1. No bonds may be refunded hereunder 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 in any event in the case of any bonds constituting a debt in contravention of any state constitutional debt limitation, nor may any interest on any bond refunded be increased to any rate exceeding the limit provided in NRS 349.076; but any general obligation bonds funding or refunding any securities which constitute a debt and are subject to the limitations stated in the first paragraph of Section 3 of Article 9 of the Constitution of this state, must mature within 20 years from the effective date of the act authorizing the issuance of the securities so funded or refunded thereby, or within 20 years from the date or earliest date of such securities, as the case may be, whichever limitation is shorter.

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 state debt limitation in the State Constitution pertaining thereto.

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.

(Added to NRS by 1967, 792; A 1969, 1291; 1971, 2114; 1975, 861; 1981, 1402; 1983, 573, 1033, 1594)