Nevada § 278C.280 - Securities: Issuance; types; terms; debt limitations; net pledged revenues

§ 278C.280. Securities: Issuance; types; terms; debt limitations; net pledged revenues

1. To defray in whole or in part the cost of any undertaking, a municipality may issue

the following securities: (a) Notes; (b) Warrants; (c) Interim debentures; (d) Bonds; (e) Temporary bonds; and (f) Upon the approval of the Interim Finance Committee pursuant to NRS 278C.157 for a purpose related to natural resources, as defined in NRS 350A.090 , municipal securities and revenue securities purchased by the State Treasurer in

accordance with the provisions of chapter 350A of NRS . 2. Any net revenues derived from the operation of a project acquired, improved or

equipped, or any combination thereof, as part of the undertaking must be pledged for

the payment of any securities issued pursuant to this section. The securities must be made payable from any such net pledged revenues as the bond

requirements become due from time to time by the bond ordinance, trust indenture or

other proceedings that authorize the issuance of the securities or otherwise pertain

to their issuance. 3. Securities issued pursuant to this section: (a) Must be made payable from tax proceeds accounted for in the tax increment account;

and (b) May, at the option of the municipality and if otherwise so authorized by law,

be made payable from the taxes levied by the municipality against all taxable property

within the municipality. The municipality may also issue general obligation securities other than the ones

authorized by this chapter that are made payable from taxes without also making the

securities payable from any net pledged revenues or tax proceeds accounted for in

a tax increment account, or from both of those sources of revenue. 4. Any securities payable only in the manner provided in either paragraph (a) of subsection

3 or both subsection 2 and paragraph (a) of subsection 3: (a) Are special obligations of the municipality and are not in their issuance subject

to any debt limitation imposed by law; (b) While they are outstanding, do not exhaust the debt incurring power of the municipality;

and (c) May be issued under the provisions of the Local Government Securities Law, except

as otherwise provided in this chapter, without any compliance with the provisions

of NRS 350.020 to 350.070 , inclusive, except as otherwise provided in the Local Government Securities Law,

only after the issuance of municipal bonds is approved under the provisions of NRS 350.011 to 350.0165 , inclusive. 5. Any securities payable from taxes in the manner provided in paragraph (b) of subsection

3, regardless of whether they are also payable in the manner provided in paragraph

(a) of subsection 3 or in both subsection 2 and paragraph (a) of subsection 3: (a) Are general obligations of the municipality and are in their issuance subject

to such debt limitation; (b) While they are outstanding, do exhaust the power of the municipality to incur

debt; and (c) May be issued under the provisions of the Local Government Securities Law only

after the issuance of municipal bonds is approved under the provisions of: (1) NRS 350.011 to 350.0165 , inclusive; or (2) NRS 350.020 to 350.070 , inclusive, except for the issuance of notes or warrants under the Local Government Securities

Law that are payable out of the revenues for the current year and are not to be funded

with the proceeds of interim debentures or bonds in the absence of such bond approval

under the two acts designated in subparagraphs (1) and (2). 6. In the proceedings for the advancement of money, or the making of loans, or the

incurrence of any indebtedness, whether funded, refunded, assumed or otherwise, by

the municipality to finance or refinance, in whole or in part, the undertaking, the

portion of taxes mentioned in subsection 4 of NRS 278C.250 must be irrevocably pledged for the payment of the bond requirements of the loans,

advances or indebtedness. The provisions in the Local Government Securities Law pertaining to net pledged

revenues are applicable to such a pledge to secure the payment of tax increment bonds.