Nevada Revised 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
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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:
Terms Used In Nevada Revised Statutes 268.5385
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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.