1. Whenever the State of Nevada proposes to issue bonds or provide for loans in any amount which does not contravene the limit of indebtedness provided by the Constitution of the State of Nevada, the proposal for the bond issue or loan may be submitted to the electors of the State at a special, primary or general election. 2. A special election may be held only if the State Board of Finance determines, by a unanimous vote, that an emergency exists. The determination made by the Board is conclusive unless it is shown that the Board acted with fraud or a gross abuse of discretion. An action to challenge the determination made by the Board must be commenced within 15 days after the Boards determination is final. As used in this subsection, emergency means any unexpected occurrence or combination of occurrences which requires immediate action by the State Board of Finance to prevent or mitigate a substantial financial loss to the State or to enable the State to provide an essential service to the residents of the State.
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