279.662 - Power of agency to provide for powers and duties of bondholders’ trustee or bondholders. - Nevada Statutes

279.662  Power of agency to provide for powers and duties of bondholders’ trustee or bondholders.  An agency may:

      1.  Vest in a trustee or the holders of bonds or any proportion of them the right to enforce the payment of the bonds or any covenants securing or relating to the bonds.

      2.  Vest in a trustee the right, in the event of a default by the agency, to take possession of all or part of any redevelopment project, to collect the rents and revenues arising from it and to dispose of such money pursuant to the agreement of the agency with the trustee.

      3.  Provide for the powers and duties of a trustee and limit his or her liabilities.

      4.  Provide the terms and conditions upon which the trustee or the holders of bonds or any proportion of them may enforce any covenant or rights securing or relating to the bonds.

      (Added to NRS by 1959, 670)