NRS349.260. Details of state securities provided by resolution.

  Except as otherwise provided in the Constitution of the State and as otherwise provided in the State Securities Law and in any other act the provisions of which are relevant by express reference herein thereto, any state securities issued hereunder must be:

      1.  In such a form;

      2.  Issued in such a manner, at, above or below par at a discount not exceeding 9 percent of the principal amount of the securities, and at a price which will result in an effective interest rate which does not exceed the limit provided in NRS 349.076;

      3.  Issued with such provisions:

      (a) For the application of any accrued interest and any premium from the sale of any bonds or other state securities hereunder as provided in NRS 349.294;

      (b) For the registration of the bonds or other securities for payment as to principal only, or as to both principal and interest, at the option of any holder of a bond or other security, or for registration for payment only in either manner designated;

      (c) For the endorsement of payments of interest on the bonds or other securities or for reconverting the bonds or other securities into coupon bonds or other coupon securities, or both for such endorsement and such reconversion, where any bond or other security is registered for payment as to interest; and where interest accruing on the securities is not represented by interest coupons the securities may provide for the endorsing of payments of interest thereon;

      (d) For the endorsement of payments of principal on the bonds or other securities, where any bond or other securities are registered for payment as to principal;

      (e) For the initial issuance of one or more bonds or other securities aggregating the amount of the entire issue or any portion thereof, and the endorsement of payments of interest or principal, or both interest and principal, on the securities;

      (f) For the manner and circumstances in and under which any such bond or other securities may in the future, at the request of the holder thereof, be converted into bonds or other securities of larger or smaller denominations, which bonds or other securities of larger or smaller denominations may in turn be either coupon bonds or other coupon securities or bonds or other securities registered for payment, or coupon bonds or other coupon securities with provisions for registration for payment;

      (g) For the reissuance of any outstanding bonds or other securities, and the terms and conditions thereof, whether lost, apparently destroyed, wrongfully taken, or for any other reason, as provided in the Uniform Commercial Code—Investment Securities, or otherwise;

      (h) For the deposit of money, federal securities or other securities of the Federal Government, or both money and such securities, with and securing their repayment by a commercial bank or commercial banks within or without or both within and without this state; and

      (i) For the payment of costs or expenses incident to the enforcement of the securities or of the provisions of the resolution or of any covenant or contract with the holders of the securities; and

      4.  Issued otherwise with such recitals, terms, covenants, conditions and other provisions,

Ê as may be provided by the Commission in a resolution authorizing their issuance and in any indenture or other proceedings appertaining thereto.

      (Added to NRS by 1967, 780; A 1969, 1289; 1971, 2111; 1975, 859; 1981, 1399; 1983, 570)