NRS 278C.280
Securities: Issuance
- types
- terms
- debt limitations
- net pledged revenues.
1.
To defray in whole or in part the cost of any undertaking, a municipality may issue the following securities:(a)
Notes;(b)
Warrants;(c)
Interim debentures;(d)
Bonds;(e)
Temporary bonds; and(f)
Upon the approval of the Interim Finance Committee pursuant to NRS 278C.157 for a purpose related to natural resources, as defined in NRS 350A.090, municipal securities and revenue securities purchased by the State Treasurer in accordance with the provisions of chapter 350A of NRS.2.
Any net revenues derived from the operation of a project acquired, improved or equipped, or any combination thereof, as part of the undertaking must be pledged for the payment of any securities issued pursuant to this section. The securities must be made payable from any such net pledged revenues as the bond requirements become due from time to time by the bond ordinance, trust indenture or other proceedings that authorize the issuance of the securities or otherwise pertain to their issuance.3.
Securities issued pursuant to this section:(a)
Must be made payable from tax proceeds accounted for in the tax increment account; and(b)
May, at the option of the municipality and if otherwise so authorized by law, be made payable from the taxes levied by the municipality against all taxable property within the municipality.4.
Any securities payable only in the manner provided in either paragraph (a) of subsection 3 or both subsection 2 and paragraph (a) of subsection 3:(a)
Are special obligations of the municipality and are not in their issuance subject to any debt limitation imposed by law;(b)
While they are outstanding, do not exhaust the debt incurring power of the municipality; and(c)
May be issued under the provisions of the Local Government Securities Law, except as otherwise provided in this chapter, without any compliance with the provisions of NRS 350.020 to 350.070, inclusive, except as otherwise provided in the Local Government Securities Law, only after the issuance of municipal bonds is approved under the provisions of NRS 350.011 to 350.0165, inclusive.5.
Any securities payable from taxes in the manner provided in paragraph (b) of subsection 3, regardless of whether they are also payable in the manner provided in paragraph (a) of subsection 3 or in both subsection 2 and paragraph (a) of subsection 3:(a)
Are general obligations of the municipality and are in their issuance subject to such debt limitation;(b)
While they are outstanding, do exhaust the power of the municipality to incur debt; and(c)
May be issued under the provisions of the Local Government Securities Law only after the issuance of municipal bonds is approved under the provisions of:(1)
NRS 350.011 to 350.0165, inclusive; or(2)
NRS 350.020 to 350.070, inclusive,6.
In the proceedings for the advancement of money, or the making of loans, or the incurrence of any indebtedness, whether funded, refunded, assumed or otherwise, by the municipality to finance or refinance, in whole or in part, the undertaking, the portion of taxes mentioned in subsection 4 of NRS 278C.250 must be irrevocably pledged for the payment of the bond requirements of the loans, advances or indebtedness. The provisions in the Local Government Securities Law pertaining to net pledged revenues are applicable to such a pledge to secure the payment of tax increment bonds.
Source:
Section 278C.280 — Securities: Issuance; types; terms; debt limitations; net pledged revenues., https://www.leg.state.nv.us/NRS/NRS-278C.html#NRS278CSec280.