349.294 - Use of money received from issuance of state securities. - Nevada Statutes

349.294  Use of money received from issuance of state securities.  All moneys received from the issuance of any securities herein authorized shall be used solely for the purpose or purposes for which issued and to defray wholly or in part the cost of the project thereby delineated. Any accrued interest and any premium shall be applied to the cost of the project or to the payment of the interest on or the principal of the securities, or both interest and principal, or shall be deposited in a reserve therefor, or any combination thereof, as the Commission may determine.

      (Added to NRS by 1967, 784)