539.614 - Source of payment and security; applicability of provisions of chapter; conclusiveness of board’s determination of compliance with chapter. - Nevada Statutes

539.614  Source of payment and security; applicability of provisions of chapter; conclusiveness of board’s determination of compliance with chapter.

      1.  Refunding bonds may be payable from and secured by any source of revenue or taxes from which the refunded bonds were or could have been made payable.

      2.  Except as otherwise expressly provided or necessarily implied in this chapter, the relevant provisions in this chapter appertaining generally to the issuance of bonds to defray the cost of any project are equally applicable in the authorization and issuance of refunding bonds, including their terms and security, the covenants and other provisions of the resolution authorizing the issuance of the bonds, or other instrument or proceedings appertaining thereto, and other aspects of the bonds.

      3.  The determination of the board that the limitations imposed in this chapter upon the issuance of refunding bonds have been met is conclusive, in the absence of fraud or an arbitrary and gross abuse of its discretion.

      (Added to NRS by 1985, 2060)