.

      [Part 13:253:1947; 1943 NCL § 5470.13]—(NRS A 1975, 19; 1977, 1188)

      NRS 315.660  Validity; conclusive presumptions.  In any suit, action or proceeding involving the validity or enforceability of any bond of an authority or the security therefor, any such bond reciting in substance that it has been issued by the authority to aid in financing a housing project, as defined in NRS 315.230, is conclusively deemed to have been issued for such purpose and such project is conclusively deemed to have been planned, located, and carried out in accordance with the purposes and provisions of NRS 315.140 to 315.7813, inclusive.

      [Part 13:253:1947; 1943 NCL § 5470.13]—(NRS A 1975, 19; 1977, 1188)

      NRS 315.670  Authorized provisions: Bonds; trust indentures; mortgages.  In connection with the issuance of bonds or the incurring of obligations under leases and in order to secure the payment of such bonds or obligations, an authority, in addition to its other powers, has the powers conferred by NRS 315.680 to 315.740, inclusive.

      [Part 14:253:1947; 1943 NCL § 5470.14]

      NRS 315.680  Pledges and mortgages.  An authority may:

      1.  Pledge all or any part of its gross or net rents, fees or revenues to which its right then exists or may thereafter come into existence.

      2.  Mortgage all or any part of its real or personal property, then owned or thereafter acquired.

      [Part 14:253:1947; 1943 NCL § 5470.14]

      NRS 315.690  Limitation of further indebtedness; bond proceeds; lost and destroyed bonds; extension of bond and interest payment; redemption.  An authority may:

      1.  Covenant against pledging all or any part of its rents, fees and revenues, or against mortgaging all or any part of its real or personal property, to which its right or title then exists or may thereafter come into existence, or against permitting or suffering any lien on such revenues or property.

      2.  Covenant with respect to its right to sell, lease or otherwise dispose of any housing project or any part thereof.

      3.  Covenant as to what other, or additional debts or obligations may be incurred by it.

      4.  Covenant as to the bonds to be issued and as to the issuance of such bonds in escrow and otherwise, and as to the use and disposition of the proceeds thereof.

      5.  Provide for the replacement of lost, destroyed or mutilated bonds.

      6.  Covenant against extending the time for the payment of its bonds or interest thereon.

      7.  Covenant for the redemption of the bonds, and to provide the terms and conditions thereof.

      [Part 14:253:1947; 1943 NCL § 5470.14]

      NRS 315.700  Rental income; special funds.  An authority may:

      1.  Covenant (subject to the limitations contained in NRS 315.140 to 315.7813, inclusive) as to the rents and fees to be charged in the operation of a housing project or projects, the amount to be raised each year or other period of time by rents, fees and other revenues, and as to the use and disposition to be made thereof.

      2.  Create or authorize the creation of special funds for moneys to be held for construction or operating costs, debt service, reserves or other purposes, and covenant as to the use and disposition of the moneys held in such funds.

      [Part 14:253:1947; 1943 NCL § 5470.14]—(NRS A 1975, 20; 1977, 1188)

      NRS 315.710  Procedure relating to bondholders’ contracts.  An authority may prescribe the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto, and the manner in which such consent may be given.

      [Part 14:253:1947; 1943 NCL § 5470.14]

      NRS 315.720  Use, maintenance and insurance of property.  An authority may:

      1.  Covenant as to the use, maintenance and replacement of any or all of its real or personal property, the insurance to be carried thereon, and the use and disposition of insurance moneys.

      2.  Covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition or obligation.

      3.  Covenant and prescribe as to events of default and terms and conditions upon which any or all of its bonds or obligations shall become or may be declared due before maturity, and as to the terms and conditions upon which such declaration and its consequences may be waived.

      [Part 14:253:1947; 1943 NCL § 5470.14]

      NRS 315.725  Program to jointly self-insure and purchase insurance or reinsurance.

      1.  Except as otherwise provided in subsection 3, any two or more affordable housing entities may establish and participate in a program to jointly self-insure and jointly purchase insurance or reinsurance for coverage under a plan of:

      (a) Casualty insurance, as that term is defined in NRS 681A.020, except for workers’ compensation and employer’s liability coverage;

      (b) Marine and transportation insurance, as that term is defined in NRS 681A.050;

      (c) Property insurance, as that term is defined in NRS 681A.060;

      (d) Surety insurance, as that term is defined in NRS 681A.070; or

      (e) Insurance for any combination of the kinds of insurance listed in paragraphs (a) to (d), inclusive.

      2.  A program established pursuant to subsection 1 must be administered by an entity which is organized as a nonprofit corporation, limited-liability company, partnership or trust, whether organized under the laws of this State or another state or operating in another state. A majority of the board of directors or other governing body of the entity administering the program must be affiliated with one or more of the affordable housing entities participating in the program.

      3.  This section does not apply to an affordable housing entity that individually self-insures or participates in a risk pooling arrangement, including a risk retention group or a risk purchasing group, with respect to the kinds of insurance set forth in subsection 1.

      4.  Except as otherwise provided in this section or by specific statute:

      (a) A program established pursuant to subsection 1 and the entity administering the program:

             (1) Shall be deemed not to be providing coverage which constitutes insurance; and

             (2) Are not subject to the provisions of title 57 of NRS; and

      (b) The entity administering a program established pursuant to subsection 1 shall be deemed not to be engaging in the transaction of insurance.

      5.  The entity administering a program established pursuant to subsection 1 shall provide any affordable housing entity that seeks to participate in the program with a written notice, in 10-point type or larger, before the affordable housing entity begins participating in the program, that the program is not regulated by the Commissioner and that, if the program or the entity administering the program is found insolvent, a claim under the program is not covered by the Nevada Insurance Guaranty Association Act.

      6.  The entity administering a program established pursuant to subsection 1 shall submit to the Commissioner:

      (a) Within 105 days after the end of the program’s fiscal year:

             (1) An annual financial statement for the program audited by a certified public accountant; and

             (2) An annual actuarial analysis for the program prepared by an actuary who meets the qualification standards for issuing statements of actuarial opinion in the United States established by the American Academy of Actuaries or its successor organization; and

      (b) Within 30 days after:

             (1) Filing with any other regulatory body, a claims audit report relating to the entity or the program, a copy of the claims audit report filed with the other regulatory body;

             (2) Issuance by any other regulatory body of a report of examination relating to the entity or the program, a copy of the report of examination issued by the other regulatory body;

             (3) The effective date of a plan of financing, management and operation for the entity or the program or any material change in such a plan, a copy of the plan or material change; and

             (4) The effective date of any material change in the scope of regulation of the entity or the program by any other state in which the entity operates, a statement of the material change.

      7.  The Commissioner may order an examination of a program established pursuant to subsection 1 or the entity administering the program based upon any credible evidence that the program or entity is in violation of this section or is operating or being operated while in an unsafe financial condition. Such an examination must be administered in accordance with NRS 679B.230 to 679B.300, inclusive, and any regulations adopted pursuant thereto.

      8.  If the Commissioner determines that a program established pursuant to subsection 1 or the entity administering the program is in violation of this section or is operating or being operated while in an unsafe financial condition, the Commissioner may issue and serve upon the entity administering the program an order to cease and desist from the violation or from administering or in any way operating the program.

      9.  The Commissioner may hold a hearing, without a request by any party, to determine whether a program established pursuant to subsection 1 or the entity administering the program is in violation of this section or is operating or being operated while in an unsafe financial condition. A person aggrieved by any act, threatened act or failure of the Commissioner to act, or by any report, rule, regulation or order of the Commissioner relating to this section, may request a hearing. Any hearing held pursuant to this subsection must be held in accordance with NRS 679B.310 to 679B.370, inclusive, and any regulations adopted pursuant thereto.

      10.  The provisions of this section must be liberally construed to grant affordable housing entities maximum flexibility to jointly self-insure and jointly purchase insurance or reinsurance to the extent that a program established pursuant to subsection 1 is being administered and otherwise operated in a safe financial condition and in a sound manner.

      11.  Each entity administering a program established pursuant to subsection 1 shall, on or before January 15 of each odd-numbered year, submit a report to the Director of the Legislative Counsel Bureau for transmittal to the Legislature. The report must include, without limitation, a list of the affordable housing entities participating in the program and any other information the Director deems relevant.

      12.  As used in this section:

      (a) “Affordable housing” means housing projects in which some of the dwelling units may be purchased or rented, with or without government assistance, on a basis that is affordable to persons of low income.

      (b) “Affordable housing entity” means:

             (1) A housing authority created under the laws of this State or another jurisdiction and any agency or instrumentality of a housing authority, including, but not limited to, a legal entity created to enter into an agreement which complies with NRS 277.055;

             (2) A nonprofit corporation organized under the laws of this State or another state that is engaged in providing affordable housing; or

             (3) A general or limited partnership or limited-liability company which is engaged in providing affordable housing and which is affiliated with a housing authority described in subparagraph (1) or a nonprofit corporation described in subparagraph (2) if the housing authority or nonprofit corporation:

                   (I) Has, or has the right to acquire, a financial or ownership interest in the partnership or limited-liability company;

                   (II) Has the power to direct the management or policies of the partnership or limited-liability company; or

                   (III) Has entered into a contract to lease, manage or operate the affordable housing owned by the partnership or limited-liability company.

      (c) “Commissioner” means the Commissioner of Insurance.

      (Added to NRS by 2011, 578)

      NRS 315.730  Obligees’ powers and duties.  An authority may:

      1.  Vest in any obligees of the authority the right to enforce the payment of the bonds or any covenants securing or relating to the bonds.

      2.  Vest in an obligee or obligees holding a specified amount in bonds the right, in the event of a default by the authority, to take possession of and use, operate and manage any housing project or any part thereof or any funds connected therewith, and to collect the rents and revenues arising therefrom, and to dispose of such moneys in accordance with the agreement of the authority with such obligees.

      3.  Provide for the powers and duties of such obligees and limit the liabilities thereof.

      4.  Provide the terms and conditions upon which such obligees may enforce any covenant or rights securing or relating to the bonds.

      [Part 14:253:1947; 1943 NCL § 5470.14]

      NRS 315.740  Exercise of enumerated powers.  An authority may exercise all or any part or combination of the powers granted in NRS 315.680 to 315.730, inclusive, and make covenants other than and in addition to the covenants expressly authorized in such sections. An authority may do any and all such acts and things as may be necessary or convenient or desirable in order to secure its bonds, or, in the absolute discretion of the authority, as will tend to make the bonds more marketable, notwithstanding that such covenants, acts or things may not be enumerated herein.

      [Part 14:253:1947; 1943 NCL § 5470.14]

      NRS 315.750  Submission to and certification of bonds by Attorney General.  An authority may submit to the Attorney General of the State any bonds to be issued pursuant to NRS 315.140 to 315.7813, inclusive, after all proceedings for the issuance of such bonds have been taken. Upon the submission of such proceedings to the Attorney General, the Attorney General shall examine into and pass upon the validity of such bonds and the regularity of all proceedings in connection therewith. If the proceedings conform to the provisions of NRS 315.140 to 315.7813, inclusive, and are otherwise regular in form, and if such bonds when delivered and paid for will constitute binding and legal obligations of the authority enforceable according to the terms thereof, the Attorney General shall certify in substance upon the back of each of the bonds that it is issued in accordance with the Constitution and laws of the State of Nevada.

      [24:253:1947; 1943 NCL § 5470.24]—(NRS A 1975, 20; 1977, 1189)

      NRS 315.760  Housing authority bonds: Authorized investments.

      1.  The State and all public officers, municipal corporations, political subdivisions, and public bodies, all banks, bankers, trust companies, savings banks and institutions, investment companies, insurance companies, insurance associations and other persons carrying on a banking or insurance business, and all executors, administrators, guardians, trustees, and other fiduciaries may legally invest any sinking funds, moneys or other funds belonging to them or within their control in any bonds or other obligations issued by a housing authority created by or pursuant to NRS 315.140 to 315.7813, inclusive, or issued by a public housing authority or agency in the United States, when such bonds or other obligations are secured by a pledge of annual contributions to be paid by the United States Government or any agency thereof, and such bonds and other obligations are authorized security for all public deposits, and are fully negotiable in this state; it being the purpose of the Housing Authorities Law of 1947 to authorize any of the foregoing to use any funds owned or controlled by them, including (but not limited to) sinking, insurance, investment, retirement, compensation, pension, and trust funds, and funds held on deposit, for the purchase of any such bonds or other obligations; but nothing contained in NRS 315.140 to 315.7813, inclusive, is construed as relieving any person, firm or corporation from any duty of exercising reasonable care in selecting securities.

      2.  The provisions of the Housing Authorities Law of 1947 apply notwithstanding any restrictions on investments contained in other laws.

      [17:253:1947; 1943 NCL § 5470.17]—(NRS A 1975, 20; 1977, 1189)

      NRS 315.770  Remedies of authority’s obligee.  An obligee of an authority has the right in addition to all other rights which may be conferred on such obligee, subject only to any contractual restrictions binding upon such obligee:

      1.  By mandamus, suit, action, or proceeding at law or in equity to compel the authority or its officers, agents or employees to perform each and every term, provision and covenant contained in any contract of the authority with or for the benefit of such obligee, and to require the carrying out of any or all such covenants and agreements of the authority and the fulfillment of all duties imposed upon the authority by the Housing Authorities Law of 1947.

      2.  By suit, action or proceeding in equity, to enjoin any acts or things which may be unlawful, or the violation of any of the rights of such obligee of the authority.

      [15:253:1947; 1943 NCL § 5470.15]—(NRS A 1977, 1189)

      NRS 315.780  Additional remedies conferrable by authority on obligee.  By its resolution, trust indenture, mortgage, lease or other contract, an authority may confer upon any obligee holding or representing a specified amount in bonds, the right (in addition to all rights that may otherwise be conferred), upon the happening of an event of default as defined in such resolution or instrument, by suit, action or proceeding in any court of competent jurisdiction:

      1.  To cause possession of any housing project or any part thereof to be surrendered to any such obligee.

      2.  To obtain the appointment of a receiver of any housing project of the authority or any part thereof and of the rents and profits therefrom. If the receiver be appointed, he or she may enter and take possession of such project or any part thereof and operate and maintain it, collect and receive all fees, rents, revenues or other charges thereafter arising therefrom, and shall keep such moneys in a separate account or accounts and apply the same in accordance with the obligations of the authority as the court shall direct.

      3.  To require the authority to account as if it were the trustees of an express trust.

      [16:253:1947; 1943 NCL § 5470.16]—(NRS A 1977, 1190)

Regional Authorities in Counties Whose Population is 700,000 or More

      NRS 315.7805  Formation.

      1.  In a county whose population is 700,000 or more, any two or more authorities may form a regional authority.

      2.  To form a regional authority as described in subsection 1, the governing body of the county and the governing body of each city and town located within the county that desires to participate in the regional authority shall adopt a resolution setting forth:

      (a) The intent to regionalize some or all of their powers;

      (b) A reference to the development of a plan for transitioning to a regional authority;

      (c) The geographic scope of the regional authority; and

      (d) Such other matters as the governing bodies determine to be necessary or advisable.

      3.  If the formation of a regional authority pursuant to this section involves fiscal matters, the ownership of real property or the consolidation of functions, the governing bodies who form the regional authority shall, in consultation with the United States Department of Housing and Urban Development, resolve such matters by written contract, agreement or other arrangement entered into by those governing bodies.

      (Added to NRS by 2009, 2222; A 2011, 1212)

      NRS 315.7807  Dissolution of individual authorities.  Upon the adoption of a resolution pursuant to NRS 315.7805 forming a regional authority, the dissolution of any individual authorities of the local governments who form the regional authority must be begun.

      (Added to NRS by 2009, 2223)

      NRS 315.7809  Appointment of commissioners; number; term; qualifications; vacancies.

      1.  Upon the adoption of a resolution pursuant to NRS 315.7805 forming a regional authority, 13 persons must be appointed to serve as commissioners of the authority as follows:

      (a) The governing body of the county shall appoint two persons to serve as commissioners of the authority;

      (b) The governing body of the largest city in the county that participates in the regional authority shall appoint three persons to serve as commissioners of the authority;

      (c) The governing body of the second largest city in the county that participates in the regional authority shall appoint two persons to serve as commissioners of the authority;

      (d) The governing body of the third largest city in the county that participates in the regional authority shall appoint two persons to serve as commissioners of the authority; and

      (e) Four commissioners who serve on behalf of tenants must be selected as described in subsection 3, including:

             (1) One commissioner who serves on behalf of tenants of the county, appointed by the governing body of the county;

             (2) One commissioner who serves on behalf of tenants of the largest city in the county that participates in the regional authority, appointed by the governing body of that city;

             (3) One commissioner who serves on behalf of tenants of the second largest city in the county that participates in the regional authority, appointed by the governing body of that city; and

             (4) One commissioner who serves on behalf of tenants of the third largest city in the county that participates in the regional authority, appointed by the governing body of that city.

Ê None of the persons appointed to serve as commissioners of the authority may be elected officials of any governmental entity.

      2.  Each commissioner must be appointed for a term of office of 4 years.

      3.  Each commissioner who serves on behalf of tenants must be a current recipient of assistance from the authority who resides in the county or in the city from which he or she is appointed, as applicable, and who is selected from a list of at least five eligible nominees submitted for this purpose by an organization which represents tenants of housing projects in the county or city, as applicable. If no such organization exists, each such commissioner must be selected from a list of nominees submitted for this purpose from persons who currently receive assistance from the authority and who reside in the county or in the city for which the list of nominees is prepared, as applicable. Thereafter, at least four commissioners must be such recipients who were nominated and appointed in the same manner. If, during his or her term, any such commissioner ceases to be a recipient of assistance, the commissioner must be replaced in the manner set forth in this subsection by a person who is a recipient of assistance.

      4.  In making the appointments described in paragraphs (a) to (d), inclusive, of subsection 1, the relevant local governments shall seek recommendations for appointment from a diverse background of interests with a view toward:

      (a) Balancing gender and ethnicity; and

      (b) Soliciting appointees who have experience in fields such as, without limitation:

             (1) Real estate;

             (2) Financial planning;

             (3) Legal aid;

             (4) Education;

             (5) Public safety;

             (6) The provision of public services; and

             (7) The assistance of persons of low income.

      5.  All vacancies must be filled for the unexpired term.

      (Added to NRS by 2009, 2223; A 2013, 261)

      NRS 315.7811  Additional powers.  A regional authority may, in addition to exercising the powers set forth in NRS 315.440 and 315.460 and any other relevant provisions of this chapter:

      1.  Jointly, or with another authority, exercise any powers, privileges and rights that are exercised or capable of being exercised by a local housing agency of this State; and

      2.  Exercise such other powers as the governing bodies of the local governments that formed the regional authority may agree upon.

      (Added to NRS by 2009, 2224)

      NRS 315.7813  Reservation or nomination of land from Bureau of Land Management prohibited; exception.  A regional authority may not request a reservation or nomination of land from the Bureau of Land Management unless the governing body of the jurisdiction within which the applicable land of the Bureau is located adopts a resolution of approval.

      (Added to NRS by 2009, 2224)

RURAL HOUSING AUTHORITY

General Provisions

      NRS 315.961  Policy of State; findings and declarations.

      1.  It is the policy of this State to promote the health, welfare and safety of its residents and to develop more desirable neighborhoods and alleviate poverty in the counties, cities and towns of the State by making provision for decent, safe and sanitary housing facilities for persons of low and moderate income.

      2.  It is hereby found and declared:

      (a) That there is a shortage of safe and sanitary dwelling accommodations in the rural areas of the State which are available to persons of low and moderate income, particularly senior citizens of low and moderate income, at rentals or prices they can afford;

      (b) That the establishment and operation of a sufficient number of new local housing authorities to undertake housing projects on an individual basis in such counties and the cities and towns therein is not feasible at the present time due to geographic and economic circumstances;

      (c) That the shortage of low-rent housing facilities in such counties can be partially remedied through state action by the establishment of a state housing authority having the power to undertake housing projects and make mortgage loans for residential housing; and

      (d) That it is appropriate for such a state housing authority to issue obligations for the purpose of undertaking housing projects and providing mortgage loans for residential housing and to perform any other function authorized by NRS 315.961 to 315.99874, inclusive.

      (Added to NRS by 1973, 615; A 2005, 220)

      NRS 315.962  Definitions.  As used in NRS 315.961 to 315.99874, inclusive, unless the context otherwise requires, the words and terms defined in NRS 315.963 to 315.976, inclusive, have the meanings ascribed to them in those sections.

      (Added to NRS by 1973, 615; A 1987, 523; 2005, 220)

      NRS 315.963  “Area of operation” defined.  “Area of operation” means any area of the State which is not included within the corporate limits of a city or town having a population of 150,000 or more.

      (Added to NRS by 1973, 615; A 2005, 221; 2011, 1213)

      NRS 315.964  “Authority” and “State Authority” defined.  “Authority” or “State Authority” means the Nevada Rural Housing Authority created by NRS 315.977.

      (Added to NRS by 1973, 615; A 1987, 523)

      NRS 315.965  “Bonds” defined.  “Bonds” means any bonds, notes, interim certificates, debentures or other obligations issued by the Authority pursuant to the provisions of NRS 315.961 to 315.99874, inclusive.

      (Added to NRS by 1973, 615; A 1987, 523; 2005, 221)

      NRS 315.966  “City” defined.  “City” means any incorporated city.

      (Added to NRS by 1973, 615)

      NRS 315.967  “Executive Director” defined.  “Executive Director” means the Executive Director of the State Authority.

      (Added to NRS by 1973, 615)

      NRS 315.968  “Federal Government” defined.  “Federal Government” includes the United States of America or any agency or instrumentality of the United States of America.

      (Added to NRS by 1973, 616)

      NRS 315.969  “Housing project” defined.

      1.  “Housing project” means any work or undertaking:

      (a) To demolish, clear or remove buildings from any area acquired by the Authority;

      (b) To provide decent, safe and sanitary rural dwellings, apartments or other living accommodations for persons of low and moderate income. Such work or undertaking may include buildings, land, equipment, facilities and other real or personal property for necessary, convenient or desirable appurtenances, streets, sewers, water service, utilities, parks, site preparation, landscaping, administrative, health, recreational, welfare or other purposes; or

      (c) To accomplish a combination of the foregoing.

      2.  “Housing project” also may be applied to the planning of the buildings and improvements, the acquisition or leasing of property, the demolition of existing structures, the construction, reconstruction, alteration and repair of the improvements and all other work in connection therewith.

      3.  The term includes the acquisition or development of mobile home parks and facilities, the leasing or rental of mobile home lots in the park, or the purchase, leasing or rental of mobile homes.

      (Added to NRS by 1973, 616; A 1983, 971; 2005, 221)

      NRS 315.971  “Local housing authority” and “local authority” defined.  “Local housing authority” or “local authority” means an authority as defined in NRS 315.170.

      (Added to NRS by 1973, 616; A 1975, 22)

      NRS 315.972  “Obligee” defined.  “Obligee” includes any bondholder, agent or trustee for any bondholder, or lessor demising to the Authority property used in connection with a housing project, or any assignee or assignees of such lessor’s interest or any part thereof, and the Federal Government when it is a party to any contract with the Authority.

      (Added to NRS by 1973, 616)

      NRS 315.973  “Persons of low and moderate income” defined.  “Persons of low and moderate income” means individuals or families who lack the amount of income which is necessary, as determined by the Authority pursuant to the provisions of NRS 315.9845, to enable them, without financial assistance, to live in decent, safe and sanitary dwellings, without overcrowding.

      (Added to NRS by 1973, 616; A 2005, 221)

      NRS 315.976  “Town” defined.  “Town” means any unincorporated town formed pursuant to the provisions of chapter 269 of NRS.

      (Added to NRS by 1973, 616)

Administration

      NRS 315.977  Creation of Authority; appointment of commissioners; quorum; majority vote required to carry question.

      1.  The Nevada Rural Housing Authority, consisting of five commissioners, is hereby created.

      2.  The commissioners must be appointed as follows:

      (a) Two commissioners must be appointed by the Nevada League of Cities.

      (b) Two commissioners must be appointed by the Nevada Association of Counties.

      (c) One commissioner must be appointed jointly by the Nevada League of Cities and the Nevada Association of Counties. This commissioner must be a current recipient of assistance from the Authority and must be selected from a list of at least five eligible nominees submitted for this purpose by an organization which represents tenants of housing projects operated by the Authority. If no such organization exists, the commissioner must be selected from a list of nominees submitted for this purpose from persons who currently receive assistance from the Authority. If during his or her term the commissioner ceases to be a recipient of assistance, the commissioner may continue to serve as a commissioner for the remainder of the unexpired term for which he or she was appointed if he or she resides within the area of operation of the Authority.

      3.  After the initial terms, the term of office of a commissioner is 4 years or until his or her successor takes office.

      4.  A majority of the commissioners constitutes a quorum, and a vote of the majority is necessary to carry any question.

      5.  If either of the appointing entities listed in subsection 2 ceases to exist, the pertinent appointments required by subsection 2 must be made by the successor in interest of that entity or, if there is no successor in interest, by the other appointing entity.

      (Added to NRS by 1973, 616; A 1977, 1190; 1987, 523; 1993, 1553; 1995, 812, 2695, 2696; 1997, 450; 2011, 1378)

      NRS 315.978  Certificate of appointment or reappointment of commissioner: Filing.  A certificate of the appointment or reappointment of any commissioner shall be filed in the Office of the Secretary of State and in the Office of the Authority, and such certificate is conclusive evidence of the appointment of such commissioner.

      (Added to NRS by 1973, 617; A 1977, 1191)

      NRS 315.979  Organization of Authority: Officers; bylaws and rules; employees; report and recommendations.

      1.  As soon as possible after their appointment, the commissioners shall organize for the transaction of business by choosing a Chair and Vice Chair and by adopting bylaws and rules and regulations suitable to the purpose of organizing the Authority and conducting the business thereof.

      2.  The commissioners shall appoint an Executive Director and such other officers and employees as the Authority may require for the performance of its duties. The commissioners shall prescribe the duties of each officer and employee, fix their salaries, and establish the terms and conditions of their employment.

      3.  At least once a year, the Authority shall submit to the Nevada League of Cities, the Nevada Association of Counties, and the governing body of each city and county in its area of operation a report of its activities for the preceding year and shall make recommendations with reference to such additional legislation or other actions as it deems necessary to carry out the purposes of NRS 315.961 to 315.99874, inclusive.

      (Added to NRS by 1973, 617; A 1985, 414; 1987, 523; 1995, 812; 2005, 221)

      NRS 315.980  Compensation of commissioners.  Each commissioner is entitled to receive compensation of $80 per day for attendance at meetings of the Authority.

      (Added to NRS by 1973, 617; A 1975, 298; 1981, 1979; 1985, 414; 1987, 524)

      NRS 315.981  Conflicts of interest.

      1.  A commissioner or employee of the Authority shall not voluntarily acquire any interest, direct or indirect, except as a residential tenant, in any housing project, in any property included or planned to be included in any housing project, in any contract or proposed contract in connection with any housing project or in any mortgage loan for residential housing made pursuant to the provisions of NRS 315.9983. Where the acquisition is not voluntary, the commissioner or employee shall immediately disclose the interest in writing to the Authority and the disclosure must be entered upon the minutes of the Authority. Upon disclosure, the commissioner or employee shall not participate in any action by the Authority involving the housing project, property, contract or mortgage loan for residential housing. If any commissioner or employee of the Authority previously owned or controlled an interest, direct or indirect, in any housing project or in any property included or planned to be included in any housing project, in any contract or proposed contract in connection with any housing project or in any mortgage loan for residential housing, he or she shall immediately disclose the interest in writing to the Authority and the disclosure must be entered upon the minutes of the Authority. Upon disclosure, the commissioner or employee shall not participate in any action by the Authority involving the housing project, property, contract or mortgage loan for residential housing.

      2.  A violation of any provision of this section constitutes malfeasance in office.

      3.  This section is not applicable to the acquisition of any interest in notes or bonds of the Authority or the execution of agreements by financial institutions for the deposit or handling of money in connection with a housing project or to act as trustee under any trust indenture.

      (Added to NRS by 1973, 617; A 1975, 933; 1977, 1112; 1995, 2695; 1999, 1469; 2005, 222)

      NRS 315.982  Removal of commissioners; filling of vacancy in office.  A commissioner of the Authority may be removed from office, after a public hearing, by a majority vote of the other commissioners for neglect of duty or malfeasance in office. A vacancy in office must be filled for the remainder of the unexpired term by the entity or entities which appointed the commissioner.

      (Added to NRS by 1973, 618; A 1995, 812)

      NRS 315.983  Nature and functions; general powers; creation of nonprofit organization for development of housing projects.

      1.  Except as otherwise provided in NRS 354.474 and 377.057, the Authority:

      (a) Shall be deemed to be a public body corporate and politic, and an instrumentality, local government and political subdivision of the State, exercising public and essential governmental functions, and having all the powers necessary or convenient to carry out the purposes and provisions of NRS 315.961 to 315.99874, inclusive, but not the power to levy and collect taxes or special assessments.

      (b) Is not an agency, board, bureau, commission, council, department, division, employee or institution of the State.

      2.  The Authority may:

      (a) Sue and be sued.

      (b) Have a seal.

      (c) Have perpetual succession.

      (d) Make and execute contracts and other instruments necessary or convenient to the exercise of its powers.

      (e) Deposit money it receives in any insured state or national bank, insured credit union, insured savings and loan association, or in the Local Government Pooled Long-Term Investment Account created by NRS 355.165 or the Local Government Pooled Investment Fund created by NRS 355.167.

      (f) Adopt bylaws, rules and regulations to carry into effect the powers and purposes of the Authority.

      (g) Create a nonprofit organization which is exempt from taxation pursuant to 26 U.S.C. § 501(c)(3) and which has as its principal purpose the development of housing projects.

      (h) Enter into agreements or other transactions with, and accept grants from and cooperate with, any governmental agency or other source in furtherance of the purposes of NRS 315.961 to 315.99874, inclusive.

      (i) Enter into an agreement with a local government in a county whose population is less than 100,000 to receive a loan of money from the local government in accordance with NRS 354.6118.

      (j) Acquire real or personal property or any interest therein, by gift, purchase, foreclosure, deed in lieu of foreclosure, lease, option or otherwise.

      (Added to NRS by 1973, 618; A 1987, 524; 1995, 813; 1997, 450; 2005, 222; 2011, 1378)

      NRS 315.9835  Area of operation.  The State Authority may:

      1.  Except as otherwise provided in subsection 2, operate in any area of the State which is not included within the corporate limits of a city or town having a population of 150,000 or more.

      2.  Provide services in any area of the State if the State Authority has contracted with the State or a local government to provide those services in that area. As used in this subsection, “services” does not include:

      (a) The making of a mortgage loan pursuant to NRS 315.9981 to 315.99874, inclusive;

      (b) The issuance of a mortgage credit certificate;

      (c) The issuance of bonds to finance a multifamily housing project;

      (d) The allocation of a low-income housing tax credit; or

      (e) Weatherization other than an assessment or inspection of property for weatherization.

      3.  As used in this section, “weatherization” means materials or measures, and their installation, that are used to improve the thermal efficiency of a building, facility, residence or structure.

      (Added to NRS by 2005, 212; A 2011, 1213, 1379)

      NRS 315.984  Powers of Authority concerning housing projects and low-rent housing; power of nonprofit organization concerning housing projects.        1.  The Authority or a nonprofit corporation created pursuant to paragraph (g) of subsection 2 of NRS 315.983 may, within its area of operation, prepare, carry out and operate housing projects and provide for the construction, reconstruction, improvement, extension, alteration or repair of any such project or any part thereof.

      2.  The Authority may, within its area of operation, administer programs to subsidize that portion of a tenant’s rental payments which represents the difference between the payment required in the lease and the amount paid under any program of the Federal Government.

      3.  The Authority may, within its area of operation, determine where there is a need for additional low-rent housing for persons of low and moderate income and where there is unsafe, insanitary or overcrowded housing.

      4.  The Authority may, within its area of operation, make studies and recommendations relating to the problems of relieving the shortage of low-rent housing and of eliminating unsafe, insanitary or overcrowded housing.

      5.  The Authority may, within its area of operation, cooperate with the Federal Government, state agencies, local housing authorities, counties, cities, towns and other political subdivisions of the State in action taken in connection with such problems.

      (Added to NRS by 1973, 618; A 1987, 524; 1995, 813; 1997, 451; 2005, 223)

      NRS 315.9845  Determination of income.  The State Authority shall determine the amount of income which is necessary to enable a person or family, without financial assistance, to live in decent, safe and sanitary dwellings, without overcrowding.

      (Added to NRS by 2005, 212)

      NRS 315.988  Powers of State Authority under Housing Authorities Law of 1947.

      1.  The State Authority may exercise all or any part or combination of the powers granted to local housing authorities in NRS 315.450, 315.460 and 315.470 in connection with contracts, property, investments and related matters.

      2.  The provisions of NRS 315.560 and 315.570 concerning powers of local housing authorities with respect to federal aid, housing in rural areas and related matters apply to the State Authority in the same manner and to the same extent as they apply to local authorities.

      (Added to NRS by 1973, 619; A 1985, 271; 1987, 525; 2005, 223)

      NRS 315.989  State projects subject to local ordinances.  All housing projects of the Authority shall be subject to the planning, zoning, sanitary and building laws, ordinances and regulations applicable to the locality in which the housing project is situated.

      (Added to NRS by 1973, 619)

      NRS 315.990  Payments in lieu of taxes.  The Authority shall agree with the governing body of each affected city, town, county or other political subdivision to make such payments in lieu of taxes as it finds consistent with the maintenance of the low-rent character of housing projects or the achievement of the purposes of NRS 315.961 to 315.99874, inclusive.

      (Added to NRS by 1973, 619; A 1987, 525; 2005, 223)

      NRS 315.991  Acquisition, operation or disposition of property by public agencies: Law applicable.  No provision of law with respect to the acquisition, operation or disposition of property by other public agencies shall be applicable to the Authority.

      (Added to NRS by 1973, 619)

      NRS 315.992  Exemption of property from execution, process and judgment lien; enforcement of certain encumbrances, pledges and liens.

      1.  Except as otherwise provided in subsection 2, all real and personal property of the Authority, including money, owned or held by it for the purposes of NRS 315.961 to 315.99874, inclusive, are exempt from levy and sale by virtue of an execution or other judicial process. Execution or other judicial process may not issue against such property, nor may any judgment against the Authority be a charge or lien upon such property.

      2.  This section does not apply to or limit the right of obligees to foreclose or otherwise enforce any mortgage, deed of trust or other encumbrance of the Authority or the right of obligees to pursue any remedies for the enforcement of any pledge or lien given by the Authority on its rents, fees or revenues.

      (Added to NRS by 1973, 619; A 1987, 525; 2005, 224)

      NRS 315.993  Projects not to be constructed or operated for profit; fixing of rentals or payments.

      1.  The Authority shall not construct or operate any housing project for profit.

      2.  The Authority shall manage and operate its housing projects in an efficient manner so as to enable it to fix the rentals or payments for dwelling accommodations at low rates consistent with its providing decent, safe and sanitary dwelling accommodations for persons of low and moderate income.

      3.  The Authority shall fix the rentals or payments for dwellings in its housing projects at no higher rates than are necessary to produce revenue which, together with all other available money, revenue, income and receipts of the Authority from whatever sources derived, will be sufficient:

      (a) To pay, as it becomes due, the principal and interest on the bonds of the Authority.

      (b) To create and maintain such reserves as may be required to assure the payment of principal and interest as it becomes due on its bonds.

      (c) To meet the cost of, and to provide for, maintaining and operating the housing projects, including necessary reserves therefor and the cost of any insurance, and the administrative expenses of the Authority.

      (d) To make such payments in lieu of taxes as it determines are consistent with the maintenance of the low-rent character of the housing projects.

      4.  For the purposes of this section, a housing project constructed or operated by the Authority that is eligible for credit for low-income housing pursuant to 26 U.S.C. § 42 is not constructed or operated for profit.

      (Added to NRS by 1973, 620; A 1995, 813; 1997, 451; 2005, 224)

      NRS 315.994  Tenant selection.  In the operation or management of its housing projects, the Authority shall at all times observe the following duties with respect to rentals and tenant admissions:

      1.  It may rent or lease the dwelling accommodations therein only to persons of low and moderate income.

      2.  It may rent or lease to a tenant dwelling accommodations consisting of the number of rooms, but no greater number, which it deems necessary to provide safe and sanitary accommodations to the proposed occupants thereof, without overcrowding.

      3.  It shall not accept any person or persons as tenants in any housing project if the person or persons who occupy the dwelling accommodations have, at the time of admission, an aggregate annual net income, less an exemption of $200 for each minor member of the family other than the head of the family and his or her spouse, in excess of 7 times the annual rental of the quarters to be furnished such person or persons; but the Authority may agree to conditions as to tenant eligibility or preference required by the Federal Government pursuant to federal law in any contract for financial assistance with the Authority. In computing the rental for this purpose of admitting tenants, there shall be included in the rental the average annual cost, as determined by the Authority, to occupants of heat, water, electricity, gas, cooking fuel, and other necessary services or facilities, whether or not the charge for such services and facilities is included in the rental.

      (Added to NRS by 1973, 620; A 2005, 224)

      NRS 315.995  Remedies of Authority’s obligee: Effect of NRS 315.993 and 315.994.  Nothing contained in NRS 315.993 and 315.994 shall be construed as limiting the power of the Authority to vest in an obligee the right, in the event of a default by the Authority, to take possession thereof or cause the appointment of a receiver thereof, free from all the restrictions imposed by such sections.

      (Added to NRS by 1973, 620)

      NRS 315.996  Powers of state public bodies respecting housing projects.  The provisions of NRS 315.550 apply to housing projects of the State Authority undertaken pursuant to the provisions of NRS 315.961 to 315.99874, inclusive, in the same manner and to the same extent as they apply to projects of local authorities.

      (Added to NRS by 1973, 620; A 1985, 271; 1987, 525)

Financing

      NRS 315.9981  Definitions.  As used in NRS 315.9981 to 315.99874, inclusive, unless the context otherwise requires, the words and terms defined in NRS 315.99815 to 315.99828, inclusive, have the meanings ascribed to them in those sections.

      (Added to NRS by 2005, 211)

      NRS 315.99815  “Lending institution” defined.  “Lending institution” means any bank or trust company, Federal National Mortgage Association approved mortgage banker, national banking association, savings and loan association or other financial institution or governmental agency of the United States which customarily provides service or otherwise aids in the financing of mortgages located in this State.

      (Added to NRS by 2005, 211)

      NRS 315.99818  “Mortgage” defined.  “Mortgage” means a mortgage deed, deed of trust or other instrument which constitutes a lien on real property in fee simple or on a leasehold under a lease whose remaining term, at the time such mortgage is acquired, does not expire for at least that number of years beyond the maturity date of the obligation secured by such mortgage as is established by the State Authority as necessary to protect its interest as mortgagee.

      (Added to NRS by 2005, 211)

      NRS 315.9982  “Mortgage loan” defined.  “Mortgage loan” means an interest-bearing obligation secured by a mortgage on land and improvements in this State.

      (Added to NRS by 2005, 211)

      NRS 315.99825  “Real property” defined.  “Real property” means all lands, including rights to space above the lands, improvements and fixtures on the lands and property of any nature appurtenant to or used in connection with the lands, and every estate, interest and right, legal or equitable, in the lands, including terms of years and liens by way of judgment, mortgage or otherwise and the indebtedness secured by such liens.

      (Added to NRS by 2005, 211)

      NRS 315.99828  “Residential housing” defined.  “Residential housing” means one or more new or existing residential dwelling units financed pursuant to the provisions of NRS 315.9981 to 315.99874, inclusive, for the primary purpose of providing decent, safe and sanitary dwelling accommodations for persons of low and moderate income in need of housing, including any buildings, manufactured homes, mobile homes, mobile home parks, land, improvements, equipment, facilities, other real or personal property, or other related nonhousing facilities which are necessary, convenient or desirable in connection therewith, and including, without limitation, streets, sewers, utilities, parks, site preparation, landscaping and other nonhousing facilities such as administrative, community, transportation, health, recreational, educational, commercial, retail, welfare and public facilities which the State Authority determines improve the quality of the residential living for persons of low and moderate income.

      (Added to NRS by 2005, 212)

      NRS 315.9983  Mortgages and loans: Generally.  The State Authority may make, undertake commitments to make and participate with lending institutions in the making of mortgage loans to finance the acquisition, construction, development, renewal, redevelopment, rehabilitation or refinancing of residential housing, including, without limitation, single family and multifamily housing, within this State.

      (Added to NRS by 2005, 212)

      NRS 315.99832  Mortgages and loans: Security; repayment; interest.  Any mortgage loan made by the State Authority must be secured in such manner, be repaid in such period and bear interest at such rate or rates as are determined by the State Authority.

      (Added to NRS by 2005, 212)

      NRS 315.99834  Mortgages and loans: Related powers.  The State Authority may:

      1.  Renegotiate, refinance or foreclose, or contract for the foreclosure of, any mortgage in default;

      2.  Waive any default or consent to the modification of the terms of any mortgage;

      3.  Commence any action to protect or enforce any right conferred upon it by any law, mortgage, contract or other agreement;

      4.  Bid for and purchase property upon which it holds a mortgage at any foreclosure or at any other sale, or acquire and take possession of any such property;

      5.  Operate, manage, lease, dispose of and otherwise deal with such property in such manner as may be necessary to protect the interest of the State Authority and the holders of its bonds, notes and other obligations; and

      6.  Consent to any modification with respect to rate of interest, time and payment of any installment of principal or interest, security or any other term of any contract, mortgage, mortgage loan, mortgage loan commitment, contract or agreement of any kind to which the State Authority is a party, subject to any agreement with bondholders or noteholders.

      (Added to NRS by 2005, 212)

      NRS 315.99836  Mortgages and loans: Fees and charges.  The State Authority may charge and collect such fees and charges as the State Authority may establish from time to time for its making of mortgage loans for residential housing.

      (Added to NRS by 2005, 213)

      NRS 315.99838  Mortgages and loans: Insurance.  The State Authority may procure insurance against any loss in connection with its property and other assets, including mortgages and mortgage loans, in such amounts and from such insurers as it deems desirable.

      (Added to NRS by 2005, 213)

      NRS 315.9984  Findings necessary for financing.  The State Authority shall not finance any residential housing unless, before such financing, the State Authority finds that:

      1.  There exists a shortage of decent, safe and sanitary housing at rentals or prices which eligible families can afford within the general housing market area as determined by the State Authority.

      2.  Private enterprise and investment have been unable, without assistance, to provide an adequate supply of decent, safe and sanitary housing in such housing market area at rentals or prices which persons or families of low and moderate income can afford or to provide sufficient mortgage financing for residential housing for occupancy by such persons or families.

      3.  The proposed residential housing will increase the supply or improve the quality of decent, safe and sanitary housing for eligible families.

      4.  The residential housing to be developed or assisted by the State Authority pursuant to the provisions of NRS 315.9981 to 315.99874, inclusive, will be of public use and will provide a public benefit.

      5.  The estimates of the State Authority of its revenues from the financing of the residential housing, together with all subsidies, grants or other financial assistance from governmental agencies or other entities to be received in connection with the residential housing, will be sufficient to pay the amount estimated by the State Authority as necessary for debt service on its notes and bonds to be issued for the financing of the residential housing.

      (Added to NRS by 2005, 213)

      NRS 315.99842  Notes, bonds and other obligations: Issuance; amounts; payment.

      1.  The State Authority may issue its negotiable notes and bonds in such principal amount as the State Authority determines to be necessary to provide sufficient money for achieving any of its statutory purposes, including the payment of interest on notes and bonds of the State Authority, establishment of bond reserve funds and other reserves to secure the notes and bonds, and all other expenditures of the State Authority necessary or convenient to carry out its statutory purposes and powers.

      2.  Subject to any agreements with holders of notes or bonds, all notes and bonds issued by the State Authority are special obligations of the State Authority payable out of any revenues, money or other assets of the State Authority pledged thereto.

      (Added to NRS by 2005, 213)

      NRS 315.99844  Notes, bonds and other obligations: Type; interest; sale.  The bonds issued pursuant to NRS 315.99842 may be issued as serial bonds payable in annual installments or as term bonds, or as a combination thereof. The notes and bonds must bear interest at such a rate or rates, be in such denominations, have such registration privileges, be executed in such a manner, be payable in such a medium of payment, at such a place or places within or outside of the State, and be subject to such terms of redemption as the State Authority determines. The notes and bonds of the State Authority may be sold by the State Authority at public or private sale at such a price or prices as the State Authority determines except that no note, bond or other obligation issued by the State Authority may be initially distributed to the public unless it has received a rating in one of the three highest rating categories from a national rating service.

      (Added to NRS by 2005, 213)

      NRS 315.99846  Notes, bonds and other obligations: Pledges.  The State Authority in issuing any notes or bonds may contract with the holders thereof as to:

      1.  Pledging all or any part of the revenues of the State Authority to secure the payment of the notes or bonds subject to such agreements with noteholders or bondholders as may then exist.

      2.  Pledging all or any part of the assets of the State Authority, including mortgages and obligations securing such assets, to secure the payment of the notes or bonds subject to such agreements with noteholders or bondholders as may then exist.

      3.  The use and disposition of the gross income from mortgages owned by the State Authority and the payment of principal of mortgages owned by the State Authority.

      4.  The setting aside of reserves or sinking funds and the regulation and disposition thereof.

      5.  Limitations on the purpose to which the proceeds of sale of notes or bonds may be applied and pledging such proceeds to secure the payment of the notes or bonds or of any issue thereof.

      6.  Limitations on the issuance of additional notes or bonds, the terms upon which additional notes or bonds may be issued and secured, and the refunding of outstanding or other notes or bonds.

      7.  The procedure, if any, by which the terms of any contract with noteholders or bondholders may be amended or abrogated, the amount of notes or bonds the holders of which must consent thereto and the manner in which such consent may be given.

      8.  Limitations on the amount of money to be expended by the State Authority for operating expenses of the State Authority.

      9.  Vesting in a trustee or trustees such property, rights, powers and duties in trust as the State Authority may determine, which may include any or all of the rights, powers and duties of the trustee appointed by the bondholders pursuant to NRS 315.9981 to 315.99874, inclusive, and limiting or abrogating the right of the bondholders to appoint a trustee under this act or limiting the rights, powers and duties of such trustee.

      10.  Defining the acts or omissions which constitute a default in the obligations and duties of the State Authority to the holders of the notes or bonds and providing for the rights and remedies of the holders of the notes or bonds in case of such default, including, as a matter of right, the appointment of a receiver, but such rights and remedies must not be inconsistent with the general laws of this State and the other provisions of NRS 315.9981 to 315.99874, inclusive.

      11.  Any other matters, of like or different character, which in any way affect the security or protection of the holders of the notes or bonds.

Ê Any pledge made by the State Authority is valid and binding from the time the pledge is made. The revenues, money or property so pledged and thereafter received by the State Authority are immediately subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge is valid and binding as against all persons having claims of any kind in tort, contract or otherwise against the State Authority, whether or not such persons have notice thereof. Neither the proceedings of the State Authority relating to the bonds or notes nor any other instrument by which a pledge is created need be recorded.

      (Added to NRS by 2005, 214)

      NRS 315.99848  Notes, bonds and other obligations: Trust indentures.  In the discretion of the State Authority, bonds issued by the State Authority may be secured by a trust indenture or trust indentures by and between the State Authority and a corporate trustee, which may be any trust company or bank having the power of a trust company within or outside this State. Such trust indenture may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the State Authority in relation to the exercise of its statutory powers and the custody, safeguarding and application of all money. The State Authority may provide by such trust indenture for the payment of the proceeds of the bonds and the revenues to the trustee under such trust indenture or other depository, and for the method of disbursement thereof, with such safeguards and restrictions as the State Authority may determine. All expenses incurred in carrying out such trust indenture may be treated as part of the operating expenses of the State Authority. Such trust indenture may limit or abrogate the right of the holders of any bonds, notes or other obligations of the State Authority to appoint a trustee under NRS 315.9981 to 315.99874, inclusive, or limit the rights, powers and duties of such trustee.

      (Added to NRS by 2005, 215)

      NRS 315.9985  Notes, bonds and other obligations: Guarantees of payment.  The State Authority may procure or agree to the procurement of insurance or guarantees from any governmental agency or from any private insurance company, of the payment of any bonds or notes or any other evidences of indebtedness thereof issued by the State Authority or by any lending institution, and may pay premiums on such insurance.

      (Added to NRS by 2005, 215)

      NRS 315.99852  Notes, bonds and other obligations: Redemption; remarketing or refunding.

      1.  The State Authority, subject to such agreements with noteholders or bondholders as may then exist, may, out of any money available therefor, purchase its notes or bonds to retire and cancel them. The price must not exceed:

      (a) The redemption price then applicable plus accrued interest to the next interest payment thereon if the notes or bonds are then redeemable; or

      (b) The redemption price applicable on the first date after the purchase upon which the notes or bonds become subject to redemption plus accrued interest to that date if the notes or bonds are not redeemable.

      2.  The State Authority may, in connection with any remarketing or refunding of its notes or bonds or for any of its purposes, acquire, or cause to be acquired, its notes or bonds without retiring and cancelling them.

      (Added to NRS by 2005, 215)

      NRS 315.99854  Notes, bonds and other obligations: Provision for or requirement of means of assuring repayment; payment of associated fees and costs.  The State Authority may:

      1.  Provide that any bonds or notes issued by the State Authority be insured or be secured by surety bonds, letters of credit not issued by the State Authority, guaranties or other means of assuring repayment of such bonds or notes.

      2.  Require that any loans, including a mortgage loan, made or purchased by the State Authority be insured or be secured by surety bonds, letters of credit not issued by the State Authority, guaranties or other means of assuring repayment of such loans.

      3.  Pay the fees, charges, premiums and any other costs associated with obtaining and maintaining insurance, or other means of assuring repayment, from any available money of the State Authority, including premiums, fees and charges assessed against sponsors, lending institutions or other participants or beneficiaries of the programs of the State Authority.

      (Added to NRS by 2005, 215)

      NRS 315.99856  Notes, bonds and other obligations: Waiver of exemption of interest from federal income taxation; issuance of obligations not exempt from taxation.  The State Authority may:

      1.  Waive, by such means as the State Authority deems appropriate, any exemption from federal income taxation of interest on the bonds, notes or other obligations of the State Authority provided by 26 U.S.C. §§ 141 to 149, inclusive, and related portions of the Internal Revenue Code or any succeeding code or other federal statute providing a similar exemption; or

      2.  Issue notes, bonds or other obligations, the interest on which is not exempt from federal income taxation or excluded from gross revenue for the purpose of federal income taxation, if necessary to carry out the purposes of NRS 315.961 to 315.99874, inclusive.

      (Added to NRS by 2005, 216)

      NRS 315.99858  Notes, bonds and other obligations: Refunding obligations.

      1.  The State Authority may issue refunding obligations to refund any obligations then outstanding which have been issued under the provisions of NRS 315.9981 to 315.99874, inclusive, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption of the obligations and for any statutory purpose of the State Authority. The issuance of the obligations, the maturities and other details thereof, the rights of the holders thereof, and the rights, duties and obligations of the State Authority in respect to them are governed by the provisions of NRS 315.9981 to 315.99874, inclusive, which relate to the issuance of original obligations insofar as appropriate.

      2.  Refunding obligations issued as provided in this section may be sold or exchanged for outstanding obligations issued under NRS 315.9981 to 315.99874, inclusive, and, if they are sold, the proceeds thereof may be applied, in addition to any other authorized purposes, to the purchase, redemption or payment of the outstanding obligations. Pending the application of the proceeds of the refunding obligations, with any other available funds, to the purpose for which they are issued, the proceeds may be invested in direct obligations of, or obligations the principal of and the interest on which are unconditionally guaranteed by the United States of America, or obligations of any agency or instrumentality of the United States of America, which mature or which are subject to redemption by the holders thereof, at the option of such holders, not later than the respective dates when the proceeds, together with the interest accruing thereon, will be required for the purposes intended.

      (Added to NRS by 2005, 216)

      NRS 315.9986  Notes, bonds and other obligations: Establishment, use and requirements for bond reserve funds.

      1.  The State Authority may establish one or more bond reserve funds, and shall pay into each such bond reserve fund:

      (a) Any money appropriated by the Legislature for the purpose of the fund;

      (b) Any proceeds of sale of notes or bonds to the extent provided in connection with the issuance thereof; and

      (c) Any other money which may be available to the State Authority for the purpose of the fund from any other source or sources.

Ê All money held in any bond reserve fund, except as otherwise expressly provided in NRS 315.9981 to 315.99874, inclusive, must be used, as required, solely for the payment of the principal of bonds secured in whole or in part by the fund or of the sinking fund payments with respect to such bonds, the purchase or redemption of such bonds, the payment of interest on such bonds or the payment of any redemption premium required to be paid when the bonds are redeemed before maturity.

      2.  Money in such a fund must not be withdrawn from the fund at any time in an amount that would reduce the amount of the fund below the requirement established for that fund, except to pay when due, with respect to bonds secured in whole or in part by that fund, principal, interest, redemption premiums and sinking fund payments for the payment of which other money of the State Authority is not available.

      (Added to NRS by 2005, 216)

      NRS 315.99862  Notes, bonds and other obligations: Limitations on bond reserve funds.  The State Authority shall not at any time pursuant to NRS 315.9981 to 315.99874, inclusive, issue bonds, secured in whole or in part by a bond reserve fund, if upon the issuance of those bonds, the amount in that bond reserve fund will be less than the bond reserve fund requirement for that fund, unless the State Authority at the time of issuance of those bonds deposits in that fund from the proceeds of the bonds issued, or from other sources, an amount which, together with the amount then in that fund, will not be less than the bond reserve fund requirement for that fund. The bond reserve fund requirement, as of any particular date of computation, is an amount of money, specified in the proceedings of the State Authority authorizing the bonds with respect to which the fund is established, necessary to provide adequate reserves for debt service on the bonds.

      (Added to NRS by 2005, 217)

      NRS 315.99864  Notes, bonds and other obligations: Purpose of bond reserve fund requirements.  The provision of bond reserve fund requirements is designed to assure the continued operation and solvency of the State Authority for the carrying out of its statutory purposes.

      (Added to NRS by 2005, 217)

      NRS 315.99866  Notes, bonds and other obligations: Remedies of bondholders and noteholders.

      1.  If the State Authority defaults in the payment of principal of or interest on any bonds or notes issued under NRS 315.9981 to 315.99874, inclusive, after it is due, whether at maturity or upon call for redemption, and such default continues for a period of 30 days, or if the State Authority fails or refuses to comply with the provisions of NRS 315.9981 to 315.99874, inclusive, or defaults in any agreement made with the holders of an issue of its bonds or notes, the holders of 25 percent in aggregate principal amount of the bonds or notes of such issue then outstanding, by instrument or instruments filed in the Office of the Secretary of State and proved or acknowledged in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of such bonds or notes for the purposes provided in this section.

      2.  The trustee may, and upon written request of the holders of 25 percent in principal amount of such bonds or notes then outstanding shall, in his, her or its own name:

      (a) Enforce the right of the bondholders or noteholders to require the State Authority to collect interest and amortization payments on the mortgages held by it adequate to carry out any agreement as to, or pledge of, such interest and amortization payments, and to require the State Authority to carry out any other agreements with the holders of such bonds or notes and to perform its duties under NRS 315.9981 to 315.99874, inclusive.

      (b) Enforce the right of the bondholders or noteholders to collect and enforce the payment of principal of and interest due or becoming due on loans to lending institutions and collect and enforce any rights in respect to collateral securing such loans or sell such collateral, so as to carry out any contract as to, or pledge of revenues, and to require the State Authority to carry out any contract as to, or pledge of revenues, and to require the State Authority to perform its duties under NRS 315.9981 to 315.99874, inclusive.

      (c) Bring suit upon all or any part of such bonds or notes.

      (d) By civil action, require the State Authority to account as if it were the trustee of an express trust for the holders of such bonds or notes.

      (e) By civil action, enjoin any acts or things which may be unlawful or in violation of the rights of the holders of such bonds or notes.

      (f) Declare all such bonds or notes due, and if all defaults are made good then with the consent of the holders of 25 percent of the principal amount of such bonds or notes then outstanding, to annul such declaration and its consequences.

      (g) Enforce any other right of the bondholders or noteholders conferred by law or by the proceedings of the State Authority authorizing the issuance of the bonds or notes.

      3.  The trustee shall, in addition to the powers listed in subsection 2, have all the powers necessary or appropriate for the exercise of any functions specifically set forth in this section or incident to the general representation of bondholders or noteholders in the enforcement and protection of their rights.

      4.  Before declaring the principal of bonds or notes due, the trustee shall give 30 days’ notice in writing to the Governor, to the State Authority and to the Attorney General of this State.

      5.  The District Court of the First Judicial District has jurisdiction of any suit, action or proceeding by the trustee on behalf of bondholders or noteholders.

      (Added to NRS by 2005, 217)

      NRS 315.99868  Notes, bonds and other obligations: Pledge against impairment of holders’ rights and remedies; credit of State or political subdivision not pledged.

      1.  The State of Nevada hereby pledges to and agrees with the holders of any notes or bonds issued under NRS 315.9981 to 315.99874, inclusive, that the State will not limit or alter the rights vested in the State Authority by NRS 315.9981 to 315.99874, inclusive, to fulfill the terms of any agreements made with such holders or in any way impair the rights and remedies of such holders until such notes and bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged. The State Authority may include this pledge and agreement of the State in any agreement with the holders of such notes or bonds.

      2.  Obligations issued under the provisions of NRS 315.9981 to 315.99874, inclusive, including letters of credit issued by the State Authority, do not constitute a debt, liability or obligation of this State or of any political subdivision thereof, or a pledge of the faith and credit of this State or of any political subdivision thereof, but are payable solely from the revenues or assets of the State Authority. Neither the commissioners of the State Authority nor any person executing the bonds is liable personally on the bonds by reason of the issuance thereof. Each obligation, including a letter of credit, issued under NRS 315.9981 to 315.99874, inclusive, must contain on the face thereof a statement to the effect that the State Authority is not obligated to pay the obligation or the interest thereon except from the revenues or assets pledged therefor and that neither the faith and credit nor the taxing power of this State or of any political subdivision thereof is pledged to the payment of the principal of or the interest on the obligation. The bonds do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.

      (Added to NRS by 2005, 218)

      NRS 315.9987  Notes, bonds and other obligations: Submission to and certification by Attorney General.  The State Authority may submit to the Attorney General of the State any bonds to be issued under NRS 315.9981 to 315.99874, inclusive, after all proceedings for the issuance of such bonds have been taken. Upon the submission of such proceedings to the Attorney General, the Attorney General shall examine into and pass upon the validity of such bonds and the regularity of all proceedings in connection therewith. If the proceedings conform to the provisions of NRS 315.9981 to 315.99874, inclusive, and are otherwise regular in form, and if such bonds when delivered and paid for will constitute binding and legal obligations of the State Authority enforceable according to the terms thereof, the Attorney General shall certify in substance upon the back of each of the bonds that it is issued in accordance with the Constitution and laws of the State of Nevada.

      (Added to NRS by 2005, 219)

      NRS 315.99872  Notes, bonds and other obligations: Legal investments; securities.

      1.  The notes and bonds of the State Authority are legal investments in which all public officers and public bodies of the State, its political subdivisions, all municipalities and municipal subdivisions, all insurance companies and associations and other persons carrying on an insurance business, all banks, savings and loan associations and trust companies, all administrators, guardians, executors, trustees and other fiduciaries, and all other persons who are authorized to invest in bonds or in other obligations of this State, may properly and legally invest funds, including capital, in their control or belonging to them. The notes and bonds are securities which may properly and legally be deposited with and received by all public officers and public bodies of the State or any agency or political subdivision of the State and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of this State is authorized by law and may be used as collateral to secure any deposit of public money.

      2.  The notes and bonds of the State Authority are securities within the meaning of the Uniform Commercial Code—Investment Securities.

      (Added to NRS by 2005, 219)

      NRS 315.99874  Notes, bonds and other obligations: Signatures of commissioners and officers.  If any of the commissioners or officers of the State Authority whose signatures appear on any bonds or coupons cease to be such commissioners or officers before the delivery of such bonds, such signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if such commissioners or officers had remained in office until such delivery.

      (Added to NRS by 2005, 219)