Nevada Public Property and Purchasing
Conditions for refunding obligations.
An obligation may not be refunded pursuant to NRS 333A.0906 to 333A.0916, inclusive, unless the holder of the obligation voluntarily surrenders the obligation for exchange or payment, or unless the obligation matures or is callable for prior redemption under its terms within 25 years after the date of issuance of the refunding obligations. Provision must be made for paying the securities within that period.
The maturity of any obligation refunded may not be extended beyond 25 years, or beyond 1 year next following the date of the last outstanding maturity, whichever limitation is later.
The principal amount of the refunding obligations may:
Exceed the principal amount of the refunded obligations; or
Be less than or equal to the principal amount of the obligations being refunded if provision is duly and sufficiently made for their payment.