244A.715 - Form and terms of bonds.
244A.715 Form and terms of bonds.
1. The bonds must:
(a) Be authorized by resolution;
(b) Be in such denominations;
(c) Bear such date or dates;
(d) Mature at such time or times not exceeding 40 years from their respective dates;
(e) Be in such form;
(f) Carry such registration privileges;
(g) Be executed in such manner, including the use of one or more facsimile signatures so long as at least one manual signature appears on the bonds, which manual signature may be either an official of the county or an officer of the trustee authenticating the same;
(h) Be payable at such place or places within or without the State; and
(i) Be subject to such terms of redemption,
Ê as the authorizing resolution may provide.
2. The resolution 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 a specified standard and procedure.
3. Except as otherwise provided in this subsection, the bonds may be sold in one or more series at par, or below or above par, in such manner and for such price or prices as the county, in its discretion, determines. In the case of a project for the generation and transmission of electricity, the determination with respect to the manner of sale of the bonds must be made in the best interest of the participants, upon the recommendation and with the concurrence of the management committee. As an incidental expense of the project, the county, in its discretion, may employ financial and legal consultants in regard to the financing of the project.
4. The bonds are fully negotiable under the terms of the Uniform Commercial Code—Investment Securities.
(Added to NRS by 1967, 1746; A 1971, 2098; 1975, 428; 1977, 588; 1979, 688; 1981, 389; 1983, 1159)