NRS 350.674
Issuance of municipal securities constituting debt to fund or refund special obligations not constituting indebtedness: Conditions

  • restrictions.

1.

Subject to the provisions of subsections 2, 3, 4 and 5, nothing contained herein shall be construed as authorizing the municipality to issue any municipal securities constituting a debt for the purpose of funding or refunding municipal securities constituting special obligations which do not constitute an indebtedness.

2.

Any special obligation securities of a municipality pertaining to any project may be funded or refunded by general obligation securities pertaining to the project only if the municipality is authorized by law to issue such funding or refunding securities at the time of their issuance, even though the municipality 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 municipality at an 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 an election in the manner provided by law.

4.

If a debt limitation pertains to any general obligation bonds or other securities of a municipality 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), shall be issued in a principal amount exceeding such debt limitation.

5.

No bonds of a municipality shall be refunded by the issuance of its interim debentures, its notes or its warrants. No interim debentures of a municipality shall be funded by the issuance of its notes or its warrants.

Source: Section 350.674 — Issuance of municipal securities constituting debt to fund or refund special obligations not constituting indebtedness: Conditions; restrictions., https://www.­leg.­state.­nv.­us/NRS/NRS-350.­html#NRS350Sec674.

350.500
Short title. 350.502
Purpose 350.504
Definitions. 350.506
“Acquisition” and “acquire” defined. 350.508
“Chair” and “chair of the municipality” defined. 350.510
“Clerk” defined. 350.512
“Commercial bank” defined. 350.514
“Condemnation” and “condemn” defined. 350.516
“Cost of any project” defined. 350.517
“Disposal” and “dispose” defined. 350.518
“Facilities” defined. 350.520
“Federal Government” defined. 350.522
“Federal securities” defined. 350.524
“Governing body” defined. 350.526
“Gross revenues” and “gross pledged revenues” defined. 350.528
“Hereby,” “herein,” “hereinabove,” “hereinafter,” “hereinbefore,” “hereof,” “hereto,” “hereunder,” “heretofore” and “hereafter” defined. 350.530
“Holder” defined. 350.532
“Improvement” and “improve” defined. 350.534
“Municipal” defined. 350.536
“Municipal securities” and “securities” defined. 350.538
“Municipality” defined. 350.540
“Net revenues” and “net pledged revenues” defined. 350.542
“Operation and maintenance expenses” defined. 350.546
“Ordinance” defined. 350.550
“Pledged revenues” defined. 350.552
“Project” defined. 350.554
“Public body” defined. 350.556
“State” defined. 350.558
“Taxation” defined. 350.560
“Taxes” defined. 350.562
“Treasurer” defined. 350.564
“Trust bank” defined. 350.566
“United States” defined. 350.568
Powers of municipality in connection with projects. 350.569
Power of eminent domain 350.570
Power of municipality to become obligated and issue securities for project. 350.572
Types of securities which may be issued 350.573
Sale of right to call for purchase of securities. 350.574
Notes and warrants: Maturity 350.575
Resolution to finance preservation or restoration of historic structure 350.576
Temporary bonds: Conditions, terms and provisions 350.578
Ordinance authorizing issuance of securities: Description of purposes. 350.579
Emergency ordinances: Adoption 350.580
General obligations: Types of securities. 350.582
Special obligations: Types of securities. 350.583
Variable rates of interest for securities 350.584
Municipal securities payable from gross revenues: Covenant requiring appropriations to pay operation and maintenance expenses. 350.586
Securities issued as general obligations constitute outstanding indebtedness. 350.588
Securities issued as special obligations do not constitute outstanding indebtedness. 350.590
Recitals required in municipal securities. 350.592
Annual levy of special tax to pay interest on and retire securities issued as general obligations 350.594
Time and duration of levy of special tax. 350.596
Payment from general fund when taxes insufficient to pay amount due on securities issued as general obligations 350.598
Application of other available money to payment of interest on and principal of securities issued as general obligations. 350.602
Proceeds of taxes specially appropriated to payment of principal and interest. 350.604
Payment of municipal securities not to be secured by encumbrance, mortgage or pledge of municipality’s property 350.606
Recourse against officers and agents of municipality: Acceptance of securities constitutes waiver and release. 350.608
Covenants in ordinance authorizing issuance of special obligations impose no liability against municipality or its general credit. 350.610
Faith of State pledged against repeal, amendment or modification of Local Government Securities Law. 350.614
Details of municipal securities provided by ordinance. 350.616
Sale or issuance of municipal securities. 350.628
Recital in securities conclusive evidence of validity and regularity of issuance. 350.630
Denomination, negotiability and maturity of municipal securities 350.632
Payment of principal, interest and premium when due without further order. 350.634
Interest coupons. 350.636
Execution, signing and authentication of municipal securities and coupons. 350.638
Facsimile signatures and seals. 350.640
Securities not invalid because signatories cease to fill offices. 350.642
Adoption of facsimile signature of predecessor in office. 350.644
Redemption before maturity. 350.646
Repurchase of municipal securities. 350.648
Use of money received from issuance of municipal securities. 350.650
Disposition of unexpended balance of proceeds after completion of project. 350.652
Validity of securities not dependent on proceedings relating to project or completion of purpose 350.654
Special funds and accounts: Creation 350.656
Employment of legal and other expert services 350.658
Investment and reinvestment of revenues and proceeds of taxes and securities in federal securities and certain money market mutual funds. 350.659
Investment and reinvestment of revenues and proceeds of taxes and certain securities in investment contract collateralized with federal securities by governing body in county whose population is 20,000 or more. 350.660
Covenants and other provisions in municipal securities. 350.662
Pledged revenues received or credited subject to immediate lien 350.664
Rights and powers of holders of municipal securities and trustees. 350.666
Receivers: Appointment 350.668
Rights and remedies cumulative. 350.670
Failure of holder to proceed does not relieve municipality, governing body and officers, agents and employees of municipality of liability for nonperformance of duties. 350.672
Interim debentures: Issuance for general or special obligations. 350.674
Issuance of municipal securities constituting debt to fund or refund special obligations not constituting indebtedness: Conditions 350.676
Interim debentures: Maturity 350.678
Interim debentures: Security for payment. 350.680
Interim debentures: Extension and funding. 350.682
Interim debentures: Funding by reissuance of bonds pledged as collateral security 350.684
Refunding of general and special obligation bonds: Ordinance 350.686
Calls for prior redemption: Limitations. 350.688
Exchange of outstanding securities held by State or its agencies for funding or refunding. 350.690
Refunding of outstanding securities evidencing long-term loans. 350.692
Refunding bonds: Sale or exchange for outstanding bonds 350.694
Conditions for refunding bonds. 350.696
Refunding bonds: Disposition of proceeds, accrued interest and premium 350.698
Proceeds of refunding bonds in escrow or trust: Investment 350.700
Refunding bonds payable from taxes or pledged revenues. 350.702
Issuance of bonds separately or in combination. 350.704
Bonds of abolished municipalities may be refunded. 350.706
Other statutory provisions applicable to refunding bonds. 350.708
Conclusive determination of governing body that statutory limitations have been met. 350.710
Bonds and other securities exempt from taxation 350.712
Securities issued as general obligations are legal investments for state money. 350.714
Legal investments for other persons. 350.718
Sufficiency of Local Government Securities Law. 350.720
Liberal construction. 350.5175
“Equip” and “equipment” defined. 350.5755
Issuance of negotiable notes or bonds to finance restoration of historic structure 350.5835
Variable rates of interest: Exemption from limitations
Last Updated

Feb. 5, 2021

§ 350.674’s source at nv​.us