Nevada Revised Statutes 226.787 – Nevada State Infrastructure Bank Fund: Creation; administration by Board of Directors; establishment of accounts; acceptable deposits; compliance with federal laws; requirements for investment of earnings; authorized…
1. The Nevada State Infrastructure Bank Fund is hereby created as an enterprise fund. The Fund is a continuing fund without reversion.
Terms Used In Nevada Revised Statutes 226.787
- Contract: A legal written agreement that becomes binding when signed.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
2. The Fund is administered by the Board of Directors.
3. The Board of Directors may establish accounts and subaccounts within the Fund and shall ensure that accounting for the Fund is performed in accordance with all applicable laws and regulations governing the use of funds.
4. Except as otherwise provided in subsection 7, all money received by the Bank pursuant to NRS 226.700 to 226.832, inclusive, must be deposited in the Fund.
5. The Bank may accept for deposit into the Fund:
(a) Any money appropriated by the Legislature or authorized for allocation by the Interim Finance Committee;
(b) Federal funds made available to the State;
(c) Gifts, grants, donations and contributions from a governmental unit, private entity or any other source;
(d) Any money paid or credited to the Bank, by contract or otherwise, including, without limitation:
(1) Payment of principal and interest on a loan or other financial assistance provided to a qualified borrower by the Bank; and
(2) Interest earned from the investment or reinvestment of the Bank’s money pursuant to NRS 226.799;
(e) Proceeds from the issuance of bonds or other securities pursuant to NRS 226.781; and
(f) Any other lawful source of money that is made available to the Bank and is not already dedicated for another purpose.
6. The Bank shall comply with all applicable federal laws governing the use of federal funds, including, without limitation, statutes and regulations governing:
(a) Any conditions or limitations on expenditures;
(b) Reporting; and
(c) The commingling of federal funds.
7. Earnings on balances in any federal accounts must be credited and invested in accordance with federal law. Earnings on any state and local accounts must be deposited in the Fund to the credit of the account that generates the earnings.
8. Money in the Fund may be used only:
(a) For the capitalization of the Bank; and
(b) To carry out the statutory purposes and powers of the Bank.
9. A local government may use money from any source that is made available to the local government for the purposes of developing, constructing, repairing, improving, operating, maintaining, decommissioning or owning a transportation facility, utility infrastructure, water and wastewater infrastructure, renewable energy infrastructure, recycling and sustainability infrastructure, digital infrastructure, K-12 school facility, social infrastructure or other infrastructure related to economic development or for any other purpose set forth in NRS 226.700 to 226.832, inclusive, to make a gift, grant, donation or contribution to the Bank or to satisfy any obligation owed by the local government to the Bank, including, without limitation, payments of principal and interest.