State Survey of P3 Authorizing Statutes: Nevada

Nev. Rev. Stat. § 321.402-418

Summary

The law authorizes the State Land Registrar to purchase historic buildings that are at risk and to enter into a P3 for the preservation, reconstruction, or adaptive reuse of such buildings.

There are no specific bonding provisions in this P3 bill. Nev. Rev. Stat. §§ 339.015 to 309.065

Nev. Rev. Stat. § 338.161

Summary

The law authorizes the Regional Transportation Commission of Southern Nevada to enter into a P3 for a toll road demonstration project for the Boulder City Bypass Project.

The law provides that the private partner must provide a performance bond and a payment bond, letter of credit, parent company guarantee, any other acceptable security, or a combination of these as the Commission may require. The bond must be in an amount adequate to protect the interests of this State and its political subdivisions and to ensure completion of the project without this State or its political subdivisions being liable for any of its direct costs.

Excerpt:

“Sec. 37. 1. To be eligible as a private partner in connection with a public‐private partnership, a private partner must:

(a) Obtain a performance bond, payment bond, letter of credit, parent guarantee or other security acceptable to the Commission, or any combination thereof, which the Commission determines is adequate to:

(1) Protect the interests of this State and its political subdivisions; and

(2) Ensure completion of the demonstration project without this State or its political subdivisions being liable for any of the direct costs of the demonstration project.”