[Rev. 6/3/2018 1:02:14 PM--2017]

UNIVERSITY OF NEVADA DEVELOPMENT ACT

Chapter 367, Statutes of Nevada 2017

AN ACT relating to the Nevada System of Higher Education; authorizing the Board of Regents of the University of Nevada to issue revenue bonds and other securities to finance the construction of an engineering building and residence hall at the University of Nevada, Reno and a fitness complex at Truckee Meadows Community College; increasing the total amount of revenue bonds and other securities that the Board of Regents is authorized to issue for student facilities at the College of Southern Nevada; and providing other matters properly relating thereto.

[Approved: June 4, 2017]

(Leadlines for sections have been supplied by the Legislative Counsel of the State of Nevada)

The People of the State of Nevada, represented in Senate and Assembly, do enact as follows:

      Section 1.  Definitions.

      1.  Except as otherwise provided in sections 1 to 9, inclusive, of this act, terms used or referred to in sections 1 to 9, inclusive, of this act have the meanings ascribed to them in the University Securities Law, NRS 396.809 to 396.885, inclusive.

      2.  As used in sections 1 to 9, inclusive, of this act, unless the context otherwise requires, the terms defined in sections 2, 3 and 4 of this act have the meanings ascribed to them in those sections.

      (Ch. 367, Stats. 2017 p. 2259)

      Sec. 2.  “Net pledged revenues” defined.  “Net pledged revenues” means all the pledged revenues, without any deduction of any operation and maintenance expenses, except as otherwise provided in the definition of “pledged revenues.”

      (Ch. 367, Stats. 2017 p. 2259)

      Sec. 3.  “Pledged revenues” defined.

      1.  “Pledged revenues” means, in connection with securities issued pursuant to sections 1 to 9, inclusive, of this act, to finance in part the project designated in section 4 of this act:

      (a) The gross revenues derived from or otherwise pertaining to the operation of any one, all, or any combination of facilities enumerated in NRS 396.828 and situated on the campuses of the University of Nevada, Reno or Truckee Meadows Community College, including, without limitation, the project, which revenues the Board, by the resolution authorizing the securities issued pursuant to sections 1 to 9, inclusive, of this act, determines to pledge for the payment of the securities, after the deduction of the expenses of operation and maintenance of those facilities pertaining to those pledged revenues; and

      (b) The gross revenues derived from the imposition and collection of the fees designated in NRS 396.8395, payable by the students attending the University of Nevada, Reno or Truckee Meadows Community College, subject to the limitation provided in subsection 5 of NRS 396.840.

      2.  The term “pledged revenues” includes, in connection with students attending the University of Nevada, Reno or Truckee Meadows Community College, any fees of students authorized by law after June 4, 2017, all grants, conditional or unconditional, from the Federal Government for the payment of any securities requirements, if any, and net revenues, if any, to be derived from the operations of income-producing facilities of the University of Nevada, Reno or Truckee Meadows Community College, the Board or from other available sources, and to which fees, grants and revenues, the pledge and lien provided for the payment of the securities authorized in sections 1 to 9, inclusive, of this act and any other securities payable therefrom are extended after June 4, 2017.

      3.  “Pledged revenues” indicates a source of revenues and does not necessarily indicate all or any portion of such revenues in the absence of further qualification.

      (Ch. 367, Stats. 2017 p. 2259)

      Sec. 4.  “Project” defined.  

      1.  “Project” means the construction, acquisition, rehabilitation or improvement, or any combination thereof, of:

      (a) An engineering building and a residence hall at the University of Nevada, Reno; and

      (b) A fitness complex at Truckee Meadows Community College.

      2.  The term includes, without limitation, any land, equipment and furnishings required therefor, and other appurtenances relating thereto.

      (Ch. 367, Stats. 2017 p. 2260)

      Sec. 5.  General powers of Board.

      1.  The Board, on behalf and in the name of the University, is authorized by sections 1 to 9, inclusive, of this act, as supplemented by the provisions of the University Securities Law:

      (a) To finance the project by the issuance of bonds and other securities of the University in a total principal amount not exceeding $58,710,000 for an engineering building and a residence hall at the University of Nevada, Reno, and in a total principal amount not exceeding $22,000,000 for a fitness complex at Truckee Meadows Community College, except that if the Board sells any of the bonds or other securities at a discount, the total principal amount of the bonds and other securities the Board is authorized to issue increases by an amount equal to the amount of the discount at which the bonds or other securities are sold.

      (b) To issue the bonds and other securities in connection with the project in one series or more at any time or from time to time, but not later than 15 years after June 4, 2017, as the Board determines, and consisting of special obligations of the University payable from the net pledged revenues authorized by sections 1 to 9, inclusive, of this act and which may subsequently be payable from other net pledged revenues, secured by a pledge thereof and a lien thereon, subject to existing contractual limitations, and subject to the limitations in paragraph (a).

      (c) To employ legal, fiscal and other expert services and to defray the costs thereof with any money available therefor, including, without limitation, proceeds of securities authorized by sections 1 to 9, inclusive, of this act.

      (d) To exercise the incidental powers provided in the University Securities Law in connection with the powers authorized by sections 1 to 9, inclusive, of this act except as otherwise expressly provided in those sections.

      2.  Sections 1 to 9, inclusive, of this act do not prevent the Board from funding, refunding or reissuing any securities of the University or the Board at any time as provided in the University Securities Law.

      (Ch. 367, Stats. 2017 p. 2260)

      Sec. 6.  Rate of interest or rate of discount on bonds and other securities.  Bonds and other securities authorized by sections 1 to 9, inclusive, of this act are subject to no limitations upon their rate of interest or the rate of discount at which they may be sold, including the limitations set forth in subsection 2 of NRS 396.850 and in paragraph (d) of subsection 1 of NRS 396.852, except that the rate of interest on any of those bonds or other securities must not exceed by more than 5 percent the Index of Revenue Bonds most recently published before bids are received or a negotiated offer is accepted.

      (Ch. 367, Stats. 2017 p. 2260)

      Sec. 7.  Powers supplemental; applicability of other laws.  The powers conferred by sections 1 to 9, inclusive, of this act are in addition to and supplemental to, and the limitations imposed by sections 1 to 9, inclusive, of this act do not affect, the powers conferred by any other law, general or special. Securities may be issued under sections 1 to 9, inclusive, of this act without regard to the procedure required by any other such law except as otherwise provided in this act or in the University Securities Law. Insofar as the provisions of sections 1 to 9, inclusive, of this act are inconsistent with the provisions of any other law, general or special, the provisions of sections 1 to 9, inclusive, of this act control.

      (Ch. 367, Stats. 2017 p. 2260)

      Sec. 8.  Liberal Construction.  The Legislature intends that sections 1 to 9, inclusive, of this act, being necessary to secure and preserve the public health, safety, convenience and welfare, be liberally construed to effect their purposes.

      (Ch. 367, Stats. 2017 p. 2261)

      Sec. 9.  Severability.  If any provision of sections 1 to 9, inclusive, of this act or the application thereof to any person, thing or circumstance is held invalid, that invalidity does not affect the provisions or application of sections 1 to 9, inclusive, of this act that can be given effect without the invalid provisions or application, and to this end the provisions of sections 1 to 9, inclusive, of this act are declared to be severable.

      (Ch. 367, Stats. 2017 p. 2261)