1.  The Commission shall determine annually the total amount of financial assistance it will grant from the proceeds of bonds issued pursuant to this section in that calendar year pursuant to NRS 383.500 to 383.540, inclusive. The Commission shall notify the State Board of Examiners and the State Board of Finance of that amount.

Terms Used In Nevada Revised Statutes 383.530

  • Commission: means the Commission for Cultural Centers and Historic Preservation created by NRS 383. See Nevada Revised Statutes 383.011
  • Cultural resources: means any objects, sites or information of historic, prehistoric, archeological, architectural or paleontological significance. See Nevada Revised Statutes 383.011
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Public debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The public debt does not include agency debt (amounts borrowed by other agencies of the Federal Government). The total public debt is subject to a statutory limit.

2.  After receiving the notice given pursuant to subsection 1, the State Board of Finance shall issue general obligation bonds of the State of Nevada in the amount necessary to generate the amount to be granted by the Commission from the proceeds of the bonds issued pursuant to this section, to pay the expenses related to the issuance of the bonds and to pay for the administrative services of the Commission. The expenses related to the issuance of bonds pursuant to this section must be paid from the proceeds of the bonds, and must not exceed 2 percent of the face amount of the bonds sold. In no case may the total face amount of the bonds issued pursuant to this section exceed $3,000,000 per year. No public debt is created, within the meaning of Section 3 of Article 9 of the Nevada Constitution, until the issuance of the bonds.

3.  The proceeds from the sale of the bonds authorized by this section, after deducting the expenses relating to the issuance of the bonds, must be deposited with the State Treasurer and credited to the Fund for the Preservation and Promotion of Cultural Resources created by NRS 383.540.

4.  The provisions of the State Securities Law, contained in chapter 349 of NRS, apply to the issuance of bonds pursuant to this section.

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