Nevada § 349.320 - Issuance of state securities constituting debt to fund or refund special obligations not constituting indebtedness: Conditions; restrictions

§ 349.320. Issuance of state securities constituting debt to fund or refund special obligations not constituting indebtedness: Conditions; restrictions

1. Except as otherwise provided in subsections 2 to 5, inclusive, this section does

not authorize the State to issue any state securities constituting a debt for the

purpose of funding or refunding state securities constituting special obligations

which do not constitute an indebtedness. 2. Any special obligation securities of the State pertaining to any project may be

funded or refunded by general obligation securities pertaining to the project only

if the State is authorized by law to issue those funding or refunding securities at

the time of their issuance, even though the State was not so authorized to issue them

at the time of the issuance of any such funded or refunded securities. 3. If the issuance of general obligation bonds to defray the cost of the project is

conditioned upon their approval by the qualified electors of the State at a special,

primary or general election, any general obligation securities pertaining to the project

and creating an indebtedness, by funding or refunding special obligation securities

or otherwise, may be issued only if the bonds have been so approved at a special,

primary or general election in the manner provided by law. 4. If a debt limitation pertains to any general obligation bonds or other securities

of the State constituting an indebtedness and relating to any project, no general

obligation securities pertaining to the project and creating an indebtedness, by funding

or refunding special obligation securities or otherwise (in contradistinction to funding

or refunding bonds merely reevidencing an indebtedness formerly evidenced by the securities

funded or refunded), may be issued in a principal amount exceeding that debt limitation. 5. No bonds of the State may be refunded by the issuance of its interim debentures,

its notes or its warrants. No interim debentures of the State may be funded by the issuance of its notes or its

warrants.