NRS 319.380
Pledge against impairment of holders’ rights and remedies

  • credit of State not pledged.

1.

The State of Nevada hereby pledges to and agrees with the holders of any notes or bonds issued under this chapter that the State will not limit or alter the rights vested in the Division by this chapter to fulfill the terms of any agreements made with such holders or in any way impair the rights and remedies of such holders until such notes and bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged. The Division may include this pledge and agreement of the State in any agreement with the holders of such notes or bonds.

2.

Obligations issued under the provisions of this chapter, including letters of credit issued by the Division, do not constitute a debt, liability or obligation of this state or of any political subdivision thereof, or a pledge of the faith and credit of this state or of any political subdivision thereof, but are payable solely from the revenues or assets of the Division. Each obligation, including a letter of credit, issued under this chapter must contain on the face thereof a statement to the effect that the Division is not obligated to pay the obligation or the interest thereon except from the revenues or assets pledged therefor and that neither the faith and credit nor the taxing power of this state or of any political subdivision thereof is pledged to the payment of the principal of or the interest on the obligation.

Source: Section 319.380 — Pledge against impairment of holders’ rights and remedies; credit of State not pledged., https://www.­leg.­state.­nv.­us/NRS/NRS-319.­html#NRS319Sec380.

319.020
Legislative findings and declaration 319.030
Definitions. 319.040
“Administrator” defined. 319.042
“Affordable housing” defined. 319.045
“Collateralized mortgage obligation” defined. 319.050
“Division” defined. 319.060
“Eligible family” defined. 319.070
“Governmental agency” defined. 319.090
“Lending institution” defined. 319.100
“Mortgage” defined. 319.110
“Mortgage loan” defined. 319.115
“Person with a disability” defined. 319.120
“Real property” defined. 319.130
“Residential housing” defined. 319.135
“Sponsor” defined. 319.140
General powers and duties of Division 319.141
Housing Advocate: Creation of position 319.143
Division required to create and maintain statewide low-income housing database 319.145
Designation as housing credit agency 319.147
Certification of assisted living facilities: Requirements 319.167
Division may enter into instruments, agreements and other transactions for certain purposes. 319.169
Account for Housing Inspection and Compliance: Creation 319.170
Funds and accounts 319.171
Investment in collateralized mortgage obligations or trusts. 319.172
Authority to make loans of investment securities. 319.173
Advisory Committee on Housing: Creation 319.174
Advisory Committee on Housing: Creation 319.190
Authority to make loans and issue letters of credit. 319.200
Terms and conditions of mortgage loan. 319.210
Investment in mortgages. 319.220
Mortgages in default: Foreclosure 319.230
Loans to or purchase of securities from lending institutions 319.235
Financing rental sites for mobile homes and equipment for conservation of energy in residential dwelling units. 319.240
Lending fees and charges. 319.250
Insurance. 319.260
Prerequisites to financing residential housing. 319.265
Requirements for regulations adopted by Division that establish program for financing certain residential housing projects. 319.267
Duty of certain owners of residential housing to submit quarterly report to Aging and Disability Services Division of Department of Health and Human Services. 319.270
Notes and bonds: Issuance 319.290
Notes and bonds: Pledges as security. 319.300
Bonds: Trust indentures as security. 319.310
Notes and bonds: Guarantees of payment. 319.320
Notes and bonds: Redemption 319.323
Issuance of collateralized mortgage obligations 319.325
Division may provide that bonds, notes or loans be insured or secured 319.327
Exemption of interest on Division’s bonds from federal income taxation: Waiver 319.330
Refunding obligations: Issuance, sale and exchange. 319.340
Bond reserve funds: Establishment 319.350
Bond reserve funds: Limitations. 319.360
Bond reserve funds: Purpose 319.370
Remedies of bondholders and noteholders. 319.380
Pledge against impairment of holders’ rights and remedies 319.390
Notes and bonds as legal investments. 319.500
Creation 319.510
Use and distribution of money in Account. 319.520
Regulations concerning distribution and use of money in Account 319.530
Pets must be allowed in housing acquired, constructed or rehabilitated with money from Account 319.900
False statements
Last Updated

Jun. 24, 2021

§ 319.380’s source at nv​.us