Nevada § 349.342 - Refunding bonds: Disposition of proceeds; accrued interest and premium; costs; escrow; trusts

§ 349.342. Refunding bonds: Disposition of proceeds; accrued interest and premium; costs; escrow; trusts

1. Except as herein otherwise provided, the proceeds of refunding bonds shall either

be immediately applied to the retirement of the bonds to be refunded or be placed

in escrow or trust in any trust bank or trust banks within or without or both within

and without this state to be applied to the payment of the refunded bonds or the refunding

bonds, or both the refunded bonds and the refunding bonds, upon their presentation

therefor to the extent, in such priority and otherwise in the manner which the Commission

may determine. 2. The incidental costs of refunding bonds may be paid by the purchaser of the refunding

bonds or be defrayed from any general fund (subject to appropriations therefor as

otherwise provided by law) or other available revenues of the State under the control

of the Commission or from the proceeds of the refunding bonds, or from the interest

or other yield derived from the investment of any refunding bond proceeds or other

moneys in escrow or trust, or from any other sources legally available therefor, or

any combination thereof, as the Commission may determine. 3. Any accrued interest and any premium appertaining to a sale of refunding bonds

may be applied to the payment of the interest thereon or the principal thereof, or

to both interest and principal, or may be deposited in a reserve therefor, or may

be used to refund bonds by deposit in escrow, trust or otherwise, or may be used to

defray any incidental costs appertaining to the refunding, or any combination thereof,

as the Commission may determine, but in no event by the incurrence of additional debt

in excess of any state debt limitation in the State Constitution.