408.151 - Loans from financial institutions; limitations. - Nevada Statutes

408.151  Loans from financial institutions; limitations.

      1.  Whenever the Legislature is not in session, the Board may borrow, with the approval of the State Board of Examiners, money from financial institutions for short periods to carry out the responsibilities of the Department.

      2.  To secure short-term financing, the Board may pledge only revenue which it anticipates the Department will receive.

      3.  The lending institution has no claim against the State, and may recover from the Director under the loan agreement only to the extent that the revenues pledged as security for the loan become available.

      (Added to NRS by 1981, 1289; A 1987, 1800; 1989, 1301)—(Substituted in revision for NRS 408.208)