reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.214 - Power of State to become obligated and issue securities for project.

For the purpose of paying the cost of any project authorized by law (other than the State Securities Law), at any time or from time to time the State may borrow money or otherwise become obligated for the project and may evidence any such obligation by the issuance of state securities in accordance with the provisions of the State Securities Law, to the extent otherwise authorized by law.
(Added to NRS by 1967, 776)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.216 - Types of securities which may be issued; series.

The State may issue, in one series or more, without the state securities being authorized at any election in the absence of an expressed provision to the contrary in the act authorizing the project and the issuance of state securities therefor or in any act supplemental thereto, in anticipation of taxes or pledged revenues, or both, and constituting either general obligations or special obligations of the State, any one or more or all of the following types of state securities:
1. Notes, evidencing any amount borrowed by the State;
2. Warrants, evidencing the amount due to any person for any services or supplies, equipment or other materials furnished to or for the benefit of the State and appertaining to a project;
3. Bonds, evidencing any amount borrowed by the State and constituting long-term financing;
4. Temporary bonds, pending the preparation of and exchangeable for definitive bonds of like character and in like principal amount when prepared and issued in compliance with the conditions and limitations herein provided; and
5. Interim debentures, evidencing any short-term financing, construction loans, and other temporary loans of not exceeding 5 years, in supplementation of long-term financing and the issuance of bonds, as provided in NRS 349.318 to 349.328, inclusive.
(Added to NRS by 1967, 776; A 1975, 858)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.218 - Notes and warrants: Maturity; extension or funding.

Notes and warrants may mature at such time or times not exceeding 1 year from the date or the respective dates of their issuance as the Commission may determine. They shall not be extended or funded except by the issuance of bonds or interim debentures in compliance with NRS 349.318 to 349.326, inclusive, and other provisions supplemental thereto.
(Added to NRS by 1967, 776)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.220 - Temporary bonds: Conditions, terms and provisions; rights and remedies of holder.

Each temporary bond shall set forth substantially the same conditions, terms and provisions as the definitive bond for which it is exchanged. Each holder of a temporary bond shall have all the rights and remedies which he or she would have as a holder of the definitive bond for which the temporary bond is to be exchanged.
(Added to NRS by 1967, 776)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.223 - Sale of securities as investment to defray anticipated costs of college.

1. A particular issue of state securities may be sold as an investment for the purpose of accumulating money for the future generally or to defray prospectively the anticipated costs of college if:
(a) The resolution authorizing its issuance states that purpose and the State Board of Finance approves the sale for that purpose; and
(b) The resolution for issuance provides for the payment of compound interest on the securities.
2. The resolution authorizing the issuance of securities for the purposes described in subsection 1:
(a) May describe the securities by a designation including the word "saving" or the phrase "saving for college";
(b) Must include a disclaimer that the State does not guarantee that the amount received at maturity will be adequate to meet the costs of college or other intended purpose; and
(c) Must include a disclaimer that the State does not guarantee the price for which a security may be sold before it matures.
(Added to NRS by 1993, 2279; A 1995, 2237)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.224 - General obligations: Types of securities.

The State may issue as general obligations any of the following types of state securities:
1. Notes;
2. Warrants;
3. Interim debentures;
4. Bonds; and
5. Temporary bonds,
payable from taxes, or payable from taxes and additionally securing such payment by a pledge of net revenues or gross revenues, as the Commission may determine, except as may be otherwise provided in any act supplemental hereto.
(Added to NRS by 1967, 777)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.225 - General obligation bonds subject to review and approval of State Board of Finance; exception.

Except for bonds issued by the Colorado River Commission of Nevada which are additionally supported by pledged revenues of a project, any general obligation bond authorized on the behalf and in the name of the State is subject to the review and approval of the State Board of Finance, unless otherwise provided by statute.
(Added to NRS by 1995, 2236; A 2001, 2443)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.226 - Special obligations: Types of securities.

The State may issue as special obligations any of the following types of state securities:
1. Notes;
2. Warrants;
3. Interim debentures;
4. Bonds; and
5. Temporary bonds,
in anticipation of net pledged revenues but not under any circumstances under their terms and the proceedings authorizing their issuance in anticipation of taxes nor in anticipation of gross pledged revenues. Such special obligation state securities may be payable from, secured by a pledge of, and constitute a lien on net pledged revenues.
(Added to NRS by 1967, 777)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.227 - Rates of interest for certain securities; agreement with third party for assurance of payment for securities; reimbursement for advances made pursuant to agreement.

1. In the case of securities bearing interest at a variable rate of interest, or in the case of securities with a term of 270 days or less issued as commercial paper under a program for the issuance of commercial paper to fund the costs of a project, to be deposited into the State General Fund and used for the general operations of the State or to refinance any previously issued commercial paper or other securities, the act or resolution authorizing the issuance of any state securities or any trust indenture or other instrument appertaining thereto may fix a rate or rates of interest or provide for the determination of the rate or rates from time to time by a designated agent according to the procedure specified in that resolution or other instrument. The rate so determined must approximate the rates then being paid for other securities which contain similar provisions and have an equivalent rating. The Commission may contract with or select any person to act as an agent to make that determination and shall specify parameters for the interest rate if it is fixed by such an agent.
2. The Commission may enter into an agreement with a third party for an assurance of payment of the principal of, the interest on, or premiums, if any, due in connection with any state securities issued by the Commission. The obligation of the Commission to reimburse that third party for any advances made pursuant to that agreement may be provided in that agreement, recited in those securities or evidenced by another instrument as designated in the act or resolution authorizing the issuance of those securities or any other instrument appertaining thereto. The Commission may assign its rights under that agreement.
(Added to NRS by 1985, 2088; A 2020, 31st Special Session, 3; 2021, 674)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.2275 - Variable rates of interest: Exemption from limitations; conclusive findings of Commission that procedure for determination of rates is reasonable.

In fixing the rate or rates of interest for state securities pursuant to subsection 1 of NRS 349.227 or the rate or rates of interest imposed on the Commission for reimbursement of any advances made under an agreement pursuant to subsection 2 of NRS 349.227, the Commission is not subject to any limitations on rates of interest provided by statute, including NRS 349.076, or provided in the bond question authorizing the issuance of those securities. The act or resolution fixing that rate or rates of interest must contain the findings of the Commission that the procedure specified in the act or resolution for determining that rate or rates is reasonable under existing or anticipated conditions in the market and is necessary and advisable for marketing the securities. These findings are conclusive. This section does not prohibit the Commission from fixing a maximum rate of interest in that act or resolution.
(Added to NRS by 1985, 2088)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.228 - Securities issued as general obligations payable from gross revenues: Covenant requiring appropriations to pay expenses of operation and maintenance.

Any resolution authorizing the issuance of general obligation state securities payable from gross revenues or any indenture or other proceedings appertaining thereto may contain a covenant of the State that to the extent required, as provided therein, the State will pay operation and maintenance expenses by appropriation from its General Fund and that to the extent the moneys accounted for therein are insufficient for that purpose the State shall levy taxes therefor.
(Added to NRS by 1967, 777)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.230 - Securities issued as general obligations constitute outstanding indebtedness of State; exceptions.

Any outstanding general obligation bonds, any temporary general obligation bonds to be exchanged for such definitive bonds, and any general obligation interim debentures constitute outstanding indebtedness of the State and exhaust the debt-incurring power of the state unless issued:
1. For the purpose of defraying extraordinary expenses, as mentioned in the last sentence of the first paragraph of Section 3 of Article 9 of the Constitution; or
2. For one of the purposes mentioned in the second paragraph of that section.
(Added to NRS by 1967, 777; A 1977, 795)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.232 - Securities issued as special obligations do not constitute outstanding indebtedness of State.

Any other state securities (except general obligation notes and general obligation warrants) constitute special obligations of the State, and all such other securities (including all notes and warrants, general obligations or special obligations, payable within 1 year from date) do not constitute outstanding indebtedness of the State nor exhaust its debt-incurring power under any such debt limitation.
(Added to NRS by 1967, 777)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.234 - Recitals required in state securities.

1. State securities issued hereunder and constituting special obligations shall recite in substance that the securities and the interest thereon are payable solely from the net revenues pledged to the payment thereof.
2. State securities issued hereunder and constituting general obligations shall pledge the full faith and credit of the State for their payment, shall so state, and shall state that they are payable from taxes.
3. General obligation state securities the payment of which is additionally secured by a pledge of revenues shall recite in substance, in addition to the statements required by subsection 2 of this section, that the payment of the securities and the interest thereon is additionally secured by a pledge of the net revenues or the gross revenues, as the case may be, designated in the securities.
(Added to NRS by 1967, 777)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.236 - Payment of principal of and interest on general obligation bonds from Consolidated Bond Interest and Redemption Fund.

Payment of the principal of and the interest on general obligation bonds shall be made from the Consolidated Bond Interest and Redemption Fund of the State of Nevada, under the provisions of NRS 349.080 to 349.140, inclusive, except as herein otherwise provided.
(Added to NRS by 1967, 778; A 1969, 1587)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.238 - Annual levy of special tax to pay interest on and retire securities issued as general obligations; proceeds of tax kept in two special funds.

1. There must be levied annually a special tax on all property, both real and personal, subject to taxation within the boundaries of the State of Nevada, fully sufficient together with the revenue which will result from application of the rate to the net proceeds of minerals, without regard to any statutory limitations now or hereafter existing, to pay the interest on the general obligation state securities and to pay and retire the securities as provided in the State Securities Law and in any act supplemental hereto. The amount of money to be raised by the tax must be included in the annual estimate or budget for each county in the state for each year for which the tax is hereby required to be levied. The tax must be levied and collected in the same manner and at the same time as other taxes are levied and collected.
2. The proceeds thereof levied to pay interest on the securities must be kept by the State Treasurer in a special fund, separate and apart from all other funds, and the proceeds of the tax levied to pay the principal of the securities must be kept by the Treasurer in a special fund, separate and apart from all other funds. The two special funds must be used for no other purpose than the payment of the interest on the securities and the principal thereof, respectively, when due.
(Added to NRS by 1967, 778; A 1989, 44; 2013, 3135)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.240 - Time and duration of levy of special tax.

Such tax shall be levied immediately after the issuance of any general obligation securities issued in accordance with the provisions of the State Securities Law, and annually thereafter, at the times and in the manner provided by law, until all of the securities, and the interest thereon, have been fully discharged. Such tax may be first levied after the state, acting by and through the Commission, has contracted to sell any securities but before their issuance.
(Added to NRS by 1967, 778; A 1975, 858)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.242 - Payment from State General Fund when taxes insufficient to pay amount due on securities issued as general obligations; reimbursement of State General Fund.

Any sums coming due on any general obligation state securities at any time when there are not on hand from such tax levy or levies sufficient funds to pay the same shall be promptly paid when due from the General Fund of the State, reimbursement to be made to such General Fund in the sums thus advanced when the taxes herein provided for have been collected.
(Added to NRS by 1967, 778)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.244 - Application of other available money to payment of interest on and principal of securities issued as general obligations.

Nothing contained in the State Securities Law shall be so construed as to prevent the State from applying any funds (other than taxes) that may be available for that purpose to the payment of the interest on or the principal of any general obligation state securities as the same respectively mature, including without limitation the payment of general obligation bonds as provided in NRS 349.236, and regardless of whether the payment of the general obligation state securities is additionally secured by a pledge of revenues, and upon such payments, the levy or levies of taxes provided in the State Securities Law may thereupon to that extent be diminished.
(Added to NRS by 1967, 778)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.248 - Proceeds of taxes specially appropriated to payment of principal and interest.

There is by the State Securities Law, and there shall be by resolution authorizing the issuance of any indebtedness contracted in accordance with the provisions of the State Securities Law, specially appropriated the proceeds of such taxes to the payment of such principal and interest; and such appropriations shall not be repealed nor the taxes postponed or diminished (except as herein otherwise expressly provided) until the principal of and interest on the state securities evidencing such debt have been wholly paid.
(Added to NRS by 1967, 779)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.250 - Payment of state securities not to be secured by encumbrance, mortgage or pledge of State’s property; exception.

The payment of state securities shall not be secured by an encumbrance, mortgage or other pledge of property of the State, except for its pledged revenues, proceeds of taxes and any other moneys pledged for the payment of the securities. No property of the State, subject to such exception, shall be liable to be forfeited or taken in payment of the securities.
(Added to NRS by 1967, 779)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.252 - Recourse against members of Commission and state officers and agents: Acceptance of securities constitutes waiver and release.

No recourse shall be had for the payment of the principal of, any interest on, and any prior redemption premiums due in connection with any bonds or other state securities or for any claim based thereon or otherwise upon the resolution authorizing their issuance or other instrument appertaining thereto, against any individual member of the Commission or any officer or other agent of the State, past, present or future, either directly or indirectly through the Commission or the State, or otherwise, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any penalty or otherwise, all such liability, if any, being by the acceptance of the securities and as a part of the consideration of their issuance specially waived and released.
(Added to NRS by 1967, 779; A 1975, 858)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.254 - Covenants in resolution authorizing issuance of special obligations impose no liability against State or its general credit.

None of the covenants, agreements, representations and warranties contained in any resolution authorizing the issuance of bonds or other state securities issued under the provisions of the State Securities Law and constituting special obligations, or in any other instrument appertaining thereto, in the absence of any breach thereof, shall ever impose or shall be construed as imposing any liability, obligation or charge against the State (except the special funds pledged therefor) or against the general credit of the State, payable out of the General Fund of the State, or out of any funds derived from taxation.
(Added to NRS by 1967, 779)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.256 - Faith of State pledged against repeal, amendment or modification of State Securities Law.

The faith of the State is hereby pledged that the State Securities Law, any law supplemental or otherwise appertaining thereto, and any other act concerning the bonds or other state securities, taxes or the pledged revenues or any combination of such securities, such taxes and such revenues, shall not be repealed nor amended or otherwise directly or indirectly modified in such a manner as to impair adversely any outstanding state securities, until all such securities have been discharged in full or provision for their payment and redemption has been fully made, including without limitation the known minimum yield from the investment or reinvestment of moneys pledged therefor in federal securities.
(Added to NRS by 1967, 779)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.262 - Issuance of state securities.

1. Notwithstanding the provisions of any other law, notes or bonds may be issued at public or private sale.
2. Warrants may be issued to evidence the amount due to any person furnishing services or materials as provided in the State Securities Law.
3. Temporary bonds must be issued to a purchaser of the definitive bonds in anticipation of the exchange of the former for the latter.
4. Interim debentures may be issued at public or private sale.
(Added to NRS by 1967, 781; A 1971, 2112; 1973, 559; 1989, 2182)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.270 - Securities sold publicly to be sold to responsible bidder making best bid; equal bids.

1. If securities are sold publicly and subject to the right of the Commission to reject any and all bids, the securities must be sold to the responsible bidder making the best bid.
2. If there are two or more equal bids for the securities and such equal bids are the best bids received and not less than the principal amount of the securities and accrued interest, except for any permitted discount, the Commission shall determine which bid must be accepted.
(Added to NRS by 1967, 782; A 1969, 1587; 1997, 3012)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.274 - Recital in securities conclusive evidence of validity and regularity of issuance.

A resolution providing for the issuance of bonds or other state securities hereunder or an indenture or other proceedings appertaining thereto may provide that the securities contain a recital that they are issued pursuant to the State Securities Law, which recital shall be conclusive evidence of their validity and the regularity of their issuance.
(Added to NRS by 1967, 782)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.276 - Denomination, negotiability and maturity of state securities; rate of interest.

1. As the Commission may determine, any bonds and other state securities issued hereunder, except as otherwise provided in the Constitution of the State, or in the State Securities Law, or in any act supplemental thereto, must:
(a) Be of a convenient denomination or denominations;
(b) Be fully negotiable within the meaning of and for all the purposes of the Uniform Commercial Code—Investment Securities;
(c) Mature at such a time or serially at such times in regular numerical order at annual or other designated intervals in such amounts as designated and fixed by the Commission;
(d) Be made payable in lawful money of the United States, at the office of the treasurer or any commercial bank or commercial banks within or without or both within and without the State as may be provided by the Commission; and
(e) Be printed at such a place within or without this state, as the Commission may determine.
2. Any such bonds or other state securities must bear interest at a rate or rates which do not exceed the limit provided in NRS 349.076. The interest must be made payable:
(a) If the security constitutes a debt subject to the limitations stated in the first paragraph of Section 3 of Article 9 of the Constitution of this state, not less often than semiannually.
(b) If the security does not constitute a debt or is issued for the protection and preservation of the State’s property or natural resources or for the purpose of obtaining the benefits thereof, at intervals which the Commission shall designate, and the first interest payment may be for another period.
3. General obligation bonds must mature within 20 years from their date or within 20 years from the date of passage of the act authorizing their issuance or the issuance of any securities funded or refunded thereby, whichever limitation is shorter; but any bonds constituting a debt which is not subject to the limitations stated in the first paragraph of Section 3 of Article 9 of the Constitution of this state must mature within 50 years from their date.
4. Special obligation bonds must mature within 50 years from their date.
(Added to NRS by 1967, 782; A 1969, 1290; 1971, 2113; 1975, 860; 1977, 34, 252; 1981, 1400; 1983, 571; 1985, 276; 2001, 2481)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.278 - Payment of principal, interest and premium when due without further order.

The principal of, the interest on and any prior redemption premium due in connection with any state securities shall be paid as the same become due in accordance with the terms of the securities and any resolutions and other proceedings appertaining to their issuance, without any warrant or further order or other preliminaries.
(Added to NRS by 1967, 783)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.280 - Interest coupons.

Any bonds issued hereunder (except temporary bonds) shall have one or two sets of interest coupons, bearing the number of the bond to which they are respectively attached, numbered consecutively in regular numerical order, and attached in such manner that they can be removed upon the payment of the installments of interest without injury to the bonds, except as herein otherwise provided.
(Added to NRS by 1967, 783)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.282 - Execution, signing, countersigning and authentication of state securities and coupons.

Bonds and other state securities issued hereunder shall be executed in the name of the State, shall be signed by the Governor, shall be countersigned by the Chair of the Commission (unless he or she is also the Governor), by the Controller and by the Treasurer, and shall be attested by the Secretary; and the bonds or other securities shall be authenticated by the great seal of the State of Nevada affixed thereto. Any coupons shall be signed by the Treasurer. Facsimile signatures may be used on any coupons.
(Added to NRS by 1967, 783)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.284 - Facsimile signatures and seals.

Any bonds or other securities, including without limitation any certificates endorsed thereon, may be executed with facsimile signatures and seals as provided in chapter 351 of NRS. (A compliance therewith is not a condition precedent to the execution of any coupon with a facsimile signature.)
(Added to NRS by 1967, 783; A 1985, 277)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.286 - Securities not invalid because signatories cease to fill offices.

The bonds, any coupons appertaining thereto and other securities, bearing the signatures of the officers in office at the time of the signing thereof, shall be the valid and binding obligations of the State, notwithstanding that before the delivery thereof and payment therefor any or all of the persons whose signatures appear thereon have ceased to fill their respective offices.
(Added to NRS by 1967, 783)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.288 - Adoption of facsimile signature of predecessor in office.

Any officer authorized or permitted to sign any bonds, any coupons or any other securities, at the time of their execution and of a signature certificate appertaining thereto, may adopt as and for his or her own facsimile signature the facsimile signature of his or her predecessor in office in the event that such facsimile signature appears upon the bonds, coupons and other securities appertaining thereto, or any combination thereof.
(Added to NRS by 1967, 784)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.290 - Redemption before maturity.

The Commission may provide for the redemption of any or all of the bonds or other state securities before maturity, in such order, by lot or otherwise, at such time or times, without or with the payment of such premium or premiums not exceeding 9 percent of the principal amount of each bond or other security so redeemed, and otherwise upon such terms as may be provided by the Commission in the resolution authorizing the issuance of the securities or other instrument appertaining thereto.
(Added to NRS by 1967, 784; A 1971, 2113; 1975, 860; 1981, 1401)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.292 - Repurchase of state securities.

Any bonds or other state securities may be repurchased by the Commission out of any funds available for such purpose at a price of not more than the principal amount thereof and accrued interest, plus the amount of the premium, if any, which might on the next prior redemption date of such securities be paid to the holders thereof if such securities should be called for redemption on such date pursuant to their terms, and all securities so repurchased shall be cancelled; but if the securities may not be called for prior redemption at the State’s option within 1 year from the date of their purchase, they may be repurchased without limitation as to price.
(Added to NRS by 1967, 784)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.294 - Use of money received from issuance of state securities.

All moneys received from the issuance of any securities herein authorized shall be used solely for the purpose or purposes for which issued and to defray wholly or in part the cost of the project thereby delineated. Any accrued interest and any premium shall be applied to the cost of the project or to the payment of the interest on or the principal of the securities, or both interest and principal, or shall be deposited in a reserve therefor, or any combination thereof, as the Commission may determine.
(Added to NRS by 1967, 784)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.296 - Disposition of unexpended balance of proceeds after completion of project.

Any unexpended balance of the proceeds of such securities remaining after the completion of the acquisition or improvement of properties pertaining to the project or otherwise the completion of the purpose or purposes for which such securities were issued shall be credited immediately to the fund or account created for the payment of the interest on or the principal of the securities, or both principal and interest, and shall be used therefor, subject to the provisions as to the times and methods for their payment as stated in the securities and the proceedings authorizing or otherwise appertaining to their issuance, or so paid into a reserve therefor, or any combination thereof, as the commission may determine.
(Added to NRS by 1967, 784)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.298 - Validity of securities not dependent on proceedings relating to project or completion of purpose; purchasers not responsible for application of proceeds.

1. The validity of any securities shall not be dependent on nor affected by the validity or regularity of any proceedings relating to a project or the proper completion of any purpose for which the securities are issued.
2. The purchaser or purchasers of the securities shall in no manner be responsible for the application of the proceeds of the securities by the State or any of its officers, agents and employees.
(Added to NRS by 1967, 784)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.300 - Special funds and accounts: Creation; purposes.

The Commission in any resolution authorizing the issuance of bonds or other securities hereunder or in any instrument or other proceedings appertaining thereto may create special funds and accounts for the payment of the cost of a project, of operation and maintenance expenses, of the securities, including the accumulation and maintenance of reserves therefor, of improvements, including the accumulation and maintenance of reserves therefor, and of other obligations appertaining to the securities, any project or any facilities.
(Added to NRS by 1967, 785)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.302 - Employment of legal and other expert services; contracts for sale and other purposes.

1. The Commission on the behalf of the State may employ legal, fiscal, engineering and other expert services in connection with any project or any facilities, or both such project and facilities, and the authorization, sale and issuance of bonds and other securities hereunder.
2. The Commission on the behalf of the State is authorized to enter into any contracts or arrangements, not inconsistent with the provisions hereof, with respect to the sale of bonds or other securities hereunder, the employment of engineers, architects, financial consultants and bond counsel, and other matters as the Commission may determine to be necessary or desirable in accomplishing the purposes hereof.
(Added to NRS by 1967, 785)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.303 - Delegation of power of Commission to sign contracts or accept binding bids for purchase of bonds; establishment of certain requirements and approval of certain terms by Commission for purchase of bonds.

1. The Commission may, before any sale of bonds, delegate to the Treasurer or his or her designee, or an agent in the case of securities described in subsection 1 of NRS 349.227, the authority to sign a contract for the purchase of the bonds or to accept a binding bid for the bonds subject to the requirements specified by the Commission concerning:
(a) The rate of interest on the bonds;
(b) The dates on which and the prices at which the bonds may be called for redemption before maturity;
(c) The price at which the bonds will be sold; and
(d) The principal amount of the bonds and the amount of principal maturing in any particular year.
2. All terms of the bonds other than:
(a) The rate of interest;
(b) The dates and prices for the redemption of the bonds;
(c) The price for the sale of the bonds;
(d) The principal amount of the bonds; and
(e) The requirements for the principal maturing in particular years,
must be approved by the Commission before the bonds are delivered.
3. The final rate of interest, dates and prices of redemption, price for the sale of the bonds, principal amount and the requirements for the principal amount maturing in particular years are not required to be approved by the Commission if each of those terms complies with the requirements specified by the Commission before the contract for the purchase of the bonds is signed or the bid for the bonds is accepted.
(Added to NRS by 1997, 3011; A 1999, 71; 2020, 31st Special Session, 4; 2021, 674)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.308 - Pledged revenues received or credited subject to immediate lien; priority and validity of lien.

1. Revenues pledged for the payment of any securities, as received by or otherwise credited to the State, shall immediately be subject to the lien of each such pledge without any physical delivery thereof, any filing or further act.
2. The lien of each such pledge and the obligation to perform the contractual provisions made in the authorizing resolution or other instrument appertaining thereto shall have priority over any or all other obligations and liabilities of the State, except as may be otherwise provided herein or in the resolution or other instrument, and subject to any prior pledges and liens theretofore created.
3. The lien of each such pledge shall be valid and binding as against all persons having claims of any kind in tort, contract or otherwise against the State irrespective of whether such persons have notice thereof.
(Added to NRS by 1967, 788)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.310 - Rights and powers of holders of state securities and trustees.

Subject to any contractual limitations binding upon the holders of any issue or series of state securities, or trustee therefor, including but not limited to the restriction of the exercise of any remedy to a specified proportion, percentage or number of such holders, and subject to any prior or superior rights of others, any holder of securities, or trustee therefor, shall have the right and power, for the equal benefit and protection of all holders of securities similarly situated:
1. By mandamus or other suit, action or proceeding at law or in equity to enforce his or her rights against the State, the Commission, and any other of the officers, agents and employees of the State, to require and compel the State, the Commission, or any such officers, agents or employees to perform and carry out their respective duties, obligations or other commitments hereunder and their respective covenants and agreements with the holder of any security;
2. By action or suit in equity to require the State to account as if it is the trustee of an express trust;
3. By action or suit in equity to have appointed a receiver, which receiver may enter and take possession of any facilities and any pledged revenues for the payment of the securities, prescribe sufficient fees derived from the facilities, and collect, receive and apply all pledged revenues or other moneys pledged for the payment of the securities in the same manner as the State itself might do in accordance with the obligations of the State; and
4. By action or suit in equity to enjoin any acts or things which may be unlawful or in violation of the rights of the holder of any securities and to bring suit thereupon.
(Added to NRS by 1967, 788)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.312 - Receivers: Appointment; powers and duties.

1. If a resolution of the Commission authorizing or providing for the issuance of any securities of any series or any other proceedings appertaining thereto contains a provision authorized by subsection 19 of NRS 349.306 and further provides in substance that any trustee appointed pursuant to subsection 16 of NRS 349.306 shall have the powers provided by that subsection, then such trustee, whether or not all of the bonds or other securities of such series have been declared due and payable, shall be entitled as of right to the appointment of a receiver of the facilities appertaining thereto.
2. Any receiver appointed as permitted by subsection 19 of NRS 349.306 may enter upon and take possession of the facilities and property appertaining thereto, and, subject to any pledge or contract with the holders of such securities, shall take possession of all moneys and other property derived from or applicable to the acquisition, operation, maintenance or improvement of the facilities and proceed with such acquisition, operation, maintenance or improvement which the Commission on the behalf of the State is under any obligation to do, and operate, maintain, equip and improve the facilities, and fix, charge, collect, enforce and receive the service charges and all revenues thereafter arising subject to any pledge thereof or contract with the holders of such securities relating thereto and perform the public duties and carry out the contracts and obligations of the State in the same manner as the Commission itself might do and under the direction of the court.
(Added to NRS by 1967, 789)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.314 - Rights and remedies cumulative.

No right or remedy conferred upon any holder of any securities or any coupon appertaining thereto or any trustee for such holder hereby or by any proceedings appertaining to the issuance of such securities or coupon is exclusive of any right or remedy, but each such right or remedy is cumulative and in addition to every other right or remedy and may be exercised without exhausting and without regard to any other remedy conferred hereby or by any other law.
(Added to NRS by 1967, 789)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.316 - Failure of holder to proceed does not relieve State, Commission and officers, agents and employees of State of liability for nonperformance of duties.

The failure of any holder of any state securities or any coupons appertaining thereto so to proceed as herein provided or in such proceedings shall not relieve the State, the Commission or any of the officers, agents and employees of the State of any liability for failure to perform or carry out any duty, obligation or other commitment.
(Added to NRS by 1967, 789)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.318 - Interim debentures: Issuance for general or special obligations; form; additional security.

1. Notwithstanding any limitation or other provision herein, whenever the State is authorized to issue general obligation bonds, regardless of whether majorities of the qualified electors of the State voting on a proposal to issue the general obligation bonds have authorized their issuance by the State for any project, the State is authorized to borrow money without any other election in anticipation of the proceeds of taxes, the proceeds of the bonds, the proceeds of pledged revenues, or any other moneys of the State, or any combination thereof, and to issue general obligation interim debentures to evidence the amount so borrowed.
2. The State also is authorized to borrow money without any election in anticipation of the proceeds of revenue bonds or any other special obligations of the State and of its pledged revenues, or any combination thereof, but excluding the proceeds of any taxes, and to issue special obligation interim debentures to evidence the amount so borrowed.
3. General obligation interim debentures and special obligation interim debentures may be in the form of a note, bond or line of credit agreement with a bank or other lender under which moneys are deposited into the State General Fund, either at one time or from time to time, and used for the general operations of the State or to pay the costs of a project.
4. Any general obligation interim debentures or special obligation interim debentures issued pursuant to this section and any bond administrative expenses may be additionally secured by pledged revenue for the benefit of the owners of the interim debentures and the obligees under any agreement described in subsection 3, by the pledge of, security interest in and first lien on all or a portion of the following, if applicable:
(a) Unrestricted revenues, including tax revenues, payable to the State General Fund to be used for the general operations of the State; or
(b) Money related to the interim debentures held on deposit in any other fund or account under any instrument or agreement pertaining to the interim debentures, including, without limitation, reserves therefor and income on such money.
5. As used in this section, "bond administrative expense" means any expense incurred by the State Treasurer, the State Board of Finance, bond trustees, paying agents, arbitrage compliance agents or any other person or entity to administer an interim debenture line of credit, notes or bonds in the name of the State of Nevada, or as otherwise necessary to ensure compliance with state or federal law.
(Added to NRS by 1967, 789; A 2020, 31st Special Session, 4; 2021, 674)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.320 - Issuance of state securities constituting debt to fund or refund special obligations not constituting indebtedness: Conditions; restrictions.

1. Except as otherwise provided in subsections 2 to 5, inclusive, this section does not authorize the State to issue any state securities constituting a debt for the purpose of funding or refunding state securities constituting special obligations which do not constitute an indebtedness.
2. Any special obligation securities of the State pertaining to any project may be funded or refunded by general obligation securities pertaining to the project only if the State is authorized by law to issue those funding or refunding securities at the time of their issuance, even though the State was not so authorized to issue them at the time of the issuance of any such funded or refunded securities.
3. If the issuance of general obligation bonds to defray the cost of the project is conditioned upon their approval by the qualified electors of the State at a special, primary or general election, any general obligation securities pertaining to the project and creating an indebtedness, by funding or refunding special obligation securities or otherwise, may be issued only if the bonds have been so approved at a special, primary or general election in the manner provided by law.
4. If a debt limitation pertains to any general obligation bonds or other securities of the State constituting an indebtedness and relating to any project, no general obligation securities pertaining to the project and creating an indebtedness, by funding or refunding special obligation securities or otherwise (in contradistinction to funding or refunding bonds merely reevidencing an indebtedness formerly evidenced by the securities funded or refunded), may be issued in a principal amount exceeding that debt limitation.
5. No bonds of the State may be refunded by the issuance of its interim debentures, its notes or its warrants. No interim debentures of the State may be funded by the issuance of its notes or its warrants.
(Added to NRS by 1967, 790; A 1969, 1587; 1993, 1066)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.322 - Interim debentures: Maturity; uses of proceeds; issuance.

1. Any interim debentures may mature at such time or times not exceeding a period of time equal to the estimated time needed to effect the purpose or purposes for which they are issued or for which the bonds are authorized to be issued, but not exceeding 5 years from the date of the interim debentures, or in the case of interim debentures in the form of a line of credit agreement, not exceeding 3 years from the first date on which a draw is made under the line of credit agreement, as the Commission may determine.
2. The proceeds of interim debentures shall be used to defray the cost of a project or for the purposes set forth in NRS 349.318.
3. Any notes or warrants or both notes and warrants may be funded with the proceeds of interim debentures, as well as bonds authorized by the Commission authorizing the issuance of the funded securities.
4. Except as otherwise provided in NRS 349.318 to 349.328, inclusive, interim debentures shall be issued as provided herein for state securities in NRS 349.230 to 349.316, and 349.352 to 349.364, inclusive.
(Added to NRS by 1967, 790; A 1969, 1587; 1975, 861; 2020, 31st Special Session, 5; 2021, 674)
2023 Nevada Revised Statutes › Chapter 349 - State Obligations › NRS 349.324 - Interim debentures: Security for payment.

1. Except as otherwise provided in NRS 349.320, the proceeds of taxes, 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; but the proceeds of taxes and the proceeds of bonds payable from taxes, or any combination thereof, must not be used to pay any special obligation interim debentures nor may their payment be secured by a pledge of any such general obligation bonds.
2. Any bonds pledged as collateral security for the payment of any interim debentures must mature at such time or times as the Commission may determine, except as otherwise provided in subsections 3 and 4 of NRS 349.276.
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 such 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 the rate permitted on the debenture or debentures secured, computed from the appropriate index which was most recently published before the bids are received or a negotiated offer is accepted.
(Added to NRS by 1967, 790; A 1969, 1290; 1971, 2113; 1975, 861; 1977, 35; 1981, 1401; 1983, 572)