NRS 396.876
Proceeds of refunding bonds in escrow or trust: Investment

  • security
  • sufficient amount
  • purchaser not responsible for application of proceeds.

1.

Any such escrow or trust shall not necessarily be limited to proceeds of refunding bonds but may include other moneys available for its purpose.

2.

Any proceeds in escrow or trust, pending such use, may be invested or reinvested in federal securities.

3.

Any trust bank accounting for federal securities in such escrow or trust may place them for safekeeping wholly or in part in any trust bank or trust banks within or without or both within and without this state.

4.

Any trust bank shall continuously secure any moneys placed in escrow or trust and not so invested or reinvested in federal securities by a pledge in any trust bank or trust banks within or without or both within and without the State of federal securities in an amount at all times at least equal to the total uninvested amount of such moneys accounted for in such escrow or trust.

5.

Such proceeds and investments in escrow or trust, together with any interest or other gain to be derived from any such investment, shall be in an amount at all times at least sufficient to pay principal, interest, any prior redemption premiums due, and any charges of the escrow agent or trustee and any other incidental expenses payable therefrom, except to the extent provision may have been previously otherwise made therefor, as such obligations become due at their respective maturities or due at designated prior redemption date or dates in connection with which the Board shall have exercised or shall be obligated to exercise a prior redemption option on its behalf or on behalf of the University.

6.

The computations made in determining such sufficiency shall be verified by a certified public accountant certified or licensed to practice in this state or in any other state.

7.

Any purchaser of any refunding bond issued hereunder shall in no manner be responsible for the application of the proceeds thereof by the Board or the University or any of their respective officers, agents or employees.

Source: Section 396.876 — Proceeds of refunding bonds in escrow or trust: Investment; security; sufficient amount; purchaser not responsible for application of proceeds., https://www.­leg.­state.­nv.­us/NRS/NRS-396.­html#NRS396Sec876.

396.809
Short title. 396.810
Purpose 396.811
Definitions. 396.812
“Acquisition” and “acquire” defined. 396.813
“Board” defined. 396.814
“Chair” and “Chair of the Board” defined. 396.815
“Commercial bank” defined. 396.816
“Cost of any project” defined. 396.817
“Facilities” defined. 396.818
“Federal Government” defined. 396.819
“Federal securities” defined. 396.820
“Gross revenues” and “gross pledged revenues” defined. 396.821
“Hereby,” “herein,” “hereinabove,” “hereinafter,” “hereinbefore,” “hereof,” “hereto,” “hereunder,” “heretofore” and “hereafter” defined. 396.822
“Holder” defined. 396.823
“Improvement” and “improve” defined. 396.824
“Net revenues” and “net pledged revenues” defined. 396.825
“Operation and maintenance expenses” defined. 396.826
“Operation and maintenance expenses”: Exclusions from definition. 396.828
“Pledged revenues” defined. 396.829
“Pledged revenues”: Exclusions from definition. 396.831
“Project” defined. 396.832
“Secretary of the Board” defined. 396.833
“Securities” defined. 396.834
“State” defined. 396.835
“Treasurer of the University” defined. 396.836
“Trust bank” defined. 396.837
“United States” defined. 396.838
“University” defined. 396.839
Bonds and other securities are special obligations payable solely out of net pledged revenues. 396.840
Proposed securities: Sufficiency of revenues 396.841
Payment of securities not to be secured by encumbrance, mortgage or pledge of property 396.842
Recourse against individual Regents: Acceptance of securities constitutes waiver and release. 396.843
Bonds and other securities not obligations of or enforceable against State 396.844
Faith of State pledged against repeal, amendment or modification of University Securities Law. 396.845
Power of University or Regents to become obligated and issue securities for project 396.846
Types of securities which may be issued 396.847
Notes and warrants: Maturity 396.848
Temporary bonds: Conditions, terms and provisions 396.849
Resolution authorizing issuance of securities: Description of purposes. 396.850
Details of securities provided by resolution. 396.851
Recital in securities conclusive evidence of validity and regularity of issuance. 396.852
Denomination, negotiability and maturity of securities 396.853
Execution, signing, countersigning and authentication of securities and coupons 396.854
Redemption before maturity. 396.855
Repurchase of bonds and other securities. 396.856
Use of money received from issuance of securities. 396.857
Disposition of unexpended balance after completion of project. 396.858
Validity of securities not dependent on proceedings relating to project or completion of purpose 396.859
Special funds and accounts: Creation 396.860
Employment of legal and other expert services 396.861
Investment and reinvestment of revenues and proceeds of securities in federal securities. 396.862
Covenants and other provisions in bonds and other securities. 396.863
Pledged revenues received or credited subject to immediate lien 396.864
Rights and powers of holders of securities and trustees. 396.865
Receivers: Appointment 396.866
Rights and remedies cumulative. 396.867
Failure of holder to proceed does not relieve University and its officers, agents and employees of liability for nonperformance of duties. 396.868
Interim debentures: Maturity 396.869
Interim debentures: Security for payment. 396.870
Interim debentures: Extension and funding. 396.871
Interim debentures: Funding by reissuance of bonds pledged as collateral security 396.872
Refunding of securities payable from pledged revenues: Resolution 396.873
Refunding bonds: Exchange for outstanding bonds or federal securities 396.874
Conditions for refunding bonds. 396.875
Refunding bonds: Disposition of proceeds, accrued interest and premium 396.876
Proceeds of refunding bonds in escrow or trust: Investment 396.877
Refunding bonds payable from pledged revenues. 396.878
Issuance of bonds separately or in combination. 396.879
Other statutory provisions applicable to refunding bonds. 396.880
Conclusive determination of Board of Regents that statutory limitations have been met. 396.881
Bonds and other securities exempt from taxation 396.882
Bonds and other securities legal investments for state money. 396.883
Legal investments for other persons. 396.885
Liberal construction. 396.8145
“Chancellor of the University” defined. 396.8163
“Disposal” and “dispose” defined. 396.8167
“Equip” and “equipment” defined. 396.8395
Revenues which may be included as pledged revenues. 396.8455
Board of Regents authorized to delegate its authority to sign contract for purchase of securities or to accept bid for securities 396.8495
Resolution authorizing issuance of securities may fix rate of interest 396.8615
Investment and reinvestment of pledged revenues and proceeds of securities issued in investment contract collateralized with securities issued by Federal Government. 396.8625
Agreements in connection with securities: Exchange of interest rates
Last Updated

Feb. 5, 2021

§ 396.876’s source at nv​.us