Nevada § 350A.155 - Issuance of state securities to refund state securities

§ 350A.155. Issuance of state securities to refund state securities

1. The Board may, at the request of the State Treasurer, issue state securities to

refund any state securities issued pursuant to this chapter in the manner prescribed

by and subject to the limitations of the State Securities Law for refunding. 2. No state securities may be issued pursuant to this section without the concurrence

of the municipality which issued the municipal or revenue securities purchased with

the proceeds of the state securities to be refunded. At or before the time state securities are issued pursuant to this section, the State

Treasurer and the municipality must agree as to the method of paying any costs incurred,

making any cash deposits required for the refunding escrow, and allocating any savings

achieved in connection with the refunding. Such a method may include an exchange of: (a) Municipal securities acquired and held by the State Treasurer pursuant to this

chapter for new securities validly issued as general obligations by the municipality

or municipalities. (b) Revenue securities acquired and held by the State Treasurer pursuant to this chapter

for new securities validly issued by the municipality or municipalities. New securities received from a municipality by the State Treasurer must be held and

payments received thereon applied in the same manner as required by this chapter for

the original municipal or revenue securities. 3. The principal amount of state securities which have been refunded pursuant to this

section must not be considered in computing compliance with the limitation of subsection

2 of NRS 350A.150 , but outstanding state securities issued pursuant to this section are subject to

that limitation. 4. NRS 350A.160 does not apply to state securities issued pursuant to this section.