387.524 - Guarantee agreement: Required contents; approvals required. - Nevada Statutes

387.524  Guarantee agreement: Required contents; approvals required.

      1.  A guarantee agreement entered into pursuant to NRS 387.519 must:

      (a) Require the board of trustees of the school district to appoint the State Treasurer, or a commercial bank designated by the State Treasurer, as paying agent for the debt service on the bonds;

      (b) Specify the number of days before a payment on the debt service of the bonds is due that the paying agent must receive the payment from the school district;

      (c) Require the board of trustees of the school district to deposit the amount of money due for each payment with the paying agent within the period specified by paragraph (b);

      (d) Require that if the school district is unable to make a payment, the board of trustees of the school district or the superintendent of schools of the district shall provide written notice to the State Treasurer at least 60 days before the payment is due;

      (e) If a loan is made to a school district pursuant to NRS 387.526, require the board of trustees of the school district to repay the loan as provided by NRS 387.528;

      (f) Be signed by the State Treasurer and the president of the board of trustees of the school district; and

      (g) Be approved by a resolution of the State Board of Finance and the board of trustees of the school district.

      2.  A guarantee agreement may include such other provisions as the State Treasurer determines necessary.

      (Added to NRS by 1997, 2708; A 1999, 599)