1. At the request of the Administrator, the State Board of Finance may issue bonds under the authority of this section and NRS 349.071, in the manner provided in the State Securities Law, to fund the repayment of federal advances and interest thereon, to make deposits to or to establish adequate balances in this State’s account in the Unemployment Trust Fund of the United States Treasury, to pay the costs of issuing bonds, to pay bond administrative expenses, to fund capitalized interest, to fund bond reserves, to refund or redeem prior bonds, or otherwise to further the purposes of NRS 612.6102 to 612.6134, inclusive.
2. Bonds issued pursuant to NRS 612.6102 to 612.6134, inclusive, are special obligations and are not a public debt of this State within the meaning of Section 3 of Article 9 of the Nevada Constitution and do not exhaust its debt-incurring power under any such debt limitation, and must not create or constitute any indebtedness, liability or obligation of this State, except from the special funds pledged thereto.
3. Bond obligations and bond administrative expenses are payable solely from revenues or funds pledged or available for their repayment as authorized in NRS 612.6102 to 612.6134, inclusive, including the proceeds of the issuance of bonds.
4. Each bond must contain on its face a statement that:
(a) The bond, and the interest and any premium on the bond, are payable solely from the money, funds and assets pledged to or available for the payment thereof under NRS 612.6102 to 612.6134, inclusive;
(b) Neither this State nor any political subdivision thereof is obligated to pay the principal of the bond, and the interest and any premium on the bond, except from special funds made available under NRS 612.6102 to 612.6134, inclusive; and
(c) The full faith and credit or moral obligation of this State is not pledged to the payment of the principal of the bond, or the interest and any premium on the bond.
5. The provisions of the State Securities Law, set forth in NRS 349.150 to 349.364, inclusive, apply to bonds issued pursuant to the provisions of this section.
6. Subject to the provisions of NRS 349.303, bonds are payable upon the terms and conditions specified by the State Board of Finance in the resolution under which the State Board of Finance issues the bonds or in a related trust indenture.
(Added to NRS by 2013, 2645)
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.