NRS268.5385. Issuance by governing body of city of bonds for project for affordable housing or residential housing for corporation for public benefit: Requirements.

  The governing body of a city 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, 1476)