387.541 - Issuance of bonds: Approval of debt management commission and voters required; applicability of Local Government Securities Law.
387.541 Issuance of bonds: Approval of debt management commission and voters required; applicability of Local Government Securities Law.
1. Bonds of any such county school district for the joint facility must not be issued unless:
(a) The bonds are approved by the debt management commission of the particular county pursuant to NRS 350.011 to 350.0165, inclusive; and
(b) The registered voters of each of the county school districts approve a proposal for the issuance of the bonds of the particular county school district pursuant to the provisions of this chapter.
2. If proposals for the issuance of each school district’s general obligation bonds carry as provided in subsection 1, each school district, acting by and through its board of trustees, for the purpose of defraying all or any part of the cost of the joint facility or project, may borrow money and otherwise become obligated in the total authorized principal amount, and may issue within 6 years after the date of the election authorizing the issue, bonds and other securities of the county school district constituting its general obligations to evidence obligations, in accordance with the Local Government Securities Law.
3. This section does not prevent any county school district from funding, refunding or reissuing at any time any securities of the county school district pertaining to the facility or project as provided in the Local Government Securities Law, except as therein limited.
(Added to NRS by 1971, 527; A 1985, 286; 1995, 772)