350.5755 - Issuance of negotiable notes or bonds to finance restoration of historic structure; maturity; interest.
350.5755 Issuance of negotiable notes or bonds to finance restoration of historic structure; maturity; interest.
1. Whenever the governing body of any municipality is authorized to enter into financing for restoration of a historic structure, as provided in NRS 350.575, the governing body may issue, as evidence thereof, negotiable notes or bonds.
2. The negotiable notes or bonds must:
(a) Mature not later than 15 years after the date of issuance.
(b) Bear interest at a rate or rates which do not exceed by more than 3 percent the Index of Twenty Bonds which was most recently published before the bids are received or a negotiated offer is accepted.
(Added to NRS by 1985, 2178)