277.0745 - Issuance and repayment of revenue securities. - Nevada Statutes

277.0745  Issuance and repayment of revenue securities.  The issuer on behalf of the borrowing local government may issue revenue securities in order to finance a facility. The revenue securities and the interest must be repaid solely from:

      1.  The proceeds of the revenue securities and interest earned;

      2.  Revenues of any facility financed with the revenue securities;

      3.  Repayments of loans to borrowing local governments made with the proceeds of the revenue securities;

      4.  Rentals or payments for installment purchases made with respect to facilities financed with revenue securities; and

      5.  The proceeds of the sale of any facility financed with the proceeds of the revenue securities or any part of it.

Ê Repayment may be additionally secured by a mortgage, security interest or other encumbrance on a facility financed with the revenue securities.

      (Added to NRS by 1987, 1620)