Nevada Revised Statutes Title 30. Public Borrowing and Obligations § 349.073. Issuance of interim debentures to pay for general operations of the State upon certain determinations relating to State General Fund cash balance

1. If at any time the State Treasurer determines that the cash balance in the State General Fund has fallen below 25 percent of its lowest average monthly balance for the immediately preceding 36 months or that the cash balance in the State General Fund is insufficient to meet expected future obligations anticipated to be paid within the immediately succeeding 120 calendar days, the State Treasurer shall submit a certification of that fact to the State Board of Finance.  On the date on which the State Treasurer submits the certification to the State Board of Finance, the State Treasurer shall transmit notice of the certification to the Director of the Legislative Counsel Bureau for transmittal to the Legislature if the Legislature is in session, or to the Interim Finance Committee if the Legislature is not in session.

2. If the State Board of Finance determines that the cash balance in the State General Fund has fallen below 25 percent of its lowest average monthly balance for the immediately preceding 36 months or that the cash balance in the State General Fund is insufficient to meet expected future obligations anticipated to be paid within the immediately succeeding 120 days, the State Board of Finance may issue general obligation interim debentures payable from taxes or special obligation interim debentures, which may be in the form of a line of credit, note or bond as provided by NRS 349.318, for the purpose of paying for the general operations of the State, at any time or from time to time, in a face amount of not more than $150,000,000.  The aggregate principal amount of such interim debentures outstanding at one time may not exceed $150,000,000.

3. In making its determination pursuant to subsection 2, the State Board of Finance is entitled to rely on the certification submitted by the State Treasurer pursuant to subsection 1.  Any determination made by the State Board of Finance pursuant to subsection 2 is conclusive.

4. Proceeds from the sale of interim debentures issued pursuant to this section must be deposited in the State General Fund.  The interest and income earned on the proceeds of the interim debentures, including any line of credit, note or bond, after deducting any applicable charges and bond administrative expenses, must be credited to the State General Fund and used for the general operations of the State.

5. The provisions of NRS 349.150 to 349.364, inclusive, which are not inconsistent with the provisions of this section apply to the issuance of interim debentures under this section.

6. Securities may be issued under this section without regard to the procedure required by any other such law except as otherwise provided in this section or in NRS 349.150 to 349.364, inclusive.  Insofar as the provisions of this section are inconsistent with the provisions of any other law, general or special, the provisions of this section are controlling.

7. This section being necessary to secure the public health, safety, convenience and welfare, shall be liberally construed to effect its purposes.

8. As used in this section, “bond administrative expense” has the meaning ascribed to it in NRS 349.110.