Nevada Revised Statutes (Last Updated: December 24, 2014) |
TITLE20 COUNTIES AND TOWNSHIPS: FORMATION, GOVERNMENT AND OFFICERS |
CHAPTER244A. Counties: Financing of Public Improvements |
COUNTY ECONOMIC DEVELOPMENT REVENUE BOND LAW |
NRS244A.6975. Issuance of bonds for affordable housing or residential housing for corporation for public benefit.
Latest version.
- The governing body of a county may approve the issuance of bonds for a project for affordable housing or for any form of residential housing for the purposes of a corporation for public benefit only if:
1. The amount of the bonds to be issued is less than $15,000,000;
2. An independent consultant hired by the governing body has reported favorably on the financial feasibility of the project;
3. The bonds will be sold to not more than 10 investors, each of whom certifies that he or she:
(a) Has a net worth of $500,000 or more; and
(b) Is purchasing the bonds for investment and not for resale; and
4. The issuance of the bonds is approved by the State Board of Finance, unless the amount of the bonds to be issued is $5,000,000 or less.
(Added to NRS by 1993, 1472)