1. By unanimous vote of its members and with the approval of the State Board of Examiners, the State Board of Finance may lend any available money in the State Treasury, other than that in the State Permanent School Fund and the State Insurance Fund, to local governments situated within the boundaries of the State of Nevada. Such loans must be made only to local governments which have observed the regulations and followed the procedure for obtaining a medium-term obligation set forth in chapter 350 of NRS. Such loans must be made for a period of not longer than 10 years and must bear interest at a rate which does not exceed by more than 3 percent the Index of Twenty Bonds which was most recently published before the bids are received or a negotiated offer is accepted. 2. In making loans to local governments, the State Board of Finance shall follow the procedure for making other loans set forth in this chapter.
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