396.869 - Interim debentures: Security for payment. - Nevada Statutes

396.869  Interim debentures: Security for payment.

      1.  Pledged revenues and other money, including without limitation proceeds of bonds to be issued or reissued after the issuance of interim debentures, and bonds issued to secure the payment of interim debentures, or any combination thereof, may be pledged to secure the payment of interim debentures.

      2.  Any bonds pledged as collateral security for the payment of any interim debentures mature at such time or times as the Board may determine, but in no event exceeding 50 years from the dates of such bonds and such interim debentures, or if the dates are not the same, from whichever date is the earlier.

      3.  Any bonds pledged as collateral security must not be issued in an aggregate principal amount exceeding the aggregate principal amount of the interim debenture or interim debentures secured by a pledge of the bonds, nor shall they bear interest at any time which, with any interest accruing at the same time on the interim debenture or interim debentures so secured, exceeds by more than 3 percent the Index of Revenue Bonds which was most recently published before the bids are received or a negotiated offer is accepted.

      (Added to NRS by 1967, 18; A 1969, 1298; 1971, 2125; 1975, 874; 1981, 1417; 1983, 585)