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Nevada Revised Statutes Title 31. Public Financial Administration § 353D.230. Authority of Board of Trustees to borrow money or enter into certain procurement agreements; payment of administrative costs of Program and Trust

Current as of January 01, 2025 | Updated by Findlaw Staff

<Section effective July 1, 2025. >

1. The Board may, to enable or facilitate the start up and continuing operation, maintenance, administration and management of the Program until the Board determines that the Program has accumulated sufficient balances and is able to generate sufficient funding for the Program to be financially self-sustaining:

(a) Borrow money from the State, any unit of federal, state or local government or any other person, firm, partnership, corporation or entity; or

(b) Enter into long-term procurement contracts with one or more financial providers if the Board determines that the fee structure of a contract allows or assists the Program to minimize or avoid the need to borrow money pursuant to paragraph (a) or to rely upon general assets of the State.

2. Money borrowed pursuant to subsection 1 must:

(a) Be borrowed in the name of the Program and Board only;

(b) Be repaid solely from the revenues of the Program; and

(c) Not be repaid unless the money was offered contingent upon the promise of such repayment.

3. Within the limits of legislative appropriations, the State may pay on behalf of the Board administrative costs associated with the creation, maintenance, operation and management of the Program and Trust until the Board determines that sufficient assets are available in the Administrative Fund for that purpose. Thereafter, all administrative costs of the Program and Trust, including any repayment of start-up money provided by the State, must be repaid only out of money on deposit in the Administrative Fund.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 31. Public Financial Administration § 353D.230. Authority of Board of Trustees to borrow money or enter into certain procurement agreements; payment of administrative costs of Program and Trust - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-31-public-financial-administration/nv-rev-st-353d-230/

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