1. The Director may, to pay the cost of any water project, borrow money or otherwise become obligated, and may provide evidence of those obligations by issuing, except as otherwise provided in this subsection, state securities or revenue bonds. If the obligor is not a governmental entity, the Director shall issue only revenue bonds to fulfill the obligation. 2. Except as otherwise provided in this subsection, state obligations may be outstanding pursuant to this section in an aggregate principal amount of not more than $200,000,000. No state obligations, other than refunding obligations, may be issued pursuant to this section after August 1, 2003. 3. State securities must be payable from taxes and may be additionally secured by all or any designated revenues from one or more water projects. Any governmental entity statutorily authorized to levy taxes for the payment of bonded indebtedness may use the proceeds of those taxes to pay the principal of, interest on and redemption premiums due in connection with state securities issued pursuant to this section. Any such state securities may be issued without an election or other preliminaries. No state securities may be issued to refund any municipal securities issued to finance a water project before July 1, 1987. 4. Provisions of NRS 349.150 to 349.364 , inclusive, which are not inconsistent with the provisions of NRS 349.935 to 349.961 , inclusive, apply to the issuance of state securities under this section. Provisions of NRS 349.400 to 349.670 , inclusive, which are not inconsistent with the provisions of NRS 349.935 to 349.961 , inclusive, apply to the issuance of revenue bonds under this section. 5. The Legislature finds and declares that the issuance of state securities pursuant to NRS 349.935 to 349.961 , inclusive, is necessary for the protection and preservation of the natural resources of this state and for the purpose of obtaining the benefits thereof, and constitutes an exercise of the authority conferred by the second paragraph of Section 3 of Article 9 of the Constitution of the State of Nevada.
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