Nevada § 319.290 - Notes and bonds: Pledges as security

§ 319.290. Notes and bonds: Pledges as security

The Division in issuing any notes or bonds may contract with the holders thereof as

to: 1. Pledging all or any part of the revenues of the Division to secure the payment

of the notes or bonds subject to such agreements with noteholders or bondholders as

may then exist. 2. Pledging all or any part of the assets of the Division, including mortgages and

obligations securing such assets, to secure the payment of the notes or bonds subject

to such agreements with noteholders or bondholders as may then exist. 3. The use and disposition of the gross income from mortgages owned by the Division

and the payment of principal of mortgages owned by the Division. 4. The setting aside of reserves or sinking funds and the regulation and disposition

thereof. 5. Limitations on the purpose to which the proceeds of sale of notes or bonds may

be applied and pledging such proceeds to secure the payment of the notes or bonds

or of any issue thereof. 6. Limitations on the issuance of additional notes or bonds, the terms upon which

additional notes or bonds may be issued and secured, and the refunding of outstanding

or other notes or bonds. 7. The procedure, if any, by which the terms of any contract with noteholders or bondholders

may be amended or abrogated, the amount of notes or bonds the holders of which must

consent thereto, and the manner in which such consent may be given. 8. Limitations on the amount of moneys to be expended by the Division for operating

expenses of the Division. 9. Vesting in a trustee or trustees such property, rights, powers and duties in trust

as the Administrator may determine, which may include any or all of the rights, powers

and duties of the trustee appointed by the bondholders pursuant to this chapter and

limiting or abrogating the right of the bondholders to appoint a trustee under this

act or limiting the rights, powers and duties of such trustee. 10. Defining the acts or omissions which shall constitute a default in the obligations

and duties of the Division to the holders of the notes or bonds and providing for

the rights and remedies of the holders of the notes or bonds in case of such default,

including as a matter of right the appointment of a receiver, but such rights and

remedies shall not be inconsistent with the general laws of this state and the other

provisions of this chapter. 11. Any other matters, of like or different character, which in any way affect the

security or protection of the holders of the notes or bonds. Any pledge made by the Division is valid and binding from the time when the pledge

is made. The revenues, moneys or property so pledged and thereafter received by the Division

are immediately subject to the lien of such pledge without any physical delivery thereof

or further act, and the lien of any such pledge is valid and binding as against all

persons having claims of any kind in tort, contract or otherwise against the Division,

whether or not such persons have notice thereof. Neither the proceedings of the Division relating to the bonds or notes nor any other

instrument by which a pledge is created need be recorded.