539.6361 - Reserve fund from bond proceeds: Creation, accumulation and maintenance; augmentations. - Nevada Statutes

539.6361  Reserve fund from bond proceeds: Creation, accumulation and maintenance; augmentations.  Any resolution authorizing the issuance of bonds under the provisions of this chapter or as may be otherwise provided by law shall provide for the creation, accumulation and maintenance of a reasonable reserve fund from bond proceeds to secure additionally the payment of the interest on and the principal of the bonds. Such reserve fund may be augmented by annual assessments or other revenues, as the board of directors may determine.

      (Added to NRS by 1963, 1006)