Existing law establishes the Nevada State Infrastructure Bank, the purpose of which is to provide loans and other financial assistance to various units of state and local government for the development, construction, repair, improvement, maintenance, decommissioning, operation and ownership of certain transportation facilities and utility infrastructure. (NRS 408.55048-408.55088) Existing law provides that the establishment of the Bank becomes effective on the date on which the Director of the Department of Transportation notifies the Governor and the Director of the Legislative Counsel Bureau that sufficient money is available to capitalize and carry out the business of the Bank. (Section 39 of chapter 575, Statutes of Nevada 2017, at page 4142) Section 20 of this bill makes the establishment of the Bank effective on July 1, 2021. Section 15 of this bill adds the Director of the Office of Energy to the Board of Directors of the Bank and provides that the Bank operates under the direction of the Board of Directors. Sections 10 and 15 of this bill expand the types of facilities for which the Bank is authorized to provide loans and other financial assistance to include water and wastewater infrastructure, renewable energy infrastructure, recycling and sustainability infrastructure, digital infrastructure, social infrastructure and other infrastructure related to economic development. Sections 17 and 18 of this bill make conforming changes to reflect the wider range of facilities for which the Bank is authorized to provide loans and offer financial assistance. Sections 12 and 15 of this bill authorize the Bank to provide loans and financial assistance to Indian reservations, Indian colonies and private nonprofit entities created for charitable or educational purposes. Section 17 makes a conforming change to reflect that the Bank may provide loans and financial assistance to entities other than governmental units. Existing law creates the Nevada State Infrastructure Bank Fund and authorizes the Board of Directors to establish certain accounts within the fund. (NRS 408.55073) Section 16 of this bill authorizes the Board of Directors to establish accounts and subaccounts within the Fund and removes the requirement for the Board of Directors to establish certain specific accounts. Section 16 requires the Board of Directors to ensure that the money in the Fund is accounted for in accordance with all applicable laws and regulations governing the use of funds. Existing law authorizes any division of the Department of Transportation to provide technical advice, support and assistance to the Bank, to the extent that money is available for that purpose. (NRS 408.55088) Section 19 of this bill authorizes other governmental units to provide such technical advice, support and assistance to the Bank, to the extent that money is available for that purpose. Sections 2-14 of this bill define terms related to the projects for which the Bank is authorized to provide loans or financial assistance and amend definitions relating to the operation of the Bank.

Statutes affected:
As Introduced: 408.55048, 408.55052, 408.55053, 408.55055, 408.55063, 408.55065, 408.55068, 408.55069, 408.55073, 408.55074, 408.55086, 408.55088
Reprint 1: 408.55048, 408.55052, 408.55053, 408.55055, 408.55063, 408.55065, 408.55068, 408.55069, 408.55073, 408.55074, 408.55086, 408.55088
As Enrolled: 408.55048, 408.55052, 408.55053, 408.55055, 408.55063, 408.55065, 408.55068, 408.55069, 408.55073, 408.55074, 408.55086, 408.55088