Nevada § 271.355 - Interim warrants

§ 271.355. Interim warrants

1. For the purpose of paying any contractor or otherwise defraying any costs of the

project as the costs become due from time to time until money is available therefor

from the levy and collection of assessments and any issuance of bonds, the governing

body may issue interim warrants. 2. Any interim warrants issued for any construction work may be issued only upon estimates

of the engineer. 3. Any interim warrants must: (a) Bear such date or dates; (b) Mature in such denomination or denominations at such time or times, or at any

time upon call; (c) Except as otherwise provided in NRS 99.067 , bear interest at a rate or rates which do not exceed by more than 3 percent the

Index of Twenty Bonds which was most recently published before the bids are received

or a negotiated offer is accepted; and (d) Be payable in such medium of payment at such place or places within and without

the State, including but not limited to the county treasurer, as the governing body may determine. 4. Any interim warrants may be issued with privileges for registration for payment

as to principal only, or as to both principal and interest, may be negotiable or nonnegotiable,

may be general obligations for the payment of which the governing body pledges the

full faith and credit of the municipality, or may be special obligations payable from

designated special assessments, any bond proceeds, and any other money designated

to be available for the redemption of such interim warrants, and generally must be

issued in such manner, in such form, with such recitals, terms, covenants and conditions,

and with such other details, as may be provided by the governing body by ordinance. 5. An ordinance for the issuance of interim warrants may be adopted or amended as

if an emergency existed.