Any obligations of this State issued in accordance with this chapter may be refunded on behalf of the State by the Board without the necessity of the refunding obligations being authorized by this chapter by the adoption of a resolution by the Board authorizing the issuance of obligations to refund, pay and discharge all or any part of such outstanding obligations of any one or more or all outstanding issues:
1. For the acceleration, deceleration or other modification of the payment of such obligations, including, without limitation, any interest on such obligations that is in arrears or about to become due for any period not exceeding 3 years after the date of the issuance of the refunding obligations, unless the capitalization of interest on obligations constituting an indebtedness increases the debt of the State in excess of the limitation set forth in Section 3 of Article 9 of the Nevada Constitution.
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 obligations, otherwise concerning the outstanding obligations, or otherwise relating to any operating cost-savings measure appertaining thereto.
4. For any combination of the purposes set forth in subsections 1, 2 and 3.
(Added to NRS by 2005, 2898)
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