NRS: CHAPTER 348A - ISSUANCE OF PRIVATE ACTIVITY BONDS

[Rev. 6/29/2024 3:42:21 PM--2023]

CHAPTER 348A - ISSUANCE OF PRIVATE ACTIVITY BONDS

NRS 348A.020 Determination of aggregate face amount of bonds.

NRS 348A.030 Director or designee may make required certification.

NRS 348A.050 Private Activity Bond Council: Creation; Chair; membership; terms; vacancies; compensation, allowances and expenses of members; members holding public office or employed by governmental entity; meetings; quorum; administrative support.

NRS 348A.060 Private Activity Bond Council: Duties.

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NRS 348A.010 Definitions. As used in this chapter:

1. “Council” means the Private Activity Bond Council created by NRS 348A.050.

2. “Director” means the Director of the Department of Business and Industry.

3. “Private activity bond” has the meaning ascribed to it in 26 U.S.C. § 141.

4. “State ceiling” has the meaning ascribed to it in 26 U.S.C. § 146(d).

5. “Volume cap” has the meaning ascribed to it in 26 U.S.C. § 146(b) and (c).

(Added to NRS by 1987, 479; A 1993, 1569; 2019, 2431)

NRS 348A.020 Determination of aggregate face amount of bonds. For the purpose of determining, within the limitations established by 26 U.S.C. § 146, the aggregate face amount of private activity bonds which may be issued during any calendar year:

1. The volume cap for the Director is, for any calendar year, 50 percent of the state ceiling for that year, subject to augmentation or diminution in accordance with any regulation adopted pursuant to NRS 348A.040.

2. The volume cap for any local government in this state is, for any calendar year, an amount which bears the same ratio to 50 percent of the state ceiling for that year as the population of that local government bears to the population of the entire state, subject to augmentation or diminution in accordance with any regulation adopted pursuant to NRS 348A.040.

(Added to NRS by 1987, 479)

NRS 348A.030 Director or designee may make required certification. The Director or any officer or employee of the State designated in writing by the Governor or the Director may make the certification required by 26 U.S.C. § 149(e)(2)(F).

(Added to NRS by 1987, 479)

NRS 348A.040 Regulations. The Director may adopt such regulations as are necessary to carry out the provisions of this chapter, including:

1. Procedures by which volume caps may be augmented or diminished within the state ceiling for any calendar year;

2. Requirements for the timely use or reversion of the volume cap for any local government; and

3. Provisions by which the Director, any local government or any agency of this or any other state may share or use any available volume cap.

(Added to NRS by 1987, 479)

1. The Private Activity Bond Council is hereby created.

2. The Council consists of seven members as follows:

(a) The Director, or his or her designee, who shall serve as Chair of the Council;

(b) The Executive Director of the Office of Economic Development, or his or her designee;

(d) One member who is a member of the Assembly appointed by the Legislative Commission;

(e) One member appointed by the Nevada League of Cities;

(f) One member appointed by the Nevada Association of Counties; and

(g) One member who has experience in financing affordable housing projects appointed by the Director.

3. An appointed member of the Council serves a term of 2 years and until his or her successor is appointed. An appointed member may be reappointed for additional terms of 2 years in the same manner as the original appointment.

4. A vacancy in the appointed membership of the Council must be filled in the same manner as the original appointment for the remainder of the unexpired term.

5. Each member of the Council:

(a) Serves without compensation; and

(b) While engaged in the business of the Council, is entitled to receive the per diem allowance and travel expenses provided for state officers and employees generally.

6. A member of the Council who is an officer or employee of this State or a political subdivision of this State must be relieved from his or her duties without loss of regular compensation to prepare for and attend meetings of the Council and perform any work necessary to carry out the duties of the Council in the most timely manner practicable. A state agency or political subdivision of this State shall not require an officer or employee who is a member of the Council to:

(a) Make up the time he or she is absent from work to carry out his or her duties as a member of the Council; or

(b) Take annual leave or compensatory time for the absence.

7. The Council shall meet at the call of the Chair as frequently as required to perform its duties, but not less than twice each year.

8. A majority of the voting members of the Council constitutes a quorum for the transaction of business, and a majority of a quorum present at any meeting is sufficient for any official action taken by the Council.

9. The Department of Business and Industry shall provide the Council with administrative support.

(Added to NRS by 2019, 2430)

NRS 348A.060 Private Activity Bond Council: Duties. The Council shall:

1. Receive and consider the annual report concerning housing submitted by the Advisory Committee on Housing, created by NRS 319.174;

2. Advise the Governor, the State Board of Finance or the Director on the allocation of the state ceiling for the issuance of private activity bonds during any calendar year; and

3. Upon request, advise the Governor, the State Board of Finance or the Director on any other matter concerning private activity bonds.

(Added to NRS by 2019, 2431)