Nevada § 349.318 - Interim debentures: Issuance for general or special obligations; form; additional security

§ 349.318. Interim debentures: Issuance for general or special obligations; form; additional security

1. Notwithstanding any limitation or other provision herein, whenever the State is

authorized to issue general obligation bonds, regardless of whether majorities of

the qualified electors of the State voting on a proposal to issue the general obligation

bonds have authorized their issuance by the State for any project, the State is authorized

to borrow money without any other election in anticipation of the proceeds of taxes,

the proceeds of the bonds, the proceeds of pledged revenues, or any other moneys of

the State, or any combination thereof, and to issue general obligation interim debentures

to evidence the amount so borrowed. 2. The State also is authorized to borrow money without any election in anticipation

of the proceeds of revenue bonds or any other special obligations of the State and

of its pledged revenues, or any combination thereof, but excluding the proceeds of

any taxes, and to issue special obligation interim debentures to evidence the amount

so borrowed. 3. General obligation interim debentures and special obligation interim debentures

may be in the form of a note, bond or line of credit agreement with a bank or other

lender under which moneys are deposited into the State General Fund, either at one

time or from time to time, and used for the general operations of the State or to

pay the costs of a project. 4. Any general obligation interim debentures or special obligation interim debentures

issued pursuant to this section and any bond administrative expenses may be additionally

secured by pledged revenue for the benefit of the owners of the interim debentures

and the obligees under any agreement described in subsection 3, by the pledge of,

security interest in and first lien on all or a portion of the following, if applicable: (a) Unrestricted revenues, including tax revenues, payable to the State General Fund

to be used for the general operations of the State; or (b) Money related to the interim debentures held on deposit in any other fund or account

under any instrument or agreement pertaining to the interim debentures, including,

without limitation, reserves therefor and income on such money. 5. As used in this section, “ bond administrative expense ” means any expense incurred by the State Treasurer, the State Board of Finance, bond

trustees, paying agents, arbitrage compliance agents or any other person or entity

to administer an interim debenture line of credit, notes or bonds in the name of the

State of Nevada, or as otherwise necessary to ensure compliance with state or federal

law.