Nevada § 349.276 - Denomination, negotiability and maturity of state securities; rate of interest

§ 349.276. Denomination, negotiability and maturity of state securities; rate of interest

1. As the Commission may determine, any bonds and other state securities issued hereunder,

except as otherwise provided in the Constitution of the State, or in the State Securities

Law, or in any act supplemental thereto, must: (a) Be of a convenient denomination or denominations; (b) Be fully negotiable within the meaning of and for all the purposes of the Uniform

Commercial Code - Investment Securities; (c) Mature at such a time or serially at such times in regular numerical order at

annual or other designated intervals in such amounts as designated and fixed by the

Commission; (d) Be made payable in lawful money of the United States, at the office of the treasurer

or any commercial bank or commercial banks within or without or both within and without

the State as may be provided by the Commission; and (e) Be printed at such a place within or without this state, as the Commission may

determine. 2. Any such bonds or other state securities must bear interest at a rate or rates

which do not exceed the limit provided in NRS 349.076 . The interest must be made payable: (a) If the security constitutes a debt subject to the limitations stated in the first

paragraph of Section 3 of Article 9 of the Constitution of this state, not less often than semiannually. (b) If the security does not constitute a debt or is issued for the protection and

preservation of the State's property or natural resources or for the purpose of obtaining

the benefits thereof, at intervals which the Commission shall designate, and the first

interest payment may be for another period. 3. General obligation bonds must mature within 20 years from their date or within

20 years from the date of passage of the act authorizing their issuance or the issuance

of any securities funded or refunded thereby, whichever limitation is shorter; but

any bonds constituting a debt which is not subject to the limitations stated in the

first paragraph of Section 3 of Article 9 of the Constitution of this state must mature within 50 years from their date. 4. Special obligation bonds must mature within 50 years from their date.