Nevada § 349.925 - Bonds: Refunding

§ 349.925. Bonds: Refunding

1. Any bonds issued under the provisions of NRS 349.900 to 349.929 , inclusive, may be refunded by the Director by the issuance of refunding bonds in

an amount which the Director deems necessary to refund the principal of the bonds

to be so refunded, any unpaid interest thereon and any premiums and incidental expenses

necessary to be paid in connection with refunding. 2. Refunding may be carried out whether the bonds to be refunded have matured or thereafter

mature, either by sale of the refunding bonds and the application of the proceeds

to the payment of the bonds to be refunded, or by exchange of the refunding bonds

for the bonds to be refunded. The holders of the bonds to be refunded must not be compelled, without their consent,

to surrender their bonds for payment or exchange before the date on which they are

payable by maturity, option to redeem or otherwise, or if they are called for redemption

before the date on which they are by their terms subject to redemption by option or

otherwise. 3. All refunding bonds issued pursuant to this section must be payable solely from

revenues and other money out of which the bonds to be refunded thereby are payable

or from revenues out of which bonds of the same character may be made payable under

this or any other law in effect at the time of the refunding.