Nevada Revised Statutes
Chapter 350 - Municipal Obligations
NRS 350.678 - Interim debentures: Security for payment.


1. Except as otherwise provided in NRS 350.674, the proceeds of taxes, pledged revenues and other money, including without limitation proceeds of bonds to be issued or reissued after the issuance of interim debentures, and bonds issued to secure the payment of interim debentures, or any combination thereof, may be pledged to secure the payment of interim debentures; but the proceeds of taxes and the proceeds of bonds payable from taxes, or any combination thereof, must not be used to pay any special obligation interim debentures nor may their payment be secured by a pledge of any such general obligation bonds.
2. Any bonds pledged as collateral security for the payment of any interim debentures must mature at such time or times as the governing body may determine, except as otherwise provided in subsections 2, 3 and 4 of NRS 350.630.
3. Any bonds pledged as collateral security must not be issued in an aggregate principal amount exceeding the aggregate principal amount of the interim debenture or interim debentures secured by a pledge of such bonds, nor may they bear interest at any time which, with any interest accruing at the same time on the interim debenture or interim debentures so secured, exceeds the rate permitted on the debenture or debentures secured, computed from the appropriate index which was most recently published before the bids are received or a negotiated offer is accepted.
(Added to NRS by 1967, 441; A 1969, 1294; 1971, 2119; 1975, 868; 1981, 1405; 1983, 576; 2011, 3328)

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Structure Nevada Revised Statutes

Nevada Revised Statutes

Chapter 350 - Municipal Obligations

NRS 350.0015 - Definitions.

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 350.009 - Regulations.

NRS 350.011 - Definitions.

NRS 350.0115 - Creation; composition; selection and terms of members; interest in securities issued by State or political subdivision prohibited; vacancies.

NRS 350.012 - Meetings; officers; removal of member; quorum; compensation.

NRS 350.0125 - Technical assistance provided by Department of Taxation or board of county commissioners to carry out duties of commission.

NRS 350.013 - Municipalities to submit annually statement of current and contemplated general obligation debt and special elective taxes, statement of debt management policy, plan for capital improvement or alternate statement and certain information...

NRS 350.0135 - Proposal resulting in increase of rate of property taxes: Determination and notification of affected governmental entities by municipality; approval or objection by affected governmental entity; notification of commission of objection;...

NRS 350.014 - Approval or notification of commission required for certain proposals.

NRS 350.0145 - Notice and submission of statement of certain proposals to commission; procedure for approval or disapproval.

NRS 350.015 - Criteria for approval or disapproval of certain proposals; requests for information; use of money received from sale of general obligation debt or from special elective tax.

NRS 350.0155 - Commission to specify percentage of limitation on total ad valorem tax levy and establish priorities among essential and nonessential facilities and services for purposes of NRS 350.015.

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 350.020 - Use of general obligation only for stated purpose; submission to electors of proposal to issue general obligations; restrictions on special elections; issuance of general obligations secured by pledge of revenues and issuance of special...

NRS 350.0201 - First additional 10-year period for issuance of certain general obligation bonds by board of trustees of school district.

NRS 350.0203 - Second additional 10-year period for issuance of certain general obligation bonds by board of trustees of school district.

NRS 350.0205 - Committee on Local Government Finance to provide forms for submitting ballot question and examples of past ballot questions for issuance or incurrence of general obligations.

NRS 350.021 - Proposal may be combined on ballot with proposal to levy tax ad valorem for related purpose.

NRS 350.022 - Notice of election on proposal to issue general obligations: Publication.

NRS 350.024 - Contents of ballot question, sample ballot and notice of election on proposal to issue general obligations; consolidation of election with general, primary or municipal election; publication of notice of close of registration for specia...

NRS 350.027 - Sample ballot and notice of election on proposal to issue bonds or other securities to contain estimate of annual cost to operate, maintain and repair improvements to be constructed or acquired with proceeds of bonds or other securities...

NRS 350.030 - Election on proposal to issue general obligations: Expenses; ballots; validity of proposal; applicability of general election laws.

NRS 350.070 - Approval or disapproval by electors of proposal to issue general obligations: Procedure; validity of result.

NRS 350.087 - Resolution authorizing medium-term obligation or installment-purchase agreement: Adoption; contents; notice.

NRS 350.089 - Approval of resolution for medium-term obligation or installment-purchase agreement by Executive Director of Department of Taxation; appeal to Nevada Tax Commission.

NRS 350.091 - Governing body to update plan for capital improvement under certain circumstances; issuance and terms of evidence of medium-term obligation or installment-purchase agreement; regulations; applicability of prevailing wage requirements to...

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 350.105 - Definitions.

NRS 350.115 - "Bond" defined.

NRS 350.125 - "Competitive bid" defined.

NRS 350.135 - "Financial adviser" defined.

NRS 350.145 - "Negotiated sale" defined.

NRS 350.155 - Sale by competitive bid: Requirements; exceptions; contents of certificate required for certain bonds; filing and approval of certificate; publication of invitation for competitive bids.

NRS 350.165 - Delegation of authority to sign contract to purchase or accept binding bid for bonds; approval of certain terms by governing body required.

NRS 350.175 - Negotiated sale: Notice of request for proposals; description of procedure for request for proposals in debt management policy; time limitation on sale of bonds after selection of underwriter.

NRS 350.185 - Negotiated sale: Procedure for selection of proposal for sale of bonds; certification of procedure.

NRS 350.195 - Financial adviser: Prohibited acts.

NRS 350.201 - Definitions.

NRS 350.2011 - Maximum rate of interest on securities of political subdivisions.

NRS 350.2012 - Discounts.

NRS 350.2013 - Issuance or sale more than 6 years after date of election prohibited; exception.

NRS 350.202 - County ordinance may provide for service of bonded indebtedness for general obligations through single debt service fund; consolidated levy of taxes.

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 350.350 - Short title.

NRS 350.360 - Definitions.

NRS 350.370 - Additional powers of municipality under NRS 350.350 to 350.490, inclusive.

NRS 350.373 - Supplemental powers of municipality to prescribe, revise and collect charges; expenses of collection.

NRS 350.375 - Use of revenues derived from undertaking of municipality.

NRS 350.380 - Undertaking and issuance of bonds: Procedure.

NRS 350.400 - Sale of bonds.

NRS 350.490 - Powers conferred in NRS 350.350 to 350.490, inclusive, additional and supplemental; controlling provisions.

NRS 350.495 - Willful violation of covenant in securities by member of governing body, officer or agent of municipality unlawful; penalty.

NRS 350.500 - Short title.

NRS 350.502 - Purpose; supplemental nature.

NRS 350.504 - Definitions.

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 350.528 - "Hereby," "herein," "hereinabove," "hereinafter," "hereinbefore," "hereof," "hereto," "hereunder," "heretofore" and "hereafter" 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 350.575 - Resolution to finance preservation or restoration of historic structure; approval of Executive Director of Department of Taxation; appeal to Nevada Tax Commission.

NRS 350.5755 - Issuance of negotiable notes or bonds to finance restoration of historic structure; maturity; interest.

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 350.583 - Variable rates of interest for securities; agreement with third party for assurance of payment for securities; reimbursement for advances made pursuant to agreement; issuance of securities as commercial paper.

NRS 350.5835 - Variable rates of interest: Exemption from limitations; conclusive findings of governing body that procedure for determination of rates is reasonable.

NRS 350.584 - Municipal securities payable from gross revenues: Covenant requiring appropriations to pay operation and maintenance expenses.

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 350.592 - Annual levy of special tax to pay interest on and retire securities issued as general obligations; proceeds of tax kept in two special funds; consolidated debt service fund.

NRS 350.594 - Time and duration of levy of special tax.

NRS 350.596 - Payment from general fund when taxes insufficient to pay amount due on securities issued as general obligations; reimbursement of general fund.

NRS 350.598 - Application of other available money to payment of interest on and principal of securities issued as general obligations.

NRS 350.602 - Proceeds of taxes specially appropriated to payment of principal and interest.

NRS 350.604 - Payment of municipal securities not to be secured by encumbrance, mortgage or pledge of municipality’s property; exception.

NRS 350.606 - Recourse against officers and agents of municipality: Acceptance of securities constitutes waiver and release.

NRS 350.608 - Covenants in ordinance authorizing issuance of special obligations impose no liability against municipality or its general credit.

NRS 350.610 - Faith of State pledged against repeal, amendment or modification of Local Government Securities Law.

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 350.652 - Validity of securities not dependent on proceedings relating to project or completion of purpose; purchasers not responsible for application of proceeds.

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 350.658 - Investment and reinvestment of revenues and proceeds of taxes and securities in federal securities and certain money market mutual funds.

NRS 350.659 - Investment and reinvestment of revenues and proceeds of taxes and certain securities in investment contract collateralized with federal securities by governing body in county whose population is 20,000 or more.

NRS 350.660 - Covenants and other provisions in municipal securities.

NRS 350.662 - Pledged revenues received or credited subject to immediate lien; priority and validity of lien.

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 350.670 - Failure of holder to proceed does not relieve municipality, governing body and officers, agents and employees of municipality of liability for nonperformance of duties.

NRS 350.672 - Interim debentures: Issuance for general or special obligations.

NRS 350.674 - Issuance of municipal securities constituting debt to fund or refund special obligations not constituting indebtedness: Conditions; restrictions.

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 350.682 - Interim debentures: Funding by reissuance of bonds pledged as collateral security; issuance of other bonds.

NRS 350.684 - Refunding of general and special obligation bonds: Ordinance; trust indenture.

NRS 350.686 - Calls for prior redemption: Limitations.

NRS 350.688 - Exchange of outstanding securities held by State or its agencies for funding or refunding.

NRS 350.690 - Refunding of outstanding securities evidencing long-term loans.

NRS 350.692 - Refunding bonds: Sale or exchange for outstanding bonds; exchange for federal securities.

NRS 350.694 - Conditions for refunding bonds.

NRS 350.696 - Refunding bonds: Disposition of proceeds, accrued interest and premium; costs; escrow; trusts.

NRS 350.698 - Proceeds of refunding bonds in escrow or trust: Investment; security; sufficient amount; purchaser not responsible for application of proceeds.

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 350.800 - Transactions whereby municipality acquires property and another person acquires or retains security interest in that or other property.

NRS 350.810 - Purchase of municipal obligations by financial adviser of municipality limited.

NRS 350.820 - Agreements for exchange of interest rates.