NRS 349.320
Issuance of state securities constituting debt to fund or refund special obligations not constituting indebtedness: Conditions

  • restrictions.

1.

Except as otherwise provided in subsections 2 to 5, inclusive, this section does not authorize the State to issue any state securities constituting a debt for the purpose of funding or refunding state securities constituting special obligations which do not constitute an indebtedness.

2.

Any special obligation securities of the State pertaining to any project may be funded or refunded by general obligation securities pertaining to the project only if the State is authorized by law to issue those funding or refunding securities at the time of their issuance, even though the State was not so authorized to issue them at the time of the issuance of any such funded or refunded securities.

3.

If the issuance of general obligation bonds to defray the cost of the project is conditioned upon their approval by the qualified electors of the State at a special, primary or general election, any general obligation securities pertaining to the project and creating an indebtedness, by funding or refunding special obligation securities or otherwise, may be issued only if the bonds have been so approved at a special, primary or general election in the manner provided by law.

4.

If a debt limitation pertains to any general obligation bonds or other securities of the State constituting an indebtedness and relating to any project, no general obligation securities pertaining to the project and creating an indebtedness, by funding or refunding special obligation securities or otherwise (in contradistinction to funding or refunding bonds merely reevidencing an indebtedness formerly evidenced by the securities funded or refunded), may be issued in a principal amount exceeding that debt limitation.

5.

No bonds of the State may be refunded by the issuance of its interim debentures, its notes or its warrants. No interim debentures of the State may be funded by the issuance of its notes or its warrants.

Source: Section 349.320 — Issuance of state securities constituting debt to fund or refund special obligations not constituting indebtedness: Conditions; restrictions., https://www.­leg.­state.­nv.­us/NRS/NRS-349.­html#NRS349Sec320.

349.150
Short title. 349.152
Purpose 349.154
Definitions. 349.156
“Acquisition” and “acquire” defined. 349.158
“Chair” and “Chair of the Commission” defined. 349.160
“Commercial bank” defined. 349.162
“Commission” defined. 349.164
“Condemnation” and “condemn” defined. 349.166
“Controller” defined. 349.168
“Cost of any project” defined. 349.169
“Disposal” and “dispose” defined. 349.170
“Facilities” defined. 349.172
“Federal Government” defined. 349.174
“Federal securities” defined. 349.176
“Governor” defined. 349.178
“Gross revenues” and “gross pledged revenues” defined. 349.180
“Hereby,” “herein,” “hereinabove,” “hereinafter,” “hereinbefore,” “hereof,” “hereto,” “hereunder,” “heretofore” and “hereafter” defined. 349.182
“Holder” defined. 349.184
“Improvement” and “improve” defined. 349.186
“Net revenues” and “net pledged revenues” defined. 349.188
“Operation and maintenance expenses” defined. 349.192
“Pledged revenues” defined. 349.194
“Project” defined. 349.196
“Secretary” defined. 349.198
“State securities” and “securities” defined. 349.200
“State” defined. 349.202
“Taxation” defined. 349.204
“Taxes” defined. 349.206
“Treasurer” defined. 349.208
“Trust bank” defined. 349.210
“United States” defined. 349.212
Powers of State in connection with projects. 349.213
Power of eminent domain 349.214
Power of State to become obligated and issue securities for project. 349.216
Types of securities which may be issued 349.218
Notes and warrants: Maturity 349.220
Temporary bonds: Conditions, terms and provisions 349.222
Resolution authorizing issuance of securities: Description of purposes. 349.223
Sale of securities as investment to defray anticipated costs of college. 349.224
General obligations: Types of securities. 349.225
General obligation bonds subject to review and approval of State Board of Finance 349.226
Special obligations: Types of securities. 349.227
Variable rates of interest for securities 349.228
Securities issued as general obligations payable from gross revenues: Covenant requiring appropriations to pay expenses of operation and maintenance. 349.230
Securities issued as general obligations constitute outstanding indebtedness of State 349.232
Securities issued as special obligations do not constitute outstanding indebtedness of State. 349.234
Recitals required in state securities. 349.236
Payment of principal of and interest on general obligation bonds from Consolidated Bond Interest and Redemption Fund. 349.238
Annual levy of special tax to pay interest on and retire securities issued as general obligations 349.240
Time and duration of levy of special tax. 349.242
Payment from State General Fund when taxes insufficient to pay amount due on securities issued as general obligations 349.244
Application of other available money to payment of interest on and principal of securities issued as general obligations. 349.248
Proceeds of taxes specially appropriated to payment of principal and interest. 349.250
Payment of state securities not to be secured by encumbrance, mortgage or pledge of State’s property 349.251
Agreement for exchange of payments based on interest rates for state securities issued or proposed to be issued by Commission: Conditions 349.252
Recourse against members of Commission and state officers and agents: Acceptance of securities constitutes waiver and release. 349.254
Covenants in resolution authorizing issuance of special obligations impose no liability against State or its general credit. 349.256
Faith of State pledged against repeal, amendment or modification of State Securities Law. 349.260
Details of state securities provided by resolution. 349.262
Issuance of state securities. 349.270
Securities sold publicly to be sold to responsible bidder making best bid 349.274
Recital in securities conclusive evidence of validity and regularity of issuance. 349.276
Denomination, negotiability and maturity of state securities 349.278
Payment of principal, interest and premium when due without further order. 349.280
Interest coupons. 349.282
Execution, signing, countersigning and authentication of state securities and coupons. 349.284
Facsimile signatures and seals. 349.286
Securities not invalid because signatories cease to fill offices. 349.288
Adoption of facsimile signature of predecessor in office. 349.290
Redemption before maturity. 349.292
Repurchase of state securities. 349.294
Use of money received from issuance of state securities. 349.296
Disposition of unexpended balance of proceeds after completion of project. 349.298
Validity of securities not dependent on proceedings relating to project or completion of purpose 349.300
Special funds and accounts: Creation 349.302
Employment of legal and other expert services 349.303
Delegation of power of Commission to State Treasurer or designee to sign contracts or accept binding bids for purchase of bonds 349.304
Investment and reinvestment of revenues and proceeds of taxes and securities in federal securities or certain money market mutual funds. 349.306
Covenants and other provisions in state securities. 349.308
Pledged revenues received or credited subject to immediate lien 349.310
Rights and powers of holders of state securities and trustees. 349.312
Receivers: Appointment 349.314
Rights and remedies cumulative. 349.316
Failure of holder to proceed does not relieve State, Commission and officers, agents and employees of State of liability for nonperformance of duties. 349.318
Interim debentures: Issuance for general or special obligations. 349.320
Issuance of state securities constituting debt to fund or refund special obligations not constituting indebtedness: Conditions 349.322
Interim debentures: Maturity 349.324
Interim debentures: Security for payment. 349.326
Interim debentures: Extension and funding. 349.328
Interim debentures: Funding by reissuance of bonds pledged as collateral security 349.330
Refunding of general and special obligation bonds: Resolution 349.332
Calls for prior redemption: Limitations. 349.334
Exchange of outstanding securities held by State or its agencies for funding or refunding. 349.336
Refunding of outstanding securities evidencing long-term loans. 349.338
Refunding bonds: Exchange for outstanding bonds or federal securities 349.340
Conditions for refunding bonds. 349.342
Refunding bonds: Disposition of proceeds 349.344
Proceeds of refunding bonds in escrow or trust: Investment 349.346
Refunding bonds payable from taxes or pledged revenues. 349.348
Issuance of bonds separately or in combination. 349.350
Other statutory provisions applicable to refunding bonds. 349.352
Conclusive determination of Commission that statutory limitations have been met. 349.354
Bonds and other securities exempt from taxation 349.356
Securities issued as general obligations are legal investments for state money. 349.358
Legal investments for other persons. 349.362
Sufficiency of State Securities Law. 349.364
Liberal construction. 349.1695
“Equip” and “equipment” defined. 349.2275
Variable rates of interest: Exemption from limitations
Last Updated

Feb. 5, 2021

§ 349.320’s source at nv​.us