SUMMARY--Expands time within which certain bonds for highway construction must mature. (BDR 35-1505)
FISCAL NOTE: Effect on Local Government: No.
Effect on the State or on Industrial Insurance: No.
EXPLANATION - Matter in italics is new; matter in brackets [ ] is material to be omitted.
AN ACT relating to highways; expanding the time within which certain bonds for highway construction must mature; and providing other matters properly relating thereto.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1 NRS 408.273 is hereby amended to read as follows:
408.273The state board of examiners shall, when so requested by the board of directors of the department of transportation, issue special obligation bonds of the State of Nevada to provide money to enable the department of transportation to complete pending and currently projected highway construction projects, in an amount specified in the request. The bonds may be issued at one time or from time to time, and must be issued in accordance with the State Securities Law. These bonds must be secured by a pledge of the appropriate federal highway grants payable to the state and by taxes which are credited to the state highway fund, and must mature within not more than [5] 10 years from their date.