309.332 - Types of securities authorized: Form and terms of general obligation bonds; limitation on redemption premium.
309.332 Types of securities authorized: Form and terms of general obligation bonds; limitation on redemption premium.
1. To carry out the purposes of this chapter, the board may issue the following types of securities:
(a) Short-term notes, warrants and interim debentures;
(b) General obligation bonds and other general obligation securities payable from general (ad valorem) property taxes;
(c) General obligation bonds and other general obligation securities payable from general (ad valorem) property taxes, the payment of which securities is additionally secured by a pledge and lien on net revenues;
(d) Revenue bonds and other securities constituting special obligations and payable from net revenues, but excluding the proceeds of any general (ad valorem) property taxes or other special assessments, which payment is secured by a pledge of and lien on such net revenues; or
(e) Any combination of such securities.
2. Interest coupons thereon must bear the facsimile signature of the president of the board.
3. The form and terms of the general obligation bonds, including provisions for their payment and redemption, must be determined by the board. If the board so determines, the bonds may be redeemable before maturity upon payment of a premium not exceeding 9 percent of the principal thereof.
(Added to NRS by 1964, 13; A 1971, 431, 2108; 1975, 853; 1981, 1414)