350A.140 - Powers of State Treasurer as Administrator of Municipal Bond Bank. - Nevada Statutes

350A.140  Powers of State Treasurer as Administrator of Municipal Bond Bank.

      1.  The State Treasurer is the Administrator of the Municipal Bond Bank.

      2.  In his or her capacity as Administrator, the State Treasurer may:

      (a) Sue and be sued to establish or enforce any right arising out of a lending project or of any state securities issued pursuant to this chapter;

      (b) Acquire and hold municipal securities and revenue securities, and exercise all of the rights of holders of those securities;

      (c) Sell or otherwise dispose of municipal securities and revenue securities and assets acquired in connection with those securities, unless limited by any agreement which relates to those 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, or any other person;

      (f) Adopt regulations relating to lending projects and the administration of lending projects;

      (g) Employ for himself or herself or for any municipality, any necessary legal, fiscal, engineering and other expert services in connection with lending projects and with the authorization, sale and issuance of state securities, municipal securities and revenue securities;

      (h) Enter into agreements and arrangements consistent with the provisions of this chapter with respect to the issuance of state securities and the purchase of municipal and revenue securities;

      (i) Make findings concerning the sufficiency of revenues and taxes pledged for the payment of revenue securities to repay state securities which were issued to acquire those revenue securities;

      (j) At the request of a municipality, on or before June 30, 2011, apply for and accept a volume cap allocation for tax credit bonds that authorizes the issuance of bonds which can be sold with a federal income tax credit;

      (k) On or before June 30, 2011, enter into any agreement with the Federal Government that the State Treasurer determines is necessary or advisable:

             (1) To issue bonds which can be sold with a federal income tax credit pursuant to the provisions of the Internal Revenue Code, as amended; and

             (2) To receive a volume cap allocation for tax credit bonds described in paragraph (j); and

      (l) Undertake other matters which he or she determines to be necessary or desirable in accomplishing the purposes of this chapter.

      (Added to NRS by 1981, 769; A 1993, 2320; 2009, 2659)