Nevada § 350A.160 Judicial confirmation of exemption of specific obligation from State’s debt limit required; legislative declaration

Nevada Statutes

§ 350A.160 — Judicial confirmation of exemption of specific obligation from State’s debt limit required; legislative declaration

Nevada § 350A.160

Title 30PUBLIC BORROWING AND OBLIGATIONS

Ch. 350APurchase

This text of Nevada § 350A.160 (Judicial confirmation of exemption of specific obligation from State’s debt limit required; legislative declaration) 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. § 350A.160 (2026).

Text

1. The Board shall not become obligated with respect to a particular lending project unless the Board:

(a)Has determined that the lending project is for a purpose related to natural resources and that the obligation to be incurred for the lending project will be exempt from the limitation on state debt set forth in Section 3 of Article 9 of the Nevada Constitution; or

(b)Has obtained judicial confirmation, in a proceeding pursuant to chapter 43 of NRS or another proceeding, that the obligation to be incurred for that project will be exempt from the State’s debt limit. If an appeal is taken or the confirmation is otherwise reviewed, the obligation must not be incurred unless the exemption is affirmed by the court of last resort. 2. The Legislature hereby finds that obligations issued as s

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1. The Board shall not become obligated with respect to a particular lending project unless the Board:
(a) Has determined that the lending project is for a purpose related to natural resources and that the obligation to be incurred for the lending project will be exempt from the limitation on state debt set forth in Section 3 of Article 9 of the Nevada Constitution; or
(b) Has obtained judicial confirmation, in a proceeding pursuant to chapter 43 of NRS or another proceeding, that the obligation to be incurred for that project will be exempt from the State’s debt limit. If an appeal is taken or the confirmation is otherwise reviewed, the obligation must not be incurred unless the exemption is affirmed by the court of last resort.
2. The Legislature hereby finds that obligations issued as state securities which are general obligations, for which a Board determination has been made pursuant to paragraph (a) of subsection 1 or a judicial confirmation has been obtained pursuant to paragraph (b) of subsection 1, are necessary for the protection and preservation of the property and natural resources of this State and for the purpose of obtaining the benefits thereof, and the issuance of those securities constitutes an exercise of the authority conferred by the second paragraph of Section 3 of Article 9 of the Nevada Constitution.