Nevada § 350.614 - Details of municipal securities provided by ordinance

§ 350.614. Details of municipal securities provided by ordinance

Except as otherwise provided in the Local Government Securities Law and in any other

act the provisions of which are relevant by express reference herein thereto or by

provisions to that effect therein, any securities issued hereunder must be: 1. In such a form; 2. Issued in such a manner, at, above or below par at such a discount not exceeding

9 percent of the principal amount of the securities, and at such a price which will

result in an effective interest rate which does not exceed the limit provided in NRS 350.2011 ; 3. Issued with such provisions: (a) For the application of any accrued interest and any premium from the sale of any

bonds or other municipal securities hereunder as provided in NRS 350.648 ; (b) For the registration of the bonds or other securities for payment as to principal

only, or as to both principal and interest, at the option of any holder of a bond

or other security, or for registration for payment only in either manner designated; (c) For the endorsement of payments of interest on the bonds or other securities or

for reconverting the bonds or other securities into coupon bonds or other coupon securities,

or both for such endorsement and such reconversion, where any bond or other security

is registered for payment as to interest; and where interest accruing on the securities

is not represented by interest coupons the securities may provide for the endorsing

of payments of interest thereon; (d) For the endorsement of payments of principal on the bonds or other securities,

where any bond or other securities are registered for payment as to principal; (e) For the initial issuance of one or more bonds or other securities aggregating

the amount of the entire issue or any portion thereof, and the endorsement of payments

of interest or principal, or both interest and principal, on the securities; (f) For the manner and circumstances in and under which any such bond or other securities

may in the future, at the request of the holder thereof, be converted into bonds or

other securities of larger or smaller denominations, which bonds or other securities

of larger or smaller denominations may in turn be either coupon bonds or other coupon

securities or bonds or other securities registered for payment, or coupon bonds or

other coupon securities with provisions for registration for payment; (g) For the reissuance of any outstanding bonds or other securities, and the terms

and conditions thereof, whether lost, apparently destroyed, wrongfully taken, or for

any other reason, as provided in the Uniform Commercial Code--Investment Securities,

or otherwise; (h) For the deposit of money, federal securities or other securities of the Federal

Government, or both money and all such securities, with and securing their repayment

by a commercial bank or commercial banks within or without or both within and without

this state; (i) For the payment of costs or expenses incident to the enforcement of the securities

or of the provisions of the ordinance or of any covenant or contract with the holders

of the securities; and 4. Issued otherwise with such recitals, terms, covenants, conditions and other provisions, as may be provided by the governing body in an ordinance authorizing their issuance

and in any indenture or other proceedings appertaining thereto.