396.871 - Interim debentures: Funding by reissuance of bonds pledged as collateral security; issuance of other bonds. - Nevada Statutes

396.871  Interim debentures: Funding by reissuance of bonds pledged as collateral security; issuance of other bonds.

      1.  For the purpose of funding any interim debentures, any bonds pledged as collateral security to secure the payment of such interim debentures (upon their surrender as pledged property) may be reissued, and any bonds not previously issued but authorized to be issued by any law for a purpose or purposes the same as or encompassing the purpose or purposes for which the interim debentures were issued, may be issued for such a funding.

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

      3.  Bonds for funding (including but not necessarily limited to any such reissued bonds) and bonds for any other purpose or purposes may be issued separately or issued in combination in one series or more.

      4.  Except as herein otherwise provided in NRS 396.868 to 396.871, inclusive, any such funding bonds shall be issued as is provided herein for other bonds.

      (Added to NRS by 1967, 19)