Nevada § 349.330 - Refunding of general and special obligation bonds: Resolution; trust indenture

§ 349.330. Refunding of general and special obligation bonds: Resolution; trust indenture

Subject to the provisions of NRS 349.320 , any general obligation bonds or special obligation bonds of the State issued in

accordance with the provisions of the State Securities Law or any other act and payable

from any pledged revenues and any general obligation bonds of the State so issued

but not payable from pledged revenues may be refunded on behalf of the State by the

Commission authorizing the issuance of the refunded bonds, without the necessity of

the refunding bonds being authorized at an election except as otherwise provided in NRS 349.320 , by the adoption of a resolution or resolutions by the Commission and by any trust

indenture or other proceedings appertaining thereto, authorizing the issuance of refunding

bonds to refund, pay and discharge all or any part of such outstanding bonds of any

one or more or all outstanding issues: 1. For the acceleration, deceleration or other modification of the payment of such

obligations, including any interest thereon in arrears, or about to become due for

any period not exceeding 3 years from the date of the refunding bonds, unless the

capitalization of interest on bonds constituting an indebtedness increases the state

debt in excess of the State's debt limitation in the State Constitution; 2. For the purpose of reducing interest costs or effecting other economies; 3. For the purpose of modifying or eliminating restrictive contractual limitations

appertaining to the issuance of additional bonds, otherwise concerning the outstanding

bonds, or otherwise relating to any facilities appertaining thereto; 4. For any combination of the purposes stated in subsections 1, 2 and 3.