NRS319.323. Issuance of collateralized mortgage obligations; use of proceeds; submission of findings to State Board of Finance.

      1.  The Division may, in addition to the notes and bonds authorized by NRS 319.270, issue from time to time its collateralized mortgage obligations or other negotiable notes, bonds or obligations which may be secured by collateral consisting of, otherwise secured in whole or in part by, or which may evidence loans or participations or other interests in loans or participations. Any money acquired from such an issuance must be applied by the Division to carry out its purposes.

      2.  Any such collateralized mortgage obligations or other notes, bonds or obligations are subject to the limitations of subsection 5 of NRS 319.270 to the extent they constitute a debt under generally accepted accounting principles.

      3.  Using the proceeds of collateralized mortgage obligations or other available money, the Division may purchase or otherwise acquire the loans or participations or other interests in loans or participations which are collateral for, secure or evidence or are evidenced by collateralized mortgage obligations or other notes, bonds or obligations issued by the Division pursuant to this section. Such loans may be secured by mortgages on real property outside of this state.

      4.  Before the issuance of any collateralized mortgage obligations or other bonds, notes or obligations pursuant to this section, the Administrator shall submit to the State Board of Finance a copy of his or her findings that:

      (a) The issuance of the obligation is in furtherance of the purposes of the Division; and

      (b) The estimate of the revenues and other amounts to be derived from such financing is sufficient to pay the amount estimated to be necessary for debt service on the collateralized mortgage obligations or other notes, bonds or obligations issued pursuant to this section.

Ê If that Board approves, the Division may proceed to issue such collateralized mortgage obligations or other notes, bonds or obligations in the amount approved.

      (Added to NRS by 1987, 1351)