Nevada § 445A.290 - Legislative findings and declarations; issuance of securities

§ 445A.290. Legislative findings and declarations; issuance of securities

1. The Legislature finds and declares that: (a) The construction, rehabilitation, operation and maintenance of modern and efficient

drinking water systems are essential for the public health of the residents of this

State. (b) The protection of the waters in this arid State justifies the participation and

assistance of the State in a program which provides long-term financing to eligible

recipients for the construction and improvement of drinking water infrastructure and

set-aside programs. The provisions of NRS 445A.200 to 445A.295 , inclusive, shall be liberally construed to carry out the purposes of NRS 445A.200 to 445A.295 , inclusive. (c) The creation of the Account for the Revolving Fund and the Account for Set-Aside

Programs will enable the State to receive the maximum share of the federal money available

to the State pursuant to the Safe Drinking Water Act and ensure that eligible recipients

in this State receive federal money for the construction of drinking water infrastructure

and set-aside programs. 2. The Legislature finds and declares that any state securities issued pursuant to

this section are necessary for the protection and preservation of the property and

natural resources of this State and for the purpose of obtaining the benefits thereof,

and their issuance constitutes an exercise of the authority conferred by the second

paragraph of Section 3 of Article 9 of the Constitution of the State of Nevada . 3. The Administrator may authorize the State Treasurer to issue, sell or deliver state

securities as general obligations or secured by pledged revenue if viable to carry

out the purposes of the Account for the Revolving Fund, or to provide money from the

State to match the federal grant as required by the Safe Drinking Water Act. 4. If the Administrator authorizes the issuance of state securities, the State Treasurer

may: (a) Sue and be sued to establish or enforce any right arising out of a project receiving

financial assistance or of any state securities issued pursuant to this authorization; (b) Acquire and hold municipal securities, and exercise all of the rights of holders

of those securities; (c) Sell or otherwise dispose of municipal securities and assets acquired in connection

with those securities, unless limited by any agreement which relates to the securities; (d) Make contracts and execute all necessary or convenient instruments; (e) Accept grants of money from the Federal Government, the State, any agency or political

subdivision thereof, or any other person; (f) Adopt financial regulations relating to projects receiving financial assistance

and the administration of those projects; (g) Employ for the Administrator or for any public water system, any necessary legal,

fiscal, engineering and other expert services in connection with projects receiving

financial assistance and with the authorization, sale and issuance of state securities,

and the purchase of municipal securities or nongovernmental debt; (h) Enter into agreements and arrangements consistent with NRS 445A.200 to 445A.295 , inclusive, concerning the authorization, sale and issuance of state securities and

the purchase of municipal securities or nongovernmental debt; (i) Require, as appropriate to secure a nongovernmental debt, enhancements of credit

or the pledge of any variety of collateral or other types of security, such as corporate

or personal guarantees; and (j) Undertake other matters which the Administrator determines to be necessary or

desirable to accomplish the purposes of NRS 445A.200 to 445A.295 , inclusive. 5. The money in the Account for the Revolving Fund which is available for the payment

of the interest and installments of principal on the state securities must be pledged

as the primary source for the payment of the state securities. The full faith and credit of the State may be pledged as additional security for

the payment of the state securities.