349.986 - General obligation bonds. - Nevada Statutes

349.986  General obligation bonds.

      1.  The State Board of Finance shall issue general obligation bonds of the State of Nevada to support the purposes of the program established by NRS 349.981. The aggregate principal amount of such bonds outstanding at any one time may not exceed $125,000,000.

      2.  The net proceeds from the sale of the bonds must be deposited in the Fund.

      3.  The bonds must be redeemed through the Consolidated Bond Interest and Redemption Fund.

      (Added to NRS by 1991, 1834; A 1995, 2239; 1997, 1826; 1999, 2123; 2001, 692; 2003, 2503, 2649; 2003, 20th Special Session, 264, 265; 2005, 201)