reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.659 - Investment and reinvestment of revenues and proceeds of taxes and certain securities in investment contract collateralized with federal securities by governing body in county whose population is 20,000 or more.

The governing body of a local government in a county whose population is 20,000 or more, subject to any contractual limitations from time to time imposed upon the local government by any ordinance authorizing the issuance of outstanding securities of the local government or by any trust indenture or other proceedings appertaining thereto, may cause to be invested and reinvested, except as otherwise provided in NRS 350.698, any proceeds of taxes, any pledged revenues and any proceeds of bonds or other local government securities issued hereunder for which the amount of the principal of the original issuance was $5,000,000 or more in an investment contract that is collateralized with securities issued by the Federal Government or agencies of the Federal Government if:
1. The collateral has a market value of at least 102 percent of the amount invested and any accrued unpaid interest thereon;
2. In a county whose population is 20,000 or more but less than 55,000:
(a) The local government employs a full-time finance director; and
(b) The terms of the investment contract have been reviewed by independent bond counsel, who has determined that the contract complies with this section;
3. The local government receives a security interest in the collateral that is fully perfected and the collateral is held in custody for the local government or its trustee by a third-party agent of the local government which is a commercial bank authorized to exercise trust powers;
4. The market value of the collateral is determined not less frequently than weekly and, if the ratio required by subsection 1 is not met, sufficient additional collateral is deposited with the agent of the local government to meet that ratio within 2 business days after the determination; and
5. The party with whom the investment contract is executed is a commercial bank, or that party or a guarantor of the performance of that party is:
(a) An insurance company which has a rating on its ability to pay claims of not less than "Aa2" by Moody’s Investors Service, Inc., or "AA" by Standard and Poor’s Ratings Services, or their equivalent; or
(b) An entity which has a credit rating on its outstanding long-term debt of not less than "A2" by Moody’s Investors Service, Inc., or "A" by Standard and Poor’s Ratings Services, or their equivalent.
(Added to NRS by 1997, 2868; A 2003, 824; 2007, 2522; 2011, 1218)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.662 - 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 municipality, 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 municipality, 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 municipality irrespective of whether such persons have notice thereof.
(Added to NRS by 1967, 439)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.664 - Rights and powers of holders of municipal securities and trustees.

Subject to any contractual limitations binding upon the holders of any issue or series of municipal 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 municipality, the governing body, and any other of the officers, agents and employees of the municipality, to require and compel the municipality, the governing body, 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 municipality 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 municipality itself might do in accordance with the obligations of the municipality; 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, 439)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.666 - Receivers: Appointment; powers and duties.

1. If an ordinance of the governing body authorizing or providing for the issuance of any municipal securities of any series or any other proceedings appertaining thereto contains a provision authorized by subsection 19 of NRS 350.660 and further provides in substance that any trustee appointed pursuant to subsection 16 of NRS 350.660 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 350.660 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 governing body on the behalf of the municipality 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 municipality in the same manner as the governing body itself might do and under the direction of the court.
(Added to NRS by 1967, 440)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.668 - 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, 440)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.670 - Failure of holder to proceed does not relieve municipality, governing body and officers, agents and employees of municipality of liability for nonperformance of duties.

The failure of any holder of any municipal securities or any coupons appertaining thereto so to proceed as herein provided or in such proceedings shall not relieve the municipality, the governing body or any of the officers, agents and employees of the municipality of any liability for failure to perform or carry out any duty, obligation or other commitment.
(Added to NRS by 1967, 440)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.672 - Interim debentures: Issuance for general or special obligations.

1. Notwithstanding any limitation or other provision herein, whenever the municipality is authorized to issue general obligation bonds, but only if the qualified electors of the municipality voting on a proposal to issue the general obligation bonds have authorized in the manner required by law their issuance by the municipality for any project, if such general obligation bonds as a condition to their issuance are so required to be authorized at an election, the municipality 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 municipality, or any combination thereof, and to issue general obligation interim debentures to evidence the amount so borrowed.
2. Notwithstanding any limitation or other provision herein, whenever the municipality is authorized to issue special obligation revenue bonds, but only if the qualified electors of the municipality voting on a proposal to issue the revenue bonds have authorized in the manner required by law their issuance by the municipality for any project, if such revenue bonds as a condition to their issuance are so required to be authorized at an election, the municipality also is authorized to borrow money without any election in anticipation of the proceeds of revenue bonds or any other special obligations of the municipality 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.
(Added to NRS by 1967, 440)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.674 - Issuance of municipal securities constituting debt to fund or refund special obligations not constituting indebtedness: Conditions; restrictions.

1. Subject to the provisions of subsections 2, 3, 4 and 5, nothing contained herein shall be construed as authorizing the municipality to issue any municipal securities constituting a debt for the purpose of funding or refunding municipal securities constituting special obligations which do not constitute an indebtedness.
2. Any special obligation securities of a municipality pertaining to any project may be funded or refunded by general obligation securities pertaining to the project only if the municipality is authorized by law to issue such funding or refunding securities at the time of their issuance, even though the municipality 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 municipality at an 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 an election in the manner provided by law.
4. If a debt limitation pertains to any general obligation bonds or other securities of a municipality 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), shall be issued in a principal amount exceeding such debt limitation.
5. No bonds of a municipality shall be refunded by the issuance of its interim debentures, its notes or its warrants. No interim debentures of a municipality shall be funded by the issuance of its notes or its warrants.
(Added to NRS by 1967, 441; A 1969, 1593)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.676 - Interim debentures: Maturity; use 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, as the governing body may determine.
2. The proceeds of interim debentures shall be used to defray the cost of a project.
3. Any notes or warrants or both notes and warrants may be funded with the proceeds of interim debentures, as well as bonds.
4. Except as otherwise provided in NRS 350.672 to 350.682, inclusive, interim debentures shall be issued as provided herein for municipal securities in NRS 350.584 to 350.670, inclusive, and NRS 350.708 to 350.720, inclusive.
(Added to NRS by 1967, 441; A 1969, 1593; 1975, 868)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.678 - Interim debentures: Security for payment.

1. Except as otherwise provided in NRS 350.674, 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 governing body may determine, except as otherwise provided in subsections 2, 3 and 4 of NRS 350.630.
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 may 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, 441; A 1969, 1294; 1971, 2119; 1975, 868; 1981, 1405; 1983, 576; 2011, 3328)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.680 - Interim debentures: Extension and funding.

No interim debentures issued pursuant to the provisions of NRS 350.672 to 350.678, inclusive, shall be extended or funded except by the issuance or reissuance of a bond or bonds in compliance with NRS 350.682.
(Added to NRS by 1967, 442)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.682 - Interim debentures: Funding by reissuance of bonds pledged as collateral security; issuance of other bonds.

1. For the purpose of funding any interim debentures, any bonds pledged as collateral security to secure the payment of such interim debentures, upon their surrender as pledged property, may be reissued without an election, and any bonds not previously issued but authorized to be issued, at an election in the case of bonds required by law so to be authorized, and otherwise merely by the governing body, for a purpose or purposes the same as or encompassing the purpose or purposes for which the interim debentures were issued, may be issued for such a funding.
2. Any such bonds shall mature at such time or times as the governing body may determine, except as otherwise provided in subsections 2, 3 and 4 of NRS 350.630.
3. Bonds for funding, including but not necessarily limited to any such reissued bonds, and bonds for any other purpose or purposes may be issued separately or issued in combination in one series or more.
4. Except as herein otherwise provided in this section and in NRS 350.676, 350.678 and 350.680, any such funding bonds shall be issued as is provided herein for other bonds.
(Added to NRS by 1967, 442; A 2011, 3328)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.684 - Refunding of general and special obligation bonds: Ordinance; trust indenture.

Subject to the provisions of NRS 350.674, any general obligation bonds or special obligation bonds of the municipality issued in accordance with the provisions of the Local Government Securities Law or any other act and payable from any pledged revenues and any general obligation bonds of the municipality so issued but not payable from pledged revenues may be refunded on behalf of the municipality by the governing body, without the necessity of the refunding bonds being authorized at an election except as otherwise provided in NRS 350.674, by the adoption of an ordinance or ordinances by the governing body and by any trust indenture or other proceedings appertaining thereto, authorizing the issuance of refunding bonds to refund, pay and discharge all or any part of such outstanding bonds of any one or more or all outstanding issues:
1. For the acceleration, deceleration or other modification of the payment of such obligations, including any interest thereon in arrears, or about to become due for any period not exceeding 3 years from the date of the refunding bonds, unless the capitalization of interest on bonds constituting an indebtedness increases the municipal debt in excess of the municipality’s debt limitation, if any;
2. For the purpose of reducing interest costs or effecting other economies;
3. For the purpose of modifying or eliminating restrictive contractual limitations appertaining to the issuance of additional bonds, otherwise concerning the outstanding bonds, or otherwise relating to any facilities appertaining thereto; or
4. For any combination of the purposes stated in subsections 1, 2 and 3.
(Added to NRS by 1967, 442; A 1969, 1594)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.686 - Calls for prior redemption: Limitations.

Nothing contained in the Local Government Securities Law or in any other law of this state shall be construed to permit the governing body to call on behalf of the municipality bonds or other securities outstanding now or any time after April 12, 1967, for prior redemption in order to fund or refund such securities or in order to pay them prior to their stated maturities, unless the right to call such securities for prior redemption was specifically reserved and stated in such securities at the time of their issuance, and all conditions with respect to the manner, price and time applicable to such prior redemption as set forth in the proceedings authorizing the outstanding securities are strictly observed. It is the intention of the Legislature in this section to make it certain that the holder of no outstanding bond or other security may be compelled to surrender such security for funding or refunding prior to its stated maturity or optional date of prior redemption expressly reserved therein, even though such funding or refunding might result in financial benefit to the municipality.
(Added to NRS by 1967, 442; A 1967, 943; 1969, 1594)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.688 - Exchange of outstanding securities held by State or its agencies for funding or refunding.

Notwithstanding the provisions of NRS 350.686 or of any other law, this state, acting by and through the State Board of Finance, may agree with the governing body to exchange any outstanding bonds or other securities issued by the municipality and held by the State, or any agency, corporation, department or other instrumentality of the State, for funding or refunding bonds or other funding securities of the municipality or otherwise to surrender at such price and time and otherwise upon such conditions and other terms and in such manner as may be mutually agreeable such outstanding bonds or other securities to the governing body for funding or refunding at any time prior to their respective maturities or to any date as of which the municipality has the right and option to call on its behalf such outstanding securities for prior redemption as expressly provided in the outstanding securities and any ordinance, trust indenture or other proceedings authorizing their issuance.
(Added to NRS by 1967, 443; A 1969, 1595)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.692 - Refunding bonds: Sale or exchange for outstanding bonds; exchange for federal securities.

1. Any bonds issued for refunding purposes may be delivered in exchange for the outstanding bonds being refunded or may be sold in the manner prescribed in NRS 350.105 to 350.195, inclusive.
2. The refunding bonds, or any part thereof, except as limited by subsection 2 of NRS 350.698, may be exchanged by the municipality for federal securities and other securities of the Federal Government which have been made available for escrow investment by any purchaser of refunding bonds, upon terms of exchange mutually agreed upon, and any such securities so received by the municipality must be placed in escrow as provided in NRS 350.696 and 350.698.
(Added to NRS by 1967, 443; A 1995, 1022)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.694 - Conditions for refunding bonds.

1. No bonds may be refunded under this chapter unless the holders thereof voluntarily surrender them for exchange or payment, or unless they either mature or are callable for prior redemption under their terms within 25 years from the date of issuance of the refunding bonds. Provision must be made for paying the securities within that period.
2. The maturity of any bond refunded may not be extended beyond 25 years, or beyond 1 year next following the date of the last outstanding maturity, whichever limitation is later, nor may any interest on any bond refunded be increased to any rate which exceeds the limit provided in NRS 350.2011.
3. The principal amount of the refunding bonds may exceed the principal amount of the refunded bonds, but in the case of any bonds constituting a debt the principal of the bonds may not be increased to any amount in excess of any municipal debt limitation.
4. The principal amount of the refunding bonds may also be less than or the same as the principal amount of the bonds being refunded so long as provision is duly and sufficiently made for their payment.
5. If at the time of the issuance of any issue of general obligation refunding bonds provision is not made for the redemption of all the outstanding bonds of the issue refunded or the outstanding bonds of each issue refunded, as the case may be, by the use of proceeds of the refunding bonds and any other money available for the redemption, the general obligation refunding bonds may mature but are not required to mature serially in accordance with subsections 2 and 3 of NRS 350.630.
(Added to NRS by 1967, 443; A 1969, 1294; 1971, 2119; 1975, 869; 1981, 948, 1405; 1983, 576, 1595; 2011, 3329)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.696 - Refunding bonds: Disposition of proceeds, accrued interest and premium; costs; escrow; trusts.

1. Except as herein otherwise provided, the proceeds of refunding bonds shall either be immediately applied to the retirement of the bonds to be refunded or be placed in escrow or trust in any trust bank or trust banks within or without or both within and without this state to be applied to the payment of the refunded bonds or the refunding bonds, or both the refunded bonds and the refunding bonds, upon their presentation therefor to the extent, in such priority and otherwise in the manner which the governing body may determine.
2. The incidental costs of refunding bonds may be paid by the purchaser of the refunding bonds or be defrayed from any general fund (subject to appropriations therefor as otherwise provided by law) or other available revenues of the municipality under the control of the governing body or from the proceeds of the refunding bonds, or from the interest or other yield derived from the investment of any refunding bond proceeds or other moneys in escrow or trust, or from any other sources legally available therefor, or any combination thereof, as the governing body may determine.
3. Any accrued interest and any premium appertaining to a sale of refunding bonds may be applied to the payment of the interest thereon or the principal thereof, or to both interest and principal, or may be deposited in a reserve therefor, or may be used to refund bonds by deposit in escrow, trust or otherwise, or may be used to defray any incidental costs appertaining to the refunding, or any combination thereof, as the governing body may determine.
(Added to NRS by 1967, 444)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.698 - Proceeds of refunding bonds in escrow or trust: Investment; security; sufficient amount; purchaser not responsible for application of proceeds.

1. Any such escrow or trust shall not necessarily be limited to proceeds of refunding bonds but may include other moneys available for its purpose.
2. Any proceeds in escrow or trust, pending such use, may be invested or reinvested in federal securities, and in the case of an escrow or trust for the refunding of outstanding municipal special obligation (but not general obligation) securities, in other securities issued by the Federal Government, if the ordinance authorizing the issuance of such outstanding municipal securities or any trust indenture or other proceedings appertaining thereto expressly permits any such investment or reinvestment in such securities issued by the Federal Government other than federal securities.
3. Any trust bank accounting for federal securities and other securities issued by the Federal Government in such escrow or trust may place them for safekeeping wholly or in part in any trust bank or trust banks within or without or both within and without this state.
4. Any trust bank shall continuously secure any moneys placed in escrow or trust and not so invested or reinvested in federal securities and other securities issued by the Federal Government by a pledge in any trust bank or trust banks within or without or both within and without the state of federal securities in an amount at all times at least equal to the total uninvested amount of such moneys accounted for in such escrow or trust.
5. Such proceeds and investments in escrow or trust, together with any interest or other gain to be derived from any such investment, shall be in an amount at all times at least sufficient to pay principal, interest, any prior redemption premiums due, and any charges of the escrow agent or trustee and any other incidental expenses payable therefrom, except to the extent provision may have been previously otherwise made therefor, as such obligations become due at their respective maturities or due at designated prior redemption date or dates in connection with which the governing body has exercised or is obligated to exercise a prior redemption option on behalf of the municipality.
6. The computations made in determining such sufficiency shall be verified by a certified public accountant certified or licensed to practice in this state or in any other state.
7. Any purchaser of any refunding bond issued hereunder shall in no manner be responsible for the application of the proceeds thereof by the municipality, the governing body or any of the officers, agents or employees of the municipality.
(Added to NRS by 1967, 444)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.700 - Refunding bonds payable from taxes or pledged revenues.

Refunding bonds may be made payable from any taxes or pledged revenues, or both taxes and such revenues, which might be legally pledged for the payment of the bonds being refunded at the time of the refunding or at the time of the issuance of the bonds being refunded, as the governing body may determine, notwithstanding the taxes, or the revenue sources, or the pledge of such revenues, or any combination thereof, for the payment of the outstanding bonds being refunded is thereby modified, subject to the provisions of NRS 350.674.
(Added to NRS by 1967, 445)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.702 - Issuance of bonds separately or in combination.

Bonds for refunding and bonds for any other purpose or purposes authorized hereby or by any other law may be issued separately or issued in combination in one series or more by the municipality in accordance with the provisions of the Local Government Securities Law.
(Added to NRS by 1967, 445)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.704 - Bonds of abolished municipalities may be refunded.

1. Bonds of any municipality abolished by law may be refunded under the provisions hereof. Whether or not the bonds of the abolished municipality have been assumed by any successor municipality prior to the issuance of the refunding bonds, the refunding bonds must be authorized by the governing body of each successor municipality in which is situated all or any part of the area of the abolished municipality.
2. If the obligation of the abolished municipality evidenced by its outstanding bonds has not been assumed wholly or in part by a successor municipality prior to the authorization of the issuance of the refunding bonds, the refunding bonds shall be issued in the name of the abolished municipality and shall evidence the same character of obligations as evidenced by the refunded bonds.
3. To the extent any obligation evidenced by the refunded bonds has been so assumed by a successor municipality, the refunding bonds shall be authorized to be issued in the name of the successor municipality which shall reevidence such assumed obligation and shall evidence the same character of obligation as evidenced by such obligation as assumed by the successor municipality, subject to the limitations and other provisions in NRS 350.674 and 350.700.
(Added to NRS by 1967, 445; A 1979, 1641)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.706 - Other statutory provisions applicable to refunding bonds.

Except as in NRS 350.684 to 350.704, inclusive, expressly provided or necessarily implied, the relevant provisions elsewhere herein appertaining generally to the issuance of bonds to defray the cost of any project shall be equally applicable in the authorization and issuance of refunding bonds, including their terms and security, the covenants and other provisions of the ordinance authorizing the issuance of the bonds, or other instrument or proceedings appertaining thereto, and other aspects of the bonds.
(Added to NRS by 1967, 446)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.708 - Conclusive determination of governing body that statutory limitations have been met.

The determination of the governing body that the limitations in the Local Government Securities Law imposed upon the issuance of bonds or upon the issuance of other securities hereunder, including without limitation any securities for funding or refunding securities, have been met shall be conclusive in the absence of fraud or arbitrary and gross abuse of discretion regardless of whether the authorizing ordinance or the securities thereby authorized contain a recital as authorized by NRS 350.628.
(Added to NRS by 1967, 446; A 1969, 1595)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.710 - Bonds and other securities exempt from taxation; exception.

1. Except as otherwise provided in subsection 2, bonds and other securities issued pursuant to the provisions of the Local Government Securities Law, their transfer and the income therefrom must forever be and remain free and exempt from taxation by this state or any subdivision thereof.
2. The provisions of subsection 1 do not apply to the tax on estates imposed pursuant to the provisions of chapter 375A of NRS or the tax on generation-skipping transfers imposed pursuant to the provisions of chapter 375B of NRS.
(Added to NRS by 1967, 446; A 1989, 2107; 1991, 1710)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.712 - Securities issued as general obligations are legal investments for state money.

It is legal for the State Board of Finance to invest any permanent state funds or other state funds available for investment in any of the bonds or other securities authorized to be issued pursuant to the provisions hereof if the securities constitute general obligations payable from taxes.
(Added to NRS by 1967, 446)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.714 - Legal investments for other persons.

1. It is legal for any bank, trust company, banker, savings bank or institution, savings and loan association, investment company and any other person carrying on a banking or investment business, any insurance company, insurance association, or any other person carrying on an insurance business, and any executor, administrator, curator, trustee or any other fiduciary, to invest funds or money in his or her custody in any of the bonds or other securities issued in accordance with the provisions of the Local Government Securities Law.
2. Nothing contained in this section with regard to legal investments relieves any representative of any corporation or other person of any duty of exercising reasonable care in selecting securities.
(Added to NRS by 1967, 446; A 1983, 131)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.718 - Sufficiency of Local Government Securities Law.

1. The Local Government Securities Law, without reference to other statutes of this state, except as herein otherwise expressly provided, shall constitute full authority for the exercise of the incidental powers herein granted concerning the borrowing of money and any other incurrence of obligations to defray wholly or in part the cost of any project appertaining to the municipality and otherwise authorized by law, or to refinance outstanding loans, or both, and the issuance of bonds or other securities to evidence such loans or other obligations or to fund or refund outstanding securities, or any combination thereof, as the governing body may determine.
2. No other act or law with regard to the authorization or issuance of securities or the exercise of any other power herein granted that requires an election or another approval or in any way impedes or restricts the carrying out of the acts herein authorized to be done shall be construed as applying to any proceedings taken hereunder or acts done pursuant hereto, except as otherwise provided in the Local Government Securities Law or in any act supplemental hereto.
3. The powers conferred by the Local Government Securities Law shall be in addition and supplemental to and not in substitution for, and the limitations imposed by the Local Government Securities Law shall not affect the powers conferred by, any other law.
4. Nothing contained in the Local Government Securities Law shall be construed as preventing the exercise of any power granted to the municipality, acting by and through the governing body, or any officer, agent or employee of the municipality, or otherwise, by any other law.
5. No part of the Local Government Securities Law shall repeal or affect any other law or part thereof, it being intended that the Local Government Securities Law shall provide a separate method of accomplishing its objectives and not an exclusive one; and the Local Government Securities Law shall not be construed as repealing, amending or changing any such other law.
(Added to NRS by 1967, 448)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.800 - Transactions whereby municipality acquires property and another person acquires or retains security interest in that or other property.

1. A transaction whereby a municipality acquires real or personal property and another person acquires or retains a security interest in that or other property creates a general obligation of the municipality which must be counted against any limit upon its debt unless:
(a) The obligation by its terms is extinguished by failure of the governing body to appropriate money for the ensuing fiscal year for payment of the amounts then due; or
(b) The budget of the municipality for the fiscal year in which the transaction occurs includes a provision for the discharge of the obligation in full.
2. Any member of the governing body may vote upon such a transaction whether or not the obligation incurred is expected to extend beyond his or her term of office, without any special notice or other formality.
3. Any such transaction is subject to the requirements of this chapter for an election if it must be counted against a debt limit, but, except as otherwise provided in NRS 350.011 to 350.0165, inclusive, and 350.087 to 350.095, inclusive, is not subject to any other requirement of this chapter.
4. In addition to or as a substitute for granting a security interest in the property being acquired in a transaction described in subsection 1, the municipality may grant a security interest in other property if the governing body finds that:
(a) Granting the security interest in the other property will result in lower financing costs to the municipality; and
(b) The value of all property in which a security interest is granted does not, at the time the security interest is granted, exceed an amount equal to one and one-half times the value of the property being acquired.
The finding and determination of values by the governing body are conclusive in the absence of fraud or gross abuse of discretion.
(Added to NRS by 1981, 942; A 1989, 166; 2001, 2314)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.810 - Purchase of municipal obligations by financial adviser of municipality limited.

1. Except as permitted by this section, no person who for compensation advises a municipality concerning the acquisition of a project to be financed in whole or in part by issuing general or special obligations of the municipality, or concerning the issuance or sale of those obligations, may purchase any of them from the municipality. This subsection does not prohibit:
(a) One who performs work or furnishes property for the project from accepting municipal obligations in payment for his or her work or property.
(b) An adviser from purchasing municipal obligations at a public sale if such a purchase is authorized by prior written agreement.
(c) An adviser from purchasing municipal obligations at a private sale if he or she has:
(1) Terminated his or her status as adviser in writing and at or after this termination the municipality has consented in writing to the purchase; and
(2) Disclosed in writing to the municipality at or before this termination the possibility of a conflict of interest on his or her part and the source and anticipated amount of all his or her remuneration, in addition to his or her compensation as adviser, with respect to the obligations to be sold, and the municipality has acknowledged in writing the receipt of these disclosures.
2. If municipal obligations are to be issued to refund others already outstanding, no person may accept any compensation for advice unless the compensation is fixed in advance, but such a person may purchase the refunding obligations.
(Added to NRS by 1981, 942)
2023 Nevada Revised Statutes › Chapter 350A - Purchase of Municipal and Revenue Securities by State › NRS 350A.010 - Legislative findings.

The Legislature finds that:
1. It is in the public interest to foster and promote the protection and preservation of the property and natural resources of the State of Nevada, and to obtain the benefits thereof, and that the State should encourage and assist municipalities in undertaking local projects for such purposes by making loans to municipalities which might not be otherwise available or which might be available only at prohibitive interest rates;
2. The making of such loans and the issuing of state securities therefor as general obligations are necessary, expedient and advisable for the protection and preservation of the property and natural resources of the State of Nevada and for obtaining the benefits thereof; and
3. Because of market conditions relating to credit and public finance, it is in the public interest to assist municipalities in the acquisition, construction or equipping of public improvements by providing money to municipalities at reasonable rates of interest through the issuance of state securities to finance the acquisition of revenue securities.
(Added to NRS by 1981, 767; A 1993, 2318)
2023 Nevada Revised Statutes › Chapter 350A - Purchase of Municipal and Revenue Securities by State › NRS 350A.020 - Definitions.

As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 350A.025 to 350A.125, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1981, 767; A 1993, 2318; 2005, 184; 2009, 2742)
2023 Nevada Revised Statutes › Chapter 350A - Purchase of Municipal and Revenue Securities by State › NRS 350A.025 - "Allocable local revenues" defined.

"Allocable local revenues" means amounts received by the State which are payable to a municipality and which are designated as allocable by the municipality in the instrument authorizing the revenue security with respect to a particular lending project.
(Added to NRS by 1993, 2316; A 1995, 389)
2023 Nevada Revised Statutes › Chapter 350A - Purchase of Municipal and Revenue Securities by State › NRS 350A.040 - "Cost of a lending project" defined.

"Cost of a lending project" means all or any designated part of the cost of any lending project, including any incidental cost pertaining to such a project. The cost of a lending project may include, without limitation, the costs of:
1. Surveys, audits, preliminary plans, other plans, specifications, estimates and other costs of preparations.
2. Appraising, printing, estimating, advice, services of engineers, architects, financial consultants, attorneys, clerical personnel and other agents and employees.
3. Publishing, posting, mailing and otherwise giving notice, filing or recording instruments, taking options and fees to banks and credit unions.
4. Establishment of a reserve for contingencies.
5. Interest on state securities for any time which does not exceed 3 years, discounts on such state securities, reserves for the payment of the principal of and interest on such securities, replacement expenses and other costs of issuing such securities.
6. Amending any resolution or other instrument authorizing the issuance of, or otherwise relating to, state securities for any lending project.
7. Funding medium-term obligations.
8. Financing the issuance of state securities and any other expenses necessary in connection with a lending project, as determined by the Board.
(Added to NRS by 1981, 767; A 1993, 2318; 1997, 554; 1999, 1473)
2023 Nevada Revised Statutes › Chapter 350A - Purchase of Municipal and Revenue Securities by State › NRS 350A.050 - "Expense of operation and maintenance" defined.

"Expense of operation and maintenance" means any reasonable and necessary current expense of the State for the operation, maintenance or administration of a lending project or of the collection and administration of revenues therefrom. The term includes, without limitation:
1. Expenses for engineering, auditing, reporting, legal services and other expenses of the State Treasurer which are directly related to the administration of lending projects.
2. Premiums for fidelity bonds and policies of property and liability insurance pertaining to lending projects, and shares of the premiums of blanket bonds and policies which may be reasonably allocated to lending projects.
3. Payments to pension, retirement, health insurance and other insurance funds.
4. Reasonable charges made by any paying agent, commercial bank, credit union, trust company or other depository bank pertaining to any state securities.
5. Services rendered under the terms of contracts, services of professionally qualified persons, salaries, administrative expenses and the cost of materials, supplies and labor pertaining to the issuance of any state securities, including the expenses of any trustee, receiver or other fiduciary.
6. Costs incurred in the collection and any refund of revenues from a lending project, including the amount of the refund.
(Added to NRS by 1981, 767; A 1999, 1473)
2023 Nevada Revised Statutes › Chapter 350A - Purchase of Municipal and Revenue Securities by State › NRS 350A.055 - "Flood management authority" defined.

"Flood management authority" means any entity that is created by cooperative agreement pursuant to chapter 277 of NRS, the functions of which include the acquisition, construction, improvement, operation and maintenance of a flood management project.
(Added to NRS by 2009, 2742)
2023 Nevada Revised Statutes › Chapter 350A - Purchase of Municipal and Revenue Securities by State › NRS 350A.060 - "Lending project" defined.

"Lending project" means any undertaking which the State is authorized to complete in connection with loans to municipalities made by the purchase of:
1. Municipal securities validly issued for a purpose related to natural resources; or
2. Revenue securities validly issued for a purpose related to any undertaking which a municipality is authorized to complete.
(Added to NRS by 1981, 768; A 1993, 2319)
2023 Nevada Revised Statutes › Chapter 350A - Purchase of Municipal and Revenue Securities by State › NRS 350A.070 - "Municipal securities" defined.

"Municipal securities" means notes, warrants, interim debentures, bonds and temporary bonds validly issued as obligations for a purpose related to natural resources which are payable:
1. From taxes whether or not additionally secured by any municipal revenues available therefor;
2. For bonds issued by an irrigation district, from assessments against real property;
3. For bonds issued by a water authority organized as a political subdivision created by cooperative agreement, from revenues of the water system of the water authority or one or more of the water purveyors who are members of the water authority or any combination thereof;
4. For bonds issued by a wastewater authority, from revenues of the water reclamation system of the wastewater authority or one or more of the municipalities that are members of the wastewater authority, or any combination thereof;
5. For bonds issued by a flood management authority, from revenues of the flood management authority or one or more of the municipalities that are members of the flood management authority, or any combination thereof; or
6. For assessment bonds issued by a municipality under chapter 271 of NRS from assessments against real property.
(Added to NRS by 1981, 768; A 1985, 1901; 1997, 164; 2005, 184; 2009, 2742; 2015, 29th Special Session, 52; 2017, 3813)
2023 Nevada Revised Statutes › Chapter 350A - Purchase of Municipal and Revenue Securities by State › NRS 350A.080 - "Municipality" defined.

"Municipality" means any county, city, town, wastewater authority, flood management authority, water authority organized as a political subdivision created by cooperative agreement, school district, general improvement district or other district, including an irrigation district.
(Added to NRS by 1981, 768; A 1997, 165; 2005, 184; 2009, 2743)