NRS349.949. Forms and terms of bonds; sale; employment of financial and legal consultants.

      1.  The bonds must be authorized by an order of the Director, and must:

      (a) Be in the denominations;

      (b) Bear the date or dates;

      (c) Mature at the time or times, not exceeding 30 years after their respective dates;

      (d) Bear interest at a rate or rates specified in the order;

      (e) Be in the form;

      (f) Carry the registration privileges;

      (g) Be executed in the manner;

      (h) Be payable at the place or places within or without the State; and

      (i) Be subject to the terms of redemption,

Ê which the order authorizing their issue provides.

      2.  The bonds may be sold in one or more series at par, or below or above par, in the manner and for the price or prices which the Director determines in his or her discretion.

      3.  State securities must be authorized by resolution of the Board of Finance at the request of the Director.

      4.  As an incidental expense to any water project to be financed by the bonds, the Director may employ:

      (a) Financial and legal consultants in regard to the financing of the water project; and

      (b) A person whose business is in Nevada or elsewhere to act as a trustee for the water project.

      5.  The bonds are fully negotiable under the terms of the Uniform Commercial Code—Investment Securities.

      (Added to NRS by 1987, 2276; A 1995, 2238)