Nevada § 396.839 - Bonds and other securities are special obligations payable solely out of net pledged revenues

§ 396.839. Bonds and other securities are special obligations payable solely out of net pledged revenues

1. Any bonds or other securities issued hereunder, together with any interest accruing

thereon and any prior redemption premiums due in connection therewith, shall be payable

and collectible solely out of net pledged revenues; the holder or holders thereof

may not look to any general or other fund for such payment of such securities, except

the net revenues pledged therefor; the securities shall not constitute an indebtedness

or a debt within the meaning of any constitutional or statutory provision or limitation,

if any such limitation appertains thereto; the bonds or other securities shall not

be considered or held to be general obligations of the University or the Board but

shall constitute the special obligations of either the University or the Board; and

the Board shall not pledge the full faith and credit for their payment of either the

University or the Board. 2. None of the covenants, agreements, representations and warranties contained in

any resolution authorizing the issuance of bonds or other securities hereunder or

in any other instrument appertaining thereto, in the absence of any breach thereof,

shall ever impose or shall be construed as imposing any liability, obligation or charge

against the University or the Board (except the special funds pledged therefor) or

against the general credit of either the University or Board, payable out of the general

fund of either, or out of any funds derived from taxation.