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2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.538 - "Municipality" defined.

1. "Municipality" means any county, any incorporated city or town, including, without limitation, any city or town organized under the provisions of a special legislative act or other special charter, any unincorporated town, any school district or any quasi-municipal district, including, without limitation, the Nevada Rural Housing Authority and any district created pursuant to NRS 244.2961 or governed by title 25 of NRS, of this state, or any other public agency authorized to issue general or special obligations on behalf of any of these. Where the context so indicates, "municipality" means the geographical area comprising the municipality.
2. "Municipality" does not include an irrigation district or other special district governed by title 48 of NRS.
(Added to NRS by 1967, 424; A 1971, 2115; 1981, 947; 1983, 131; 1989, 76; 1995, 815)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.542 - "Operation and maintenance expenses" defined.

1. "Operation and maintenance expenses," or any phrase of similar import, means all reasonable and necessary current expenses of the municipality, paid or accrued, of operating, maintaining and repairing the facilities or of levying, collecting and otherwise administrating any excise taxes pertaining to the pledged revenues for the payment of the bonds or other securities issued hereunder; and the term may include at the governing body’s option (except as limited by contract or otherwise limited by law), without limiting the generality of the foregoing:
(a) Engineering, auditing, reporting, legal and other overhead expenses of the various municipal departments directly related and reasonably allocable to the administration of the facilities;
(b) Fidelity bond and property and liability insurance premiums appertaining to the facilities, or a reasonably allocable share of a premium of any blanket bond or policy pertaining to the facilities;
(c) Payments to pension, retirement, health and hospitalization funds and other insurance;
(d) Any taxes, assessments, excise taxes, or other charges which may be lawfully imposed on the municipality, any facilities, revenues therefrom, or any privilege in connection with any facilities or their operation;
(e) The reasonable charges of any paying agent, or commercial bank, trust bank or other depositary bank appertaining to any securities issued by the municipality or appertaining to any facilities;
(f) Contractual services, professional services, salaries, other administrative expenses, and costs of materials, supplies, repairs and labor, appertaining to the issuance of any municipal securities and to any facilities, including without limitation the expenses and compensation of any trustee, receiver or other fiduciary under the Local Government Securities Law;
(g) The costs incurred by the governing body in the collection and any refunds of all or any part of the pledged revenues, including without limitation revenues appertaining to any facilities;
(h) Any costs of utility services furnished to the facilities by the municipality or otherwise;
(i) Any lawful refunds of any pledged revenues; and
(j) All other administrative, general and commercial expenses.
2. The term "operation and maintenance expenses" does not include:
(a) Any allowance for depreciation;
(b) Any costs of improvements;
(c) Any accumulation of reserves for major capital replacements (other than normal repairs);
(d) Any reserves for operation, maintenance or repair of any facilities;
(e) Any allowance for the redemption of any bond or other municipal security evidencing a loan or other obligation or for the payment of any interest thereon;
(f) Any liabilities incurred in the acquisition or improvement of any properties comprising any project or of any existing facilities, or any combination thereof; and
(g) Any other ground of legal liability not based on contract.
(Added to NRS by 1967, 424, 425)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.550 - "Pledged revenues" defined.

"Pledged revenues" means the moneys pledged wholly or in part for the payment of bonds or other municipal securities issued in accordance with the provisions of the Local Government Securities Law, and, subject to any existing pledges or other contractual limitations:
1. May include at the governing body’s discretion moneys derived from one, all or any combination of revenue resources appertaining to any facilities, including without limitation use and service charges, rents, fees and any other income derived from the operation or ownership of, from the use or services of, or from the availability of or services appertaining to, the lease of, any sale or other disposal of, any contract or other arrangement, or otherwise derived in connection with any facilities or all or any part of any property appertaining to any facilities;
2. May so include all loans, grants, or contributions to the municipality, if any, conditional or unconditional, from the Federal Government, the State or any public body for the payment of the principal of, the interest on, and any prior redemption premiums due in connection with any municipal securities issued hereunder, or any combination thereof; and
3. May so include the proceeds of any excise taxes levied and collected by the municipality or otherwise received by it and authorized by law (other than the Local Government Securities Law) to be pledged for the payment of municipal securities issued in accordance with the provisions of the Local Government Securities Law, but excluding the proceeds of any taxes as defined in NRS 350.560.
(Added to NRS by 1967, 425; A 1971, 2115)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.552 - "Project" defined.

"Project" means any undertaking or undertakings which the governing body is authorized by law (other than the Local Government Securities Law) to do in the name of the municipality, the cost of which the governing body is authorized by law (other than the Local Government Securities Law) to defray wholly or in part by the issuance of bonds or other securities of the municipality as provided hereunder.
(Added to NRS by 1967, 426)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.554 - "Public body" defined.

"Public body" means the Nevada System of Higher Education, the Board of Regents of the University of Nevada, any county, city, town, school district, other type district, authority, commission or other type of body corporate and politic constituting a political subdivision of the State, other than the municipality proceeding hereunder.
(Added to NRS by 1967, 426; A 1993, 395; 2005, 364)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.556 - "State" defined.

"State" means the State of Nevada, or any board, department or other agency or instrumentality thereof, in the United States; and where the context so indicates, "State" means the geographical area comprising the State of Nevada.
(Added to NRS by 1967, 426; A 1971, 2115)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.558 - "Taxation" defined.

"Taxation" means the levy and collection of taxes as defined in NRS 350.560, but in NRS 350.710 "taxation" pertains to any type of tax, including, without limitation, any business, occupation or privilege tax, any other excise tax, and any property tax, except for the tax on estates imposed pursuant to the provisions of chapter 375A of NRS and the tax on generation-skipping transfers imposed pursuant to the provisions of chapter 375B of NRS.
(Added to NRS by 1967, 426; A 1969, 1592; 1989, 2107; 1991, 1710)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.562 - "Treasurer" defined.

1. "Treasurer" means:
(a) The de facto or de jure county treasurer, city treasurer, town treasurer or treasurer of any district, or his or her successor in functions, if any.
(b) The county treasurer in the case of any municipality (other than a county) which has no treasurer and for which the county treasurer is required or authorized by law to be the official custodian of the moneys of such municipality, or his or her successor in functions, if any.
2. "Treasurer" may mean the county treasurer if the governing body of the municipality (other than a county) expressly so provides in any instrument or other proceedings hereunder, or his or her successor in functions, if any.
(Added to NRS by 1967, 426)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.564 - "Trust bank" defined.

"Trust bank" means:
1. A commercial bank as defined in NRS 350.512 that is authorized to exercise and is exercising trust powers.
2. A branch of the Federal Reserve Bank.
3. A credit union whose deposits are insured by the National Credit Union Share Insurance Fund or by a private insurer approved pursuant to NRS 672.755 that is authorized to exercise and is exercising trust powers.
(Added to NRS by 1967, 426; A 1999, 1473)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.568 - Powers of municipality in connection with projects.

In connection with any project, the municipality, acting by and through the governing body, except as herein otherwise provided, may:
1. Sue and be sued;
2. Acquire and hold real or personal property, or rights or interests therein, and water rights;
3. Dispose of unnecessary or obsolete property, or property obtained for persons or public bodies within the State, including without limitation water or water rights, or rights or interests in any such property;
4. Make contracts and execute all instruments necessary or convenient, as determined by the governing body;
5. Acquire by contract or contracts or by its own agents and employees or otherwise acquire any properties for any project or projects, and operate and maintain such properties; and
6. Accept grants of money or materials or property of any kind from the Federal Government, the State, any public body or any person, upon such terms and conditions as the Federal Government, the State, public body or person may impose.
(Added to NRS by 1967, 426)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.569 - Power of eminent domain; reimbursement of public utility for removal and relocation.

1. The governing body may:
(a) Exercise on behalf of the municipality the power of eminent domain in the manner provided in chapter 37 of NRS, except as herein otherwise provided;
(b) Take any property necessary to carry out any of the objects or purposes concerning such a project, whether the property is already devoted to the same use by any person (but not the Federal Government, the State or any other public body in the absence of any provision to the contrary in any act supplemental hereto); and
(c) Condemn any existing works or improvements of any such person now or hereafter used.
2. The power of eminent domain vested in the governing body includes the power to condemn, in the name of the municipality, either the fee simple or any lesser estate or interest in any real property which the governing body by ordinance determines is necessary for carrying out the purposes hereof. The ordinance is prima facie evidence that the taking of the fee simple, easement or other interest, as the case may be, is necessary. The governing body shall not abandon any condemnation proceedings after the date upon which the municipality has taken possession of the property being acquired.
3. If the construction or other acquisition of any project, or any part thereof, makes necessary the removal and relocation of any public utilities, whether on private or public right-of-way, or otherwise, the governing body shall reimburse the owner of the public utility facility for the expense of removal and relocation, including the cost of any necessary land or rights in land, except where the cost of removal and relocation is or has been considered a proper element of just compensation in any settlement by negotiation or in any eminent domain proceeding.
(Added to NRS by 1985, 277)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.570 - Power of municipality to become obligated and issue securities for project.

For the purpose of paying the cost of any project authorized by law (other than the Local Government Securities Law), at any time or from time to time the municipality may borrow money or otherwise become obligated for the project and may evidence any such obligation by the issuance of municipal securities in accordance with the provisions of the Local Government Securities Law, to the extent otherwise authorized by law.
(Added to NRS by 1967, 427)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.572 - Types of securities which may be issued; series.

The municipality may issue, in one series or more, without the municipal 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 municipal 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 municipality, any one or more or all of the following types of municipal securities:
1. Notes, evidencing any amount borrowed by the municipality;
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 municipality and appertaining to a project;
3. Bonds, evidencing any amount borrowed by the municipality 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 medium-term obligations, construction loans, and other temporary loans of not exceeding 10 years, in supplementation of long-term financing and the issuance of bonds, as provided in NRS 350.672 to 350.682, inclusive.
(Added to NRS by 1967, 427; A 1975, 252; 1989, 54; 1997, 554)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.573 - Sale of right to call for purchase of securities.

1. A municipality may sell the right to call for purchase all or any part of an issuance of securities if, in the ordinance authorizing the issuance of the securities, it has:
(a) Reserved the right to make the sale;
(b) Provided the time during which a call may be exercised; and
(c) Provided the price of the purchase.
2. The municipality shall set forth the price and other terms for the sale of the right to call the security in the ordinance authorizing the issuance of the security or a supplemental ordinance adopted before or at the time of the sale of a right to call the security.
3. The owner of the right to call the security may call it only as provided in the ordinance authorizing the issuance of the security or in an ordinance supplemental thereto. A supplemental ordinance must not amend the time during which a call may be exercised or the price of the purchase.
4. The municipality may purchase its own security pursuant to a right to call the security for purchase. A call for purchase must be in accordance with the price and other terms for the purchase set forth in the ordinance authorizing the issuance of the security or in an ordinance supplemental thereto. A supplemental ordinance must not amend the time during which a call may be exercised or the price of the purchase. Such a purchase by a municipality does not discharge the indebtedness evidenced by the security unless the municipality cancels the security so purchased.
(Added to NRS by 1993, 1983)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.574 - 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 governing body may determine. They shall not be extended or funded except by the issuance of bonds or interim debentures in compliance with NRS 350.672 to 350.680, inclusive, and other provisions supplemental thereto.
(Added to NRS by 1967, 427)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.575 - Resolution to finance preservation or restoration of historic structure; approval of Executive Director of Department of Taxation; appeal to Nevada Tax Commission.

1. Upon the adoption of a resolution to finance the preservation or restoration of a historic structure, in the manner provided in NRS 350.087, by a municipality, a certified copy thereof must be forwarded to the Executive Director of the Department of Taxation, accompanied by a letter from the Office of Historic Preservation of the State Department of Conservation and Natural Resources certifying that the preservation or restoration conforms to accepted standards for such work. As soon as is practicable, the Executive Director of the Department of Taxation shall, after consideration of the tax structure of the municipality concerned and the probable ability of the municipality to repay the requested financing, approve or disapprove the resolution in writing to the governing board. No such resolution is effective until approved by the Executive Director of the Department of Taxation. The written approval of the Executive Director of the Department of Taxation must be recorded in the minutes of the governing board.
2. If the Executive Director of the Department of Taxation does not approve the financing resolution, the governing board of the municipality may appeal the Executive Director’s decision to the Nevada Tax Commission.
3. As used in this section, "historic structure" means a building, facility or other structure, including, without limitation, a landmark, which is eligible for listing in the State Register of Historic Places under NRS 383.085.
(Added to NRS by 1985, 2178; A 1993, 1570; 1995, 1813; 2001, 939; 2011, 2973; 2019, 972)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.5755 - Issuance of negotiable notes or bonds to finance restoration of historic structure; maturity; interest.

1. Whenever the governing body of any municipality is authorized to enter into financing for restoration of a historic structure, as provided in NRS 350.575, the governing body may issue, as evidence thereof, negotiable notes or bonds.
2. The negotiable notes or bonds must:
(a) Mature not later than 15 years after the date of issuance.
(b) Bear interest at a rate or rates which do not exceed by more than 3 percent the Index of Twenty Bonds which was most recently published before the bids are received or a negotiated offer is accepted.
(Added to NRS by 1985, 2178)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.576 - Temporary bonds: Conditions, terms and provisions; holder’s rights and remedies.

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, 427)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.579 - Emergency ordinances: Adoption; effective date.

1. Any ordinance pertaining to the sale, issuance or payment of bonds or other securities of the municipality (or any combination thereof) may be adopted as if an emergency existed.
2. The governing body’s declaration, if any, in any ordinance that it is such an ordinance shall be conclusive in the absence of fraud or gross abuse of discretion.
3. Such an ordinance may become effective at any time when an emergency ordinance of the municipality may go into effect.
4. Such an ordinance may be adopted by an affirmative vote of not less than two-thirds of all the voting members of the governing body (excluding from any such computation any vacancy on the governing body and any member thereon who may vote only to break a tie vote).
(Added to NRS by 1969, 1612; A 1975, 866)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.580 - General obligations: Types of securities.

The municipality may issue as general obligations any of the following types of municipal 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 governing body may determine, except as may be otherwise provided in any act supplemental hereto.
(Added to NRS by 1967, 428)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.582 - Special obligations: Types of securities.

The municipality may issue as special obligations any of the following types of municipal 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, unless otherwise expressly provided in any act supplemental hereto, in anticipation of gross pledged revenues. Such special obligation municipal securities may be payable from, secured by a pledge of, and constitute a lien on net pledged revenues and if expressly so provided in any act supplemental hereto gross pledged revenues.
(Added to NRS by 1967, 428)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.5835 - Variable rates of interest: Exemption from limitations; conclusive findings of governing body that procedure for determination of rates is reasonable.

In fixing the rate or rates of interest for municipal securities pursuant to subsection 1 of NRS 350.583 or the rate or rates of interest imposed on the governing body for reimbursement of any advances made under an agreement pursuant to subsection 2 of NRS 350.583, the governing body is not subject to any limitations on rates of interest provided by statute, including NRS 350.2011, or provided in the question at an election authorizing the issuance of those securities. The ordinance or resolution fixing that rate or rates of interest must contain the findings of the governing body that the procedure specified therein 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 governing body from fixing a maximum rate of interest in that ordinance or resolution.
(Added to NRS by 1985, 2089)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.584 - Municipal securities payable from gross revenues: Covenant requiring appropriations to pay operation and maintenance expenses.

Any ordinance authorizing the issuance of general obligation securities or special obligation securities payable from gross revenues or any indenture or other proceedings appertaining thereto may contain a covenant of the municipality that to the extent required, as provided therein, the municipality 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 municipality shall levy taxes therefor.
(Added to NRS by 1967, 428)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.586 - Securities issued as general obligations constitute outstanding indebtedness.

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 municipality and exhaust the debt-incurring power of the municipality under any statutory debt limitation appertaining thereto.
(Added to NRS by 1967, 428)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.588 - Securities issued as special obligations do not constitute outstanding indebtedness.

Any other municipal securities (except general obligation notes and general obligation warrants) constitute special obligations of the municipality, 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 municipality nor exhaust its debt-incurring power under any such debt limitation.
(Added to NRS by 1967, 428)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.590 - Recitals required in municipal securities.

1. Municipal 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 or gross revenues pledged to the payment thereof.
2. Municipal securities issued hereunder and constituting general obligations shall pledge the full faith and credit of the municipality for their payment, shall so state, and shall state that they are payable from taxes.
3. General obligation municipal 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, 428)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.592 - Annual levy of special tax to pay interest on and retire securities issued as general obligations; proceeds of tax kept in two special funds; consolidated debt service fund.

1. There must be levied annually in due season a special tax on all property, both real and personal, subject to taxation within the boundaries of the municipality, 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 or charter tax limitations other than the limitation set forth in NRS 361.453, to pay the interest on the general obligation municipal securities and to pay and retire the securities as provided in the Local Government 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 within 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 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; but, except as prevented by any contractual limitations imposed upon the municipality by proceedings appertaining to its outstanding securities, the municipality may provide for a consolidated debt service fund to pay principal of and interest on outstanding securities, when due.
(Added to NRS by 1967, 429; A 1967, 944; 1989, 44; 1993, 2659; 2013, 3135)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.594 - 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 Local Government 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 municipality has contracted to sell any securities but before their issuance.
(Added to NRS by 1967, 429; A 1975, 866)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.596 - Payment from general fund when taxes insufficient to pay amount due on securities issued as general obligations; reimbursement of general fund.

Any sums coming due on any general obligation municipal 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 municipality, 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, 429)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.598 - Application of other available money to payment of interest on and principal of securities issued as general obligations.

Nothing contained in the Local Government Securities Law shall be so construed as to prevent the municipality 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 municipal securities as the same respectively mature, and regardless of whether the payment of the general obligation municipal securities is additionally secured by a pledge of revenues, and upon such payments, the levy or levies of taxes provided in the Local Government Securities Law may thereupon to that extent be diminished.
(Added to NRS by 1967, 429)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.602 - Proceeds of taxes specially appropriated to payment of principal and interest.

There is by the Local Government Securities Law, and there shall be by ordinance authorizing the issuance of any indebtedness contracted in accordance with the provisions of the Local Government 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 municipal securities evidencing such debt have been wholly paid.
(Added to NRS by 1967, 430)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.604 - Payment of municipal securities not to be secured by encumbrance, mortgage or pledge of municipality’s property; exception.

1. Except as otherwise provided in subsection 2:
(a) The payment of municipal securities may not be secured by an encumbrance, mortgage or other pledge of property of the municipality; and
(b) No property of the municipality is liable to be forfeited or taken in payment of the securities.
2. The payment of municipal securities may be secured by pledged revenues, proceeds of taxes and any other money pledged for the payment of the securities. A municipality may encumber, mortgage or otherwise pledge property purchased from the proceeds of a loan to secure repayment of that loan.
(Added to NRS by 1967, 430; A 1989, 709)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.606 - Recourse against officers and agents of municipality: 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 municipal securities or for any claim based thereon or otherwise upon the ordinance authorizing their issuance or other instrument appertaining thereto, against any individual member of the governing body or any officer or other agent of the municipality, past, present or future, either directly or indirectly through the governing body or the municipality, 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, 430; A 1975, 866)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.608 - Covenants in ordinance authorizing issuance of special obligations impose no liability against municipality or its general credit.

None of the covenants, agreements, representations and warranties contained in any ordinance authorizing the issuance of bonds or other municipal securities issued under the provisions of the Local Government 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 municipality (except the special funds pledged therefor) or against the general credit of the municipality, payable out of the general fund of the municipality, or out of any funds derived from taxation.
(Added to NRS by 1967, 430)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.610 - Faith of State pledged against repeal, amendment or modification of Local Government Securities Law.

The faith of the State is hereby pledged that the Local Government Securities Law, any law supplemental or otherwise appertaining thereto, and any other act concerning the bonds or other municipal 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 municipal 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, 431)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.616 - Sale or issuance of municipal securities.

1. Notes, bonds and interim debentures must be sold in the manner prescribed in NRS 350.105 to 350.195, inclusive.
2. Warrants may be issued to evidence the amount due to any person furnishing services or materials as provided in the Local Government 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.
(Added to NRS by 1967, 432; A 1971, 2117; 1973, 560; 1983, 593; 1995, 1022)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.628 - Recital in securities conclusive evidence of validity and regularity of issuance.

An ordinance providing for the issuance of bonds or other municipal 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 Local Government Securities Law, which recital shall be conclusive evidence of their validity and the regularity of their issuance.
(Added to NRS by 1967, 433)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.630 - Denomination, negotiability and maturity of municipal securities; rate of interest.

1. As the governing body may determine, any bonds and other municipal securities issued hereunder, except as otherwise provided in the Local Government 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 time or serially at such times in regular numerical order at annual or other designated intervals in amounts designated and fixed by the governing body, except as herein otherwise provided;
(d) Bear interest at a rate or rates which do not exceed the limit provided in NRS 350.2011, payable annually, semiannually or at other designated intervals, but the first interest payment date may be for interest accruing for any other period;
(e) 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 governing body; and
(f) Be printed at such a place, within or without this State, as the governing body may determine.
2. Except as otherwise provided in subsection 3, general obligation bonds must mature within 30 years from their respective dates and, if they mature serially, commencing not later than the fifth year thereafter, in such manner as the governing body may determine.
3. General obligation bonds issued for a water facility or wastewater facility must mature within 40 years from their respective dates and, if they mature serially, commencing not later than the 15th year thereafter, in such manner as the governing body may determine.
4. Special obligation bonds must mature within 50 years from their respective dates.
5. As used in this section:
(a) "Wastewater facility" has the meaning ascribed to it in NRS 377B.030.
(b) "Water facility" has the meaning ascribed to it in NRS 377B.050.
(Added to NRS by 1967, 433; A 1969, 1293; 1971, 2118; 1975, 867; 1981, 948, 1404; 1983, 575; 2011, 3327)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.632 - 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 municipal securities shall be paid as the same become due in accordance with the terms of the securities and any ordinances and other proceedings appertaining to their issuance, without any warrant or further order or other preliminaries.
(Added to NRS by 1967, 433)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.634 - 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, 434)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.636 - Execution, signing and authentication of municipal securities and coupons.

Bonds and other municipal securities issued hereunder shall be executed in the name of the municipality, shall be signed by the chair of the municipality and by the treasurer, and shall be attested by the clerk; and the bonds or other securities shall be authenticated by the seal of the municipality affixed thereto, unless it has no seal. Any coupons shall be signed by the treasurer. Facsimile signatures may be used on any coupons.
(Added to NRS by 1967, 434)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.638 - 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, 434; A 1985, 279)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.640 - 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 municipality, 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, 434)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.642 - 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, 435)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.644 - Redemption before maturity.

The governing body may provide for the redemption of any or all of the bonds or other municipal securities before maturity, in such order, by lot or otherwise, at such a time or times, without or with the payment of such a 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 governing body in the ordinance authorizing the issuance of the securities or other instrument appertaining thereto.
(Added to NRS by 1967, 435; A 1971, 2118; 1975, 868; 1981, 1405)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.646 - Repurchase of municipal securities.

Any bonds or other municipal securities may be repurchased by the governing body 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 municipality’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, 435)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.648 - Use of money received from issuance of municipal 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 governing body may determine.
(Added to NRS by 1967, 435)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.650 - 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 governing body may determine.
(Added to NRS by 1967, 435)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.652 - 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 municipality or any of its officers, agents and employees.
(Added to NRS by 1967, 435)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.654 - Special funds and accounts: Creation; purposes.

The governing body in any ordinance 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, 436)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.656 - Employment of legal and other expert services; contracts for sale and other purposes.

1. The governing body on the behalf of the municipality 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 governing body on the behalf of the municipality 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 governing body may determine to be necessary or desirable in accomplishing the purposes hereof.
(Added to NRS by 1967, 436)