539.6135 - Use of proceeds; payment of incidental costs. - Nevada Statutes

539.6135  Use of proceeds; payment of incidental costs.

      1.  Except as otherwise provided in this chapter, the proceeds of refunding bonds must be immediately applied to the retirement of the bonds to be refunded or be placed in escrow or trust in any trust banks or credit unions within or without or both within and without this state to be applied to the payment of the refunded bonds or the refunding bonds, or both, upon their presentation therefor to the extent, in the priority and otherwise in the manner which the board may determine.

      2.  The incidental costs of refunding bonds may be paid by the purchaser of the refunding bonds or be defrayed from any money of the district, subject to appropriations therefor as otherwise provided by statute, or other available revenues of the district under the control of the board, from the proceeds of the refunding bonds, from the interest or other yield derived from the investment of any proceeds of the refunding bonds or other money in escrow or trust, or from any other sources legally available therefor, or any combination thereof, as the board may determine.

      (Added to NRS by 1985, 2059; A 1999, 1510)