1. The notes and bonds must be signed by the Administrator, who may use a facsimile signature for this purpose, must bear the date or dates and must mature at such a time or times as the Administrator determines. The bonds may be issued as serial bonds payable in annual installments or as term bonds or as a combination thereof. The notes and bonds must bear interest at such a rate or rates, be in such denominations, have such registration privileges, be executed in such a manner, be payable in such a medium of payment, at such a place or places within or outside of the State, and be subject to such terms of redemption as the Administrator determines. The notes and bonds of the Division may be sold by the Division at public or private sale at such a price or prices as the Administrator determines except that no note, bond or other obligation issued by the Division may be initially distributed to the public unless it has received a rating in one of the three highest rating categories from a national rating service.

2. If the Administrator whose signature appears on any notes or bonds or coupons ceases to act in that capacity before the delivery of the notes or bonds, the signature of the Administrator is valid and sufficient for all purposes as if the Administrator had remained in office until their delivery.

3. The provisions of chapter 349 of NRS do not apply to any bonds, notes or other obligations issued by the Division under the provisions of this chapter.

(Added to NRS by 1975, 631; A 1979, 1189; 1987, 1354)