Nevada § 348.010 - Legislative findings and declarations

§ 348.010. Legislative findings and declarations

1. The Legislature finds that: (a) Public securities have traditionally been issued in bearer form, with attached

coupons evidencing the installments of interest becoming due on fixed maturity dates,

rather than in only full registered form. (b) The Federal Government, by subsection (j) of section 103, Tax Code, 1 as amended by subsection (b) of section 310 of the Tax Equity and Fiscal Responsibility

Act of 1982 ( P.L. 97-248 , signed by the President on September 3, 1982), provides in effect that, among other

securities, public securities, subject to minor exceptions stated in that federal

act, must be in full registered form for the interest on the public securities to

be exempt from federal income taxation, but that an obligation of a public body shall

be treated as in full registered form if the right to the principal of, any prior

redemption premium due in connection with, and stated interest on that obligation

may be transferred only through a book entry consistent with regulations prescribed

by the Secretary of the Treasury, and, as the federal act was further amended on January

12, 1983, this requirement for the issuance of public securities in full registered

form becomes effective on July 1, 1983. (c) The effect of the requirements stated in paragraph (b) will affect the various

public bodies and varieties of public securities differently depending on their legal

and financial characteristics, their markets and their adaptability to recent and

prospective technological and organizational developments. 2. It is hereby declared as a matter of legislative determination that: (a) It is a matter of state concern that public bodies be provided flexibility in

the development of systems for such registration of public securities, including systems

of book entry and their incidents, to accommodate these different effects. (b) It is the purpose of this chapter to enable the establishment, maintenance and

amendment from time to time of differing systems of registration of public securities,

to accommodate the differing effects upon public bodies and varieties of public securities. (c) To accomplish the purposes stated in this section and the issuance of public securities

the interest on which is exempt from federal income taxation, the provisions of this

chapter must be broadly and liberally construed. 1

26 U.S.C.A. § 103.