396.844 - Faith of State pledged against repeal, amendment or modification of University Securities Law. - Nevada Statutes

396.844  Faith of State pledged against repeal, amendment or modification of University Securities Law.

      1.  The faith of the State is hereby pledged that the University Securities Law, any law supplemental or otherwise appertaining thereto, and any other act concerning the bonds and other securities of the Board or the University or the pledged revenues, or both such securities and such revenues, shall not be repealed nor amended or otherwise directly or indirectly modified in such a manner as to impair adversely any outstanding securities of the University or the Board, until all such securities payable from the pledged revenues have been discharged in full or provision has been fully made therefor, including without limitation the known minimum yield from the investment or reinvestment of moneys pledged therefor in federal securities.

      2.  The State may at any time provide by act that no further obligations appertaining to any pledged revenues or any part thereof shall be incurred thereafter.

      (Added to NRS by 1967, 9)