NRS396.825. “Operation and maintenance expenses” defined.

  “Operation and maintenance expenses,” or any phrase of similar import, means all reasonable and necessary current expenses of the University or the Board, or of both the University and the Board, as the case may be, paid or accrued, of operating, maintaining and repairing the facilities pertaining to the pledged revenues for the payment of the bonds or other securities issued hereunder; and the term may include at the Board’s option (except as limited by contract or otherwise limited by law), without limiting the generality of the foregoing:

      1.  Legal and overhead expenses of the various university departments directly related and reasonably allocable to the administration of the facilities;

      2.  Fidelity bond and insurance premiums appertaining to the facilities, or a reasonably allocable share of a premium of any blanket bond or policy pertaining to the facilities;

      3.  The reasonable charges of any paying agent, or commercial bank, trust bank, or other depository bank appertaining to any securities issued by the University or by the Board or appertaining to any facilities;

      4.  Contractual services, professional services, salaries, administrative expenses, and costs of labor appertaining to facilities;

      5.  The costs incurred by the Board in the collection of all or any part of the pledged revenues, including without limitation revenues appertaining to any facilities;

      6.  Any costs of utility services furnished to the facilities by the University or otherwise; and

      7.  Reasonable allowances for the depreciation of furniture and equipment for the facilities.

      (Added to NRS by 1967, 5)