349.230 - Securities issued as general obligations constitute outstanding indebtedness of State; exceptions.
349.230 Securities issued as general obligations constitute outstanding indebtedness of State; exceptions. Any outstanding general obligation bonds, any temporary general obligation bonds to be exchanged for such definitive bonds, and any general obligation interim debentures constitute outstanding indebtedness of the State and exhaust the debt-incurring power of the state unless issued:
1. For the purpose of defraying extraordinary expenses, as mentioned in the last sentence of the first paragraph of Section 3 of Article 9 of the Constitution; or
2. For one of the purposes mentioned in the second paragraph of that section.
(Added to NRS by 1967, 777; A 1977, 795)