710.440 - Limitations on issuance of general obligation bonds and securities.
710.440 Limitations on issuance of general obligation bonds and securities.
1. The total of all general obligation bonds and other general obligation securities constituting a debt (but excluding revenue bonds and other securities constituting special obligations) issued to finance any undertaking authorized in NRS 710.400 to 710.590, inclusive, and issued for all other corporate purposes must not at any time exceed the debt limitation in NRS 269.410.
2. This section does not prevent the town from funding, refunding or reissuing any securities of the town appertaining to the system as provided in the Local Government Securities Law, except as therein limited.
[Part 4:169:1911; RL § 943; NCL § 1330]—(NRS A 1967, 1227; 1969, 1612; 1985, 325)