Nevada § 349.948 - Prerequisites for financing water projects
Full text of Nevada Nevada Revised Statutes § 349.948 — Prerequisites for financing water projects, with citation guidance and answers to common questions.
§ 349.948. Prerequisites for financing water projects
The Director shall not finance a water project unless, before financing: 1. The water project has been finally approved by the Board after a public hearing
on the matter. 2. The Director finds and the State Board of Finance approves the findings of the
Director that: (a) The contemplated lessee, purchaser or other obligor has sufficient financial resources
to place the water project in operation and to continue its operation, meeting the
obligations of the lease, purchase contract or financing agreement; (b) There are sufficient safeguards to assure that all money provided by the Director
will be expended solely for the purposes of the water project; and (c) The total amount of money necessary to be provided by the Director for financing
the water project has been determined in writing by the Board on a form acceptable
to the Director. 3. For the issuance of state securities, the Director and the State Board of Finance
have received and approved the authorizing documents showing the legal authority for
the obligor to borrow and repay the proceeds of the state securities. 4. For the issuance of revenue bonds, the Director and the State Board of Finance
have received and approved: (a) The financial plan showing that the revenues to be derived from the water project
are adequate to pay the principal and interest on such bonds; (b) A 5-year operating history from the contemplated lessee, purchaser or other obligor
or from a parent or other guarantor, who guarantees the payments of principal and
interest on any bonds issued; and (c) A written statement from the obligor affirming that the obligor does not undertake
to commit the State, and any political subdivision or municipality thereof to incur
any pecuniary liability in connection with the issuance of the bonds.
Frequently Asked Questions About Nevada § 349.948
What does Nevada Revised Statutes § 349.948 cover?
Section 349.948 ("Prerequisites for financing water projects") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 349.948?
A common citation format is "Nevada Revised Statutes § 349.948" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 349.948 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.