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:
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.
(Added to NRS by 1993, 1476)
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