NRS315.9986. Notes, bonds and other obligations: Establishment, use and requirements for bond reserve funds.

      1.  The State Authority may establish one or more bond reserve funds, and shall pay into each such bond reserve fund:

      (a) Any money appropriated by the Legislature for the purpose of the fund;

      (b) Any proceeds of sale of notes or bonds to the extent provided in connection with the issuance thereof; and

      (c) Any other money which may be available to the State Authority for the purpose of the fund from any other source or sources.

Ê All money held in any bond reserve fund, except as otherwise expressly provided in NRS 315.9981 to 315.99874, inclusive, must be used, as required, solely for the payment of the principal of bonds secured in whole or in part by the fund or of the sinking fund payments with respect to such bonds, the purchase or redemption of such bonds, the payment of interest on such bonds or the payment of any redemption premium required to be paid when the bonds are redeemed before maturity.

      2.  Money in such a fund must not be withdrawn from the fund at any time in an amount that would reduce the amount of the fund below the requirement established for that fund, except to pay when due, with respect to bonds secured in whole or in part by that fund, principal, interest, redemption premiums and sinking fund payments for the payment of which other money of the State Authority is not available.

      (Added to NRS by 2005, 216)