1. The Commission, or a corporation formed by the Commission pursuant to the laws of this state or the State of California, as the Commission deems appropriate, may issue bonds, notes, obligations or other evidences of borrowing to finance all or a part of the construction of all or a part of the Super Speed Ground Transportation System. For purposes of issuing bonds, notes, obligations or other evidences of borrowing pursuant to this section, the Commission and any corporation formed by the Commission are constituted authorities for the purposes of regulations enacted by the Internal Revenue Service pursuant to 26 U.S.C. §§ 103 and 141 to 150, inclusive.
2. Bonds, notes, obligations or other evidences of borrowing issued by the Commission or any corporation formed by the Commission which are issued to finance all or any part of the construction of all or a part of the Super Speed Ground Transportation System may be payable from and secured by:
(a) A pledge of property of the Commission or a corporation formed by the Commission pursuant to this section;
(b) A pledge of any revenue of the Super Speed Ground Transportation System, including revenue from fares, revenue from advertising and all other revenue of the System; and
(c) A pledge of any other money made available to the Commission or a corporation formed by the Commission pursuant to this section by:
(1) Grants from the Federal Government or any other federal funds as may be available to pay costs of the Super Speed Ground Transportation System or debt service on any borrowing;
(2) Any company, public or private; or
(3) Any local government or governmental entity in this state or in the State of California pursuant to an intergovernmental agreement or otherwise.
3. The Commission may enter into agreements with any person, local government or governmental entity for the provision of resources or assistance to the Commission or a corporation formed by the Commission concerning the financing of the Super Speed Ground Transportation System.
4. The Commission or any corporation formed by the Commission pursuant to this section may issue obligations to refund any obligations issued pursuant to the provisions of NRS 705.4291 to 705.4296, inclusive, for any purpose the Commission determines to be sufficient.
5. Nothing in this section authorizes the Commission or any corporation formed by the Commission to obligate this state or the State of California or any political subdivision thereof unless such State or political subdivision has obligated itself to the Commission or a corporation created by the Commission through an intergovernmental agreement.
6. Unless a specific statute of this state or the State of California requires otherwise, upon dissolution of the Commission, all property of the Commission must be distributed between this state and the State of California in an equitable manner as agreed upon by the States.
7. The creation, perfection, priority and enforcement of any lien on pledged revenue or other money established to secure any bond, note, obligation or other evidence of borrowing issued pursuant to this section, must be as specified in this section and in the instruments approved by the Commission pertaining to that bond, note, obligation or other evidence of borrowing. It is the purpose of this section to provide expressly for the creation, perfection, priority and enforcement of a security interest created by the Commission in pledged revenues or other money in connection with bonds, notes, obligations or other evidences of borrowing issued pursuant to this section, as provided for in paragraph (n) of subsection 4 of NRS 104.9109. Any lien on pledged revenue or other money created to secure any bond, note, obligation or other evidence of borrowing issued pursuant to this section has priority over any lien thereon created pursuant to the provisions of chapter 104 of NRS unless otherwise provided in the instrument creating the lien to secure such bond, note, obligation or other evidence of borrowing issued pursuant to the provisions of this section.
(Added to NRS by 2001, 558; A 2003, 5)
Structure Nevada Revised Statutes
Chapter 705 - Railroads and Monorails
NRS 705.005 - Effect of federal preemption.
NRS 705.030 - Contract reserving title or lien as security for full payment.
NRS 705.050 - Validity of contract for conditional sale.
NRS 705.120 - Duty of maintaining fences; liability for killing livestock.
NRS 705.140 - Penalty for allowing animal to stray on enclosed right-of-way.
NRS 705.160 - Settlement of claim within 90 days; action for recovery; assignment of claim.
NRS 705.180 - Employee to report killing or injuring of livestock.
NRS 705.210 - Employees’ hours of employment limited; penalties.
NRS 705.220 - Railroad police: Appointment; responsibility for actions; wearing of badge.
NRS 705.240 - Engineer required to be able to read timetables and ordinary handwriting; penalty.
NRS 705.250 - Intoxication and other violations of duties; penalties.
NRS 705.260 - "Common carrier" defined.
NRS 705.270 - Liability for injury to or death of employee.
NRS 705.300 - Question of causation for jury’s determination.
NRS 705.310 - Fact of injury or death presumptive evidence of want of care by employer.
NRS 705.330 - Survival of right of action.
NRS 705.340 - Limitation of actions.
NRS 705.360 - Headlights on locomotive; penalty.
NRS 705.415 - Requirements for certain railroads transporting freight; exception.
NRS 705.420 - Civil penalties.
NRS 705.421 - Department of Transportation to develop state plan for service by rail.
NRS 705.430 - Penalty for unlawful failure to ring bell or sound whistle at crossing; exceptions.
NRS 705.440 - Illegal rates and charges; penalty.
NRS 705.450 - Penalty for willful obstruction or delay of train.
NRS 705.460 - Penalty for unlawful obstruction or destruction of track, equipment or devices.
NRS 705.480 - Tampering with railroad property; penalty.
NRS 705.650 - "Monorail" defined.
NRS 705.660 - "Operator" defined.