268.539 - Issuance by Director of Department of Business and Industry of bonds for governing body as special obligations of State. - Nevada Statutes

268.539  Issuance by Director of Department of Business and Industry of bonds for governing body as special obligations of State.

      1.  The governing body may exercise its power to issue bonds and to redeem them by requesting the Director of the Department of Business and Industry to issue bonds to finance any project for which bonds could be issued pursuant to NRS 268.512 to 268.568, inclusive.

      2.  If the Director believes that the bonds are marketable under the terms set forth in the resolution of the governing body requesting their issuance, the Director may proceed to issue them as special obligations of the State, secured only by the revenues, mortgage or pledge specified in the resolution.

      3.  The Director may receive and disburse the revenues of each project for which the Director has issued bonds, and may charge from those revenues, or directly to the city if those revenues are not sufficient, a reasonable compensation for his or her services. The Director may exercise any power which the governing body would have to collect payments due from the obligor.

      (Added to NRS by 1981, 1622; A 1993, 1547)