Nevada Public Organizations for Community Service
Sec. § 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.
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Last accessed
Jul. 20, 2019