350.630 - Denomination, negotiability and maturity of municipal securities; rate of interest. - Nevada Statutes

350.630  Denomination, negotiability and maturity of municipal securities; rate of interest.

      1.  As the governing body may determine, any bonds and other municipal securities issued hereunder, except as otherwise provided in the Local Government Securities Law, or in any act supplemental thereto, must:

      (a) Be of a convenient denomination or denominations;

      (b) Be fully negotiable within the meaning of and for all the purposes of the Uniform Commercial Code—Investment Securities;

      (c) Mature at such time or serially at such times in regular numerical order at annual or other designated intervals in amounts designated and fixed by the governing body, except as herein otherwise provided;

      (d) Bear interest at a rate or rates which do not exceed the limit provided in NRS 350.2011, payable annually, semiannually or at other designated intervals, but the first interest payment date may be for interest accruing for any other period;

      (e) Be made payable in lawful money of the United States, at the office of the treasurer or any commercial bank or commercial banks within or without or both within and without the State as may be provided by the governing body; and

      (f) Be printed at such a place, within or without this State, as the governing body may determine.

      2.  General obligation bonds must mature within 30 years from their respective dates and, if they mature serially, commencing not later than the fifth year thereafter, in such manner as the governing body may determine.

      3.  Special obligation bonds must mature within 50 years from their respective dates.

      (Added to NRS by 1967, 433; A 1969, 1293; 1971, 2118; 1975, 867; 1981, 948, 1404; 1983, 575)