Nevada § 612.6122 - State Board of Finance authorized to issue bonds to repay loans from Federal Government for payment of unemployment compensation and to establish adequate balances in Unemployment Trust Fund; contents of bond

§ 612.6122. State Board of Finance authorized to issue bonds to repay loans from Federal Government for payment of unemployment compensation and to establish adequate balances in Unemployment Trust Fund; contents of bond

1. At the request of the Administrator, the State Board of Finance may issue bonds

under the authority of this section and NRS 349.071 , in the manner provided in the State Securities Law, to fund the repayment of federal

advances and interest thereon, to make deposits to or to establish adequate balances

in this State's account in the Unemployment Trust Fund of the United States Treasury,

to pay the costs of issuing bonds, to pay bond administrative expenses, to fund capitalized

interest, to fund bond reserves, to refund or redeem prior bonds, or otherwise to

further the purposes of NRS 612.6102 to 612.6134 , inclusive. 2. Bonds issued pursuant to NRS 612.6102 to 612.6134 , inclusive, are special obligations and are not a public debt of this State within

the meaning of Section 3 of Article 9 of the Nevada Constitution and do not exhaust its debt-incurring power under any such debt limitation, and must

not create or constitute any indebtedness, liability or obligation of this State,

except from the special funds pledged thereto. 3. Bond obligations and bond administrative expenses are payable solely from revenues

or funds pledged or available for their repayment as authorized in NRS 612.6102 to 612.6134 , inclusive, including the proceeds of the issuance of bonds. 4. Each bond must contain on its face a statement that: (a) The bond, and the interest and any premium on the bond, are payable solely from

the money, funds and assets pledged to or available for the payment thereof under NRS 612.6102 to 612.6134 , inclusive; (b) Neither this State nor any political subdivision thereof is obligated to pay the

principal of the bond, and the interest and any premium on the bond, except from special

funds made available under NRS 612.6102 to 612.6134 , inclusive; and (c) The full faith and credit or moral obligation of this State is not pledged to

the payment of the principal of the bond, or the interest and any premium on the bond. 5. The provisions of the State Securities Law, set forth in NRS 349.150 to 349.364 , inclusive, apply to bonds issued pursuant to the provisions of this section. 6. Subject to the provisions of NRS 349.303 , bonds are payable upon the terms and conditions specified by the State Board of

Finance in the resolution under which the State Board of Finance issues the bonds

or in a related trust indenture.