Nevada § 349.073 - Issuance of interim debentures to pay for general operations of the State upon certain determinations relating to State General Fund cash balance

§ 349.073. Issuance of interim debentures to pay for general operations of the State upon certain determinations relating to State General Fund cash balance

1. The State Board of Finance may issue general obligation interim debentures payable

from taxes or special obligation interim debentures, which may be in the form of a

line of credit, note or bond as provided by NRS 349.318 , for the purpose of paying for the general operations of the State, at any time or

from time to time, in a face amount of not more than $150,000,000 if a request for

the issuance of such interim debentures is approved by the Interim Finance Committee

pursuant to the procedure set forth in subsections 2 and 3. The aggregate principal amount of such interim debentures outstanding at one time

may not exceed $150,000,000. 2. If at any time the State Treasurer determines that the cash balance in the State

General Fund is insufficient to meet expected future obligations, the State Treasurer

shall submit to the Secretary of the Interim Finance Committee: (a) A certification of that fact and the amount of the insufficiency; and (b) A request for approval of the issuance of general obligation interim debentures

pursuant to subsection 1 in an amount that does not exceed the limitation set forth

in that subsection. 3. Within 15 days after the date on which such certification and request are submitted

to the Secretary of the Interim Finance Committee, the Interim Finance Committee may

consider the request and make a determination regarding whether to approve or disapprove

the request. In determining whether to approve or disapprove the request, the Interim Finance

Committee shall consider, among other things, the best interests of the State and

the intent of the Legislature in enacting this provision. If the Interim Finance Committee approves the request, the Interim Finance Committee

shall establish by resolution the maximum amount of such interim debentures that may

be issued subject to the limitation set forth in subsection 1. 4. If the Interim Finance Committee does not consider or disapproves a request pursuant

to the procedure set forth in subsection 3 within the 15-day period, the State Board

of Finance shall not issue any such interim debentures. 5. Proceeds from the sale of interim debentures issued pursuant to this section must

be deposited in the State General Fund. The interest and income earned on the proceeds of the interim debentures, including

any line of credit, note or bond, after deducting any applicable charges and bond

administrative expenses, must be credited to the State General Fund and used for the

general operations of the State. 6. The provisions of NRS 349.150 to 349.364 , inclusive, which are not inconsistent with the provisions of this section apply

to the issuance of interim debentures under this section. 7. Securities may be issued under this section without regard to the procedure required

by any other such law except as otherwise provided in this section or in NRS 349.150 to 349.364 , inclusive. Insofar as the provisions of this section are inconsistent with the provisions of

any other law, general or special, the provisions of this section are controlling. 8. This section being necessary to secure the public health, safety, convenience and

welfare, shall be liberally construed to effect its purposes. 9. As used in this section, “ bond administrative expense ” has the meaning ascribed to it in NRS 349.110 .