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.
3. Any trust bank accounting for federal securities 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 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 Board shall have exercised or shall be obligated to exercise a prior redemption option on its behalf or on behalf of the University.
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 Board or the University or any of their respective officers, agents or employees.
(Added to NRS by 1967, 21)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.