NRS349.920. Issuance of bonds: Findings of Director and Board.

  Before issuing bonds, the Director and the Board shall find that:

      1.  The financing will provide a public benefit.

      2.  There are sufficient safeguards to ensure that all money provided pursuant to NRS 349.900 to 349.929, inclusive, will be expended solely for the purposes stated in NRS 349.900 to 349.929, inclusive.

      3.  There are existing and projected needs for venture capital and the money would alleviate an existing shortage of venture capital in the State.

      4.  The financing is compatible with the investment objectives as stated in the agreement.

      5.  The financing is compatible with the plan of the State for economic diversification and development or for the marketing and development of tourism in this state, and any modifications thereto.

      6.  The total amount of money to be provided by the Director is adequate to create the Account for Venture Capital.

      7.  The agreement is consistent with the provisions of NRS 349.900 to 349.929, inclusive, and adequately provides for optimum investment of the money and other assets of the Account for Venture Capital.

      8.  The management company has the experience, reputation, capital, and personnel to be able to accomplish its obligations as specified in the agreement.

      (Added to NRS by 1987, 1408)