Nevada § 268.5385 Issuance by governing body of city of bonds for project for affordable housing or residential housing for corporation for public benefit: Requirements

Nevada Statutes

§ 268.5385 — Issuance by governing body of city of bonds for project for affordable housing or residential housing for corporation for public benefit: Requirements

Nevada § 268.5385

Title 21CITIES AND TOWNS

Ch. 268Powers

CITY ECONOMIC DEVELOPMENT REVENUE BOND LAW

This text of Nevada § 268.5385 (Issuance by governing body of city of bonds for project for affordable housing or residential housing for corporation for public benefit: Requirements) 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.

Bluebook

Nev. Rev. Stat. § 268.5385 (2026).

Text

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.

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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.