NRS349.324. Interim debentures: Security for payment.

      1.  Except as otherwise provided in NRS 349.320, the proceeds of taxes, pledged revenues and other money, including without limitation proceeds of bonds to be issued or reissued after the issuance of interim debentures, and bonds issued to secure the payment of interim debentures, or any combination thereof, may be pledged to secure the payment of interim debentures; but the proceeds of taxes and the proceeds of bonds payable from taxes, or any combination thereof, must not be used to pay any special obligation interim debentures nor may their payment be secured by a pledge of any such general obligation bonds.

      2.  Any bonds pledged as collateral security for the payment of any interim debentures must mature at such time or times as the Commission may determine, except as otherwise provided in subsections 3 and 4 of NRS 349.276.

      3.  Any bonds pledged as collateral security must not be issued in an aggregate principal amount exceeding the aggregate principal amount of the interim debenture or interim debentures secured by a pledge of such bonds, nor shall they bear interest at any time which, with any interest accruing at the same time on the interim debenture or interim debentures so secured, exceeds the rate permitted on the debenture or debentures secured, computed from the appropriate index which was most recently published before the bids are received or a negotiated offer is accepted.

      (Added to NRS by 1967, 790; A 1969, 1290; 1971, 2113; 1975, 861; 1977, 35; 1981, 1401; 1983, 572)