Nevada § 396.381 - Board of Regents authorized to delegate authority to sign contract for obligations not issued under University Securities Law; approval by Board of Regents; authorized investment of proceeds

§ 396.381. Board of Regents authorized to delegate authority to sign contract for obligations not issued under University Securities Law; approval by Board of Regents; authorized investment of proceeds

1. Before the sale or delivery by the System of an obligation to repay money in any

form, other than an obligation issued under the University Securities Law, the Board

of Regents may delegate to the Chancellor of the System or the Vice Chancellor for

Finance of the System the authority to sign a contract for the sale or exchange of

the obligation or to accept a binding bid for the obligation subject to the requirements

specified by the Board of Regents concerning: (a) The rate or rates of interest on the obligation; (b) The dates on which and the prices at which the obligation may be prepaid before

maturity; (c) The price at which the obligation will be sold or the property for which the obligation

will be exchanged; (d) The principal amount of the obligation and the amount of principal and interest

due on any specific dates; and (e) Covenants to protect the owner of the obligation and the System that the Chancellor

or the Vice Chancellor for Finance determines are necessary or desirable to obtain

favorable terms for the System. A determination made pursuant to this paragraph, absent fraud or gross abuse of

discretion, is conclusive. 2. All terms of the obligation other than: (a) The rate or rates of interest; (b) The dates and prices for the prepayment of the obligation; (c) The price for the sale of the obligation or property for which it will be exchanged; (d) The principal amount of the obligation; (e) The requirements for the payment of principal and interest on specific dates;

and (f) Covenants to protect the owner of the obligation and the System that the Chancellor

or the Vice Chancellor for Finance determines are necessary or desirable to obtain

favorable terms for the System as provided in paragraph (e) of subsection 1, must be approved by the Board of Regents before the obligation is delivered. 3. The final rate or rates of interest, dates and prices of prepayments, price for

the sale of the obligation or property for which it is exchanged, principal amount,

requirements for payment of principal and interest on specific dates, and covenants

as described in paragraph (e) of subsection 1, are not required to be approved by

the Board of Regents if each of those terms complies with the requirements specified

by the Board of Regents before the contract for the purchase or delivery of the obligation

is signed or the bid for the obligation is accepted. 4. The proceeds of any money borrowed pursuant to this section may be invested as

provided in NRS 396.861 and 396.8615 .