1. The ordinance or resolution authorizing the issuance of any municipal securities that bear interest at a variable rate or any securities described in subsection 3, or any trust indenture or other instrument appertaining thereto, may fix a rate or rates of interest or provide for the determination of the rate or rates from time to time by a designated agent according to the procedure specified in that ordinance or other instrument, which procedure must include the parameters within which the rate may be fixed by that agent. The rate so determined must approximate the rates then being paid for other securities which contain similar provisions and have an equivalent rating. A governing body of a municipality may contract with or select any person to make that determination.
2. A governing body of a municipality may enter into an agreement with a third party for an assurance of payment of the principal of, the interest on, or premiums, if any, due in connection with any municipal securities issued by the governing body. The obligation of the governing body to reimburse that third party for any advances made pursuant to that agreement may be provided in that agreement, recited in those securities or evidenced by another instrument as designated in the ordinance or resolution authorizing the issuance of those securities or any other instrument appertaining thereto. The governing body may assign its rights under that agreement.
3. A municipality may, in accordance with the provisions of this subsection, issue any securities it is otherwise authorized to issue as commercial paper to fund the cost of any project or to refinance any commercial paper or other securities previously issued by that municipality. The term of any commercial paper issued pursuant to this subsection must not exceed 270 days. An agent may be appointed to fix the rates of interest and maturity dates for the commercial paper. Any commercial paper issued pursuant to this subsection may be refunded by any other commercial paper or other securities as may be specified in the ordinance or resolution authorizing the issuance of the commercial paper and the program under which the commercial paper is issued, without any further action by the governing body of the municipality or any other governmental entity, subject to the limitations provided in this section and any limitations provided in that ordinance or resolution. The ordinance or resolution authorizing the issuance of the commercial paper and the program under which the commercial paper is issued:
(a) Must state the maximum principal amount of commercial paper that may be outstanding at any time; and
(b) Except as otherwise provided in this paragraph, may provide that any amount of the commercial paper which is issued and subsequently retired and repaid, other than through a refunding with commercial paper issued under the same program, may be reissued in an amount that does not exceed the amount previously issued, without any reauthorization of those obligations, if the proceeds of that reissued commercial paper are used only for the purposes specified in that ordinance or resolution. The authority granted pursuant to this paragraph may be exercised under a program for the issuance of commercial paper that comprises a general obligation of the municipality only if:
(1) The municipality indicates an intention to exercise that authority in the proposal to incur that general obligation debt which it submits to the debt management commission;
(2) The maximum principal amount of commercial paper which is authorized to be outstanding is counted against any applicable debt limit of the municipality; and
(3) The program terminates:
(I) Within 6 years, if the commercial paper comprises a general obligation of the municipality; or
(II) Within 10 years, if the commercial paper comprises a special obligation of the municipality.
(Added to NRS by 1985, 2088; A 2007, 435)
Structure Nevada Revised Statutes
Chapter 350 - Municipal Obligations
NRS 350.0045 - "General obligation debt" defined.
NRS 350.0055 - "Installment-purchase agreement" defined.
NRS 350.0065 - "Local government" defined.
NRS 350.007 - "Medium-term obligation" defined.
NRS 350.0075 - "Special obligation" defined.
NRS 350.008 - Term of installment-purchase agreement.
NRS 350.012 - Meetings; officers; removal of member; quorum; compensation.
NRS 350.014 - Approval or notification of commission required for certain proposals.
NRS 350.016 - Evaluation of proposal: Power of commission to employ consultants; costs.
NRS 350.0165 - Applicability of NRS 350.011 to 350.0165, inclusive.
NRS 350.022 - Notice of election on proposal to issue general obligations: Publication.
NRS 350.093 - Limitations on transfer of money for medium-term obligation; refund of transfer.
NRS 350.095 - Levy of special tax; transfer of money remaining in fund.
NRS 350.125 - "Competitive bid" defined.
NRS 350.135 - "Financial adviser" defined.
NRS 350.145 - "Negotiated sale" defined.
NRS 350.195 - Financial adviser: Prohibited acts.
NRS 350.2011 - Maximum rate of interest on securities of political subdivisions.
NRS 350.2013 - Issuance or sale more than 6 years after date of election prohibited; exception.
NRS 350.204 - Merger of sinking and other debt service funds into single fund.
NRS 350.206 - Sufficiency of levy of taxes.
NRS 350.208 - Obligation of bond not impaired.
NRS 350.370 - Additional powers of municipality under NRS 350.350 to 350.490, inclusive.
NRS 350.375 - Use of revenues derived from undertaking of municipality.
NRS 350.380 - Undertaking and issuance of bonds: Procedure.
NRS 350.502 - Purpose; supplemental nature.
NRS 350.506 - "Acquisition" and "acquire" defined.
NRS 350.508 - "Chair" and "chair of the municipality" defined.
NRS 350.510 - "Clerk" defined.
NRS 350.512 - "Commercial bank" defined.
NRS 350.514 - "Condemnation" and "condemn" defined.
NRS 350.516 - "Cost of any project" defined.
NRS 350.517 - "Disposal" and "dispose" defined.
NRS 350.5175 - "Equip" and "equipment" defined.
NRS 350.518 - "Facilities" defined.
NRS 350.520 - "Federal Government" defined.
NRS 350.522 - "Federal securities" defined.
NRS 350.524 - "Governing body" defined.
NRS 350.526 - "Gross revenues" and "gross pledged revenues" defined.
NRS 350.530 - "Holder" defined.
NRS 350.532 - "Improvement" and "improve" defined.
NRS 350.534 - "Municipal" defined.
NRS 350.536 - "Municipal securities" and "securities" defined.
NRS 350.538 - "Municipality" defined.
NRS 350.540 - "Net revenues" and "net pledged revenues" defined.
NRS 350.542 - "Operation and maintenance expenses" defined.
NRS 350.546 - "Ordinance" defined.
NRS 350.550 - "Pledged revenues" defined.
NRS 350.552 - "Project" defined.
NRS 350.554 - "Public body" defined.
NRS 350.556 - "State" defined.
NRS 350.558 - "Taxation" defined.
NRS 350.560 - "Taxes" defined.
NRS 350.562 - "Treasurer" defined.
NRS 350.564 - "Trust bank" defined.
NRS 350.566 - "United States" defined.
NRS 350.568 - Powers of municipality in connection with projects.
NRS 350.569 - Power of eminent domain; reimbursement of public utility for removal and relocation.
NRS 350.570 - Power of municipality to become obligated and issue securities for project.
NRS 350.572 - Types of securities which may be issued; series.
NRS 350.573 - Sale of right to call for purchase of securities.
NRS 350.574 - Notes and warrants: Maturity; extension or funding.
NRS 350.576 - Temporary bonds: Conditions, terms and provisions; holder’s rights and remedies.
NRS 350.578 - Ordinance authorizing issuance of securities: Description of purposes.
NRS 350.579 - Emergency ordinances: Adoption; effective date.
NRS 350.580 - General obligations: Types of securities.
NRS 350.582 - Special obligations: Types of securities.
NRS 350.586 - Securities issued as general obligations constitute outstanding indebtedness.
NRS 350.588 - Securities issued as special obligations do not constitute outstanding indebtedness.
NRS 350.590 - Recitals required in municipal securities.
NRS 350.594 - Time and duration of levy of special tax.
NRS 350.602 - Proceeds of taxes specially appropriated to payment of principal and interest.
NRS 350.614 - Details of municipal securities provided by ordinance.
NRS 350.616 - Sale or issuance of municipal securities.
NRS 350.628 - Recital in securities conclusive evidence of validity and regularity of issuance.
NRS 350.630 - Denomination, negotiability and maturity of municipal securities; rate of interest.
NRS 350.632 - Payment of principal, interest and premium when due without further order.
NRS 350.634 - Interest coupons.
NRS 350.636 - Execution, signing and authentication of municipal securities and coupons.
NRS 350.638 - Facsimile signatures and seals.
NRS 350.640 - Securities not invalid because signatories cease to fill offices.
NRS 350.642 - Adoption of facsimile signature of predecessor in office.
NRS 350.644 - Redemption before maturity.
NRS 350.646 - Repurchase of municipal securities.
NRS 350.648 - Use of money received from issuance of municipal securities.
NRS 350.650 - Disposition of unexpended balance of proceeds after completion of project.
NRS 350.654 - Special funds and accounts: Creation; purposes.
NRS 350.656 - Employment of legal and other expert services; contracts for sale and other purposes.
NRS 350.660 - Covenants and other provisions in municipal securities.
NRS 350.664 - Rights and powers of holders of municipal securities and trustees.
NRS 350.666 - Receivers: Appointment; powers and duties.
NRS 350.668 - Rights and remedies cumulative.
NRS 350.672 - Interim debentures: Issuance for general or special obligations.
NRS 350.676 - Interim debentures: Maturity; use of proceeds; issuance.
NRS 350.678 - Interim debentures: Security for payment.
NRS 350.680 - Interim debentures: Extension and funding.
NRS 350.684 - Refunding of general and special obligation bonds: Ordinance; trust indenture.
NRS 350.686 - Calls for prior redemption: Limitations.
NRS 350.690 - Refunding of outstanding securities evidencing long-term loans.
NRS 350.694 - Conditions for refunding bonds.
NRS 350.700 - Refunding bonds payable from taxes or pledged revenues.
NRS 350.702 - Issuance of bonds separately or in combination.
NRS 350.704 - Bonds of abolished municipalities may be refunded.
NRS 350.706 - Other statutory provisions applicable to refunding bonds.
NRS 350.708 - Conclusive determination of governing body that statutory limitations have been met.
NRS 350.710 - Bonds and other securities exempt from taxation; exception.
NRS 350.712 - Securities issued as general obligations are legal investments for state money.
NRS 350.714 - Legal investments for other persons.
NRS 350.718 - Sufficiency of Local Government Securities Law.
NRS 350.720 - Liberal construction.
NRS 350.810 - Purchase of municipal obligations by financial adviser of municipality limited.