NRS 333A.0908
Refunding of obligations: Disposition of proceeds

  • incidental costs
  • accrued interest and premium.

1.

Except as otherwise provided in NRS 333A.0906 to 333A.0916, inclusive, the proceeds of refunding obligations issued pursuant to NRS 333A.0906 must be immediately applied to the retirement of the obligations to be refunded or be placed in escrow or trust in any trust bank or trust banks within or without or both within and without this State to be applied to the payment of the refunded obligations or the refunding obligations, or both, upon their presentation for payment to the extent, in such priority and otherwise in the manner which the using agency may determine.

2.

The incidental costs of refunding obligations may be paid by the purchaser of the refunding obligations or be defrayed from any revenues in the State General Fund, subject to appropriations for such revenues as otherwise provided by law, or other available revenues of the State under the control of the Board or from the proceeds of the refunding obligations, or from the interest or other yield derived from the investment of the proceeds of any refunding obligations or other money in escrow or trust, or from any other sources legally available therefor, or any combination thereof, as the using agency may determine.

3.

Any accrued interest and any premium appertaining to a sale of refunding obligations may be applied to the payment of the interest on or principal of those refunding obligations, or both, or may be deposited in a reserve therefor, or may be used to refund obligations by deposit in escrow, trust or otherwise, or may be used to defray any incidental costs appertaining to the refunding, or any combination thereof, as the using agency may determine, but in no event by the incurrence of additional debt in excess of the limitation on state debt set forth in Section 3 of Article 9 of the Nevada Constitution.

Source: Section 333A.0908 — Refunding of obligations: Disposition of proceeds; incidental costs; accrued interest and premium., https://www.­leg.­state.­nv.­us/NRS/NRS-333A.­html#NRS333ASec0908.

333A.010
Definitions. 333A.015
“Board” defined. 333A.020
“Building” defined. 333A.030
“Operating cost savings” defined. 333A.040
“Operating cost-savings measure” defined. 333A.050
“Performance contract” defined. 333A.060
“Qualified service company” defined. 333A.070
“Using agency” defined. 333A.075
Authority of using agency to enter into performance contract 333A.080
Procedure for determination of qualified service companies by State Public Works Division 333A.082
Notification to qualified service companies 333A.084
Requirements for comprehensive audits. 333A.086
Third-party consultants. 333A.090
Financing and structure of performance contract 333A.091
Proceeds of refunding obligations in escrow or trust: Investment 333A.092
Recital in resolution as conclusive evidence of validity of obligation. 333A.100
Indebtedness of State under contract 333A.110
Period over which payments become due. 333A.120
Prevailing wage requirement. 333A.130
Monitoring of cost savings attributable to operating cost-savings measures. 333A.140
Information concerning performance contract provided to Office of Energy. 333A.150
Financial mechanisms to guarantee operational cost savings are realized. 333A.0902
Installment-purchase and lease-purchase contracts: Security interests 333A.0904
Installment-purchase and lease-purchase contracts: Property that is subject of contract is exempt from ad valorem property taxation under certain circumstances and is to be deemed property of State or using agency for purposes of statutory limits on damages. 333A.0906
Refunding of obligations: Resolution 333A.0908
Refunding of obligations: Disposition of proceeds 333A.0912
Issuance of refunding and other obligations separately or in combination. 333A.0914
Other statutory provisions applicable to refunding obligations. 333A.0916
Conditions for refunding obligations. 333A.0918
Conclusive determination of using agency that statutory limitations have been met.
Last Updated

Feb. 5, 2021

§ 333A.0908’s source at nv​.us