This text of Nevada § 226.778 (Nevada State Infrastructure Bank: Creation; purpose; Board of Directors; meetings; quorum; compensation of members) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1. The Nevada State Infrastructure Bank is hereby created within the Office of the State Treasurer.
2. The purpose of the Bank is to provide loans and other financial assistance to qualified borrowers for the development, construction, repair, improvement, operation, maintenance, decommissioning and ownership of transportation facilities, utility infrastructure, water and wastewater infrastructure, renewable energy infrastructure, recycling and sustainability infrastructure, digital infrastructure, K-12 school facilities, social infrastructure and other infrastructure related to economic development as necessary for public purposes.
3. The Bank is administered by and operates under the direction of a Board of Directors consisting of:
(a)The State Treasurer or his or her designee, who shal
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1. The Nevada State Infrastructure Bank is hereby created within the Office of the State Treasurer.
2. The purpose of the Bank is to provide loans and other financial assistance to qualified borrowers for the development, construction, repair, improvement, operation, maintenance, decommissioning and ownership of transportation facilities, utility infrastructure, water and wastewater infrastructure, renewable energy infrastructure, recycling and sustainability infrastructure, digital infrastructure, K-12 school facilities, social infrastructure and other infrastructure related to economic development as necessary for public purposes.
3. The Bank is administered by and operates under the direction of a Board of Directors consisting of:
(a) The State Treasurer or his or her designee, who shall serve as Chair of the Board of Directors;
(b) The Director of the Department of Business and Industry or his or her designee;
(c) The Executive Director of the Office of Economic Development or his or her designee;
(d) The following members appointed by the Majority Leader of the Senate:
(1) One member who has knowledge, skill and experience relating to the housing or the hospitality industry; and
(2) One member who represents the interests of organized labor within the building trades;
(e) The following members appointed by the Speaker of the Assembly:
(1) One member who has knowledge, skill and experience in banking; and
(2) One member who represents the interests of Native Americans, selected after consulting with Indian tribes and tribal organizations; and
(f) Two members who represent the general public, at least one of whom must reside in a county whose population is less than 100,000, appointed by the Governor.
4. Each member of the Board of Directors who is appointed pursuant to subsection 3 serves at the pleasure of the appointing authority. A person must not be appointed to the Board of Directors if he or she is currently serving as a Legislator.
5. A vacancy on the Board of Directors in an appointed position must be filled by the appointing authority in the same manner as the original appointment.
6. The Board of Directors shall elect annually from among its members a Vice Chair.
7. Five members of the Board of Directors constitute a quorum for the transaction of business, and the affirmative vote of at least five members of the Board of Directors is required to take action.
8. The members of the Board of Directors are public officers and are subject to all applicable provisions of law, including, without limitation, the provisions of chapter 281A of NRS.
9. A meeting of the Board of Directors must be conducted in accordance with the provisions of chapter 241 of NRS, except that the Board of Directors may hold a closed meeting or close a portion of a meeting to receive, examine or consider information which the Bank is required to keep confidential pursuant to NRS 226.796 .
10. Each member of the Board of Directors who is not otherwise an officer or employee of this State is entitled:
(a) To receive $100 for each full day of attending a meeting of the Board of Directors; and
(b) While engaged in the business of the Board of Directors, to receive the per diem allowance and travel expenses provided for state officers and employees generally. The per diem allowance and travel expenses provided to a member of the Board of Directors who is an officer or employee of this State or a political subdivision of this State must be paid by the state agency or political subdivision that employs him or her.
11. A member of the Board of Directors who is an officer or employee of this State or a political subdivision of this State must be relieved from his or her duties without loss of regular compensation so that he or she may prepare for and attend meetings of the Board of Directors and perform any work necessary to carry out the duties of the Board of Directors in the most timely manner practicable. A state agency or political subdivision of this State shall not require an officer or employee who is a member of the Board of Directors to:
(a) Make up the time the member is absent from work to carry out his or her duties as a member of the Board of Directors; or
(b) Take annual leave or compensatory time for the absence.