315.99862 - Notes, bonds and other obligations: Limitations on bond reserve funds. - Nevada Statutes

315.99862  Notes, bonds and other obligations: Limitations on bond reserve funds.  The State Authority shall not at any time pursuant to NRS 315.9981 to 315.99874, inclusive, issue bonds, secured in whole or in part by a bond reserve fund, if upon the issuance of those bonds, the amount in that bond reserve fund will be less than the bond reserve fund requirement for that fund, unless the State Authority at the time of issuance of those bonds deposits in that fund from the proceeds of the bonds issued, or from other sources, an amount which, together with the amount then in that fund, will not be less than the bond reserve fund requirement for that fund. The bond reserve fund requirement, as of any particular date of computation, is an amount of money, specified in the proceedings of the State Authority authorizing the bonds with respect to which the fund is established, necessary to provide adequate reserves for debt service on the bonds.

      (Added to NRS by 2005, 217)