Nevada § 333A.0902 - Installment-purchase and lease-purchase contracts: Security interests; certificates of participation; lease of property; other agreements, contracts or arrangements

§ 333A.0902. Installment-purchase and lease-purchase contracts: Security interests; certificates of participation; lease of property; other agreements, contracts or arrangements

In connection with any installment-purchase contract or lease-purchase contract entered

into to finance a performance contract, the Board may: 1. Grant a security interest in any property that is the subject of the installment-purchase

contract or lease-purchase contract and execute an instrument to evidence such a security

interest, including, without limitation, a deed of trust, a leasehold interest deed

of trust, a mortgage or a financing agreement. 2. Offer certificates of participation. 3. If the installment-purchase contract or lease-purchase contract involves an improvement

to property owned by the State of Nevada or the using agency, enter into a lease of

the property to which the improvement will be made and any property that is adjacent

to that property if the installment-purchase contract or lease-purchase contract: (a) Except as otherwise provided in NRS 333A.0916 , has a term of not more than 20 years beyond the date on which construction of the

work required by the installment-purchase contract or lease-purchase contract is completed;

and (b) Provides for rental payments that approximate the fair market rental of the property

before the improvement is made, as determined by the Board at the time the parties

enter into the lease, which must be paid if the installment-purchase contract or lease-purchase

contract terminates before the expiration of the lease because the Legislature fails

to appropriate money for payments due pursuant to the installment-purchase contract

or lease-purchase contract. A lease entered into pursuant to this subsection may provide for nominal rental payments

to be paid pursuant to the lease before the installment-purchase contract or lease-purchase

contract terminates. 4. Enter into any other agreement, contract or arrangement that the Board determines

would be beneficial to the purpose of the installment-purchase contract or lease-purchase

contract, including, without limitation, contracts for professional services, trust

indentures, paying agent agreements and contracts of insurance.