NRS 279.636 Types of bonds which agency may issue; additional security for bonds.

348 words·~2 min read·/nv/chapter-279-redevelopment-of-communities/279-636·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. An agency may issue such types of bonds as it may determine, including bonds on which the principal and interest are payable:

(a)Exclusively from the income and revenues of the redevelopment projects financed with the proceeds of the bonds, or with those proceeds together with financial assistance from the State or Federal Government in aid of the projects.

(b)Exclusively from the income and revenues of certain designated redevelopment projects whether or not they were financed in whole or in part with the proceeds of the bonds.

(c)In whole or in part from taxes allocated to, and paid into a special fund of, the agency pursuant to the provisions of NRS 279.674 to 279.687 , inclusive.

(d)From its revenues generally.

(e)From any contributions or other financial assistance from the State or Federal Government.

(f)From the proceeds of the surcharge imposed pursuant to NRS 244A.830 .

(g)By any combination of these methods.

2. Any of the bonds may be additionally secured by a pledge of any revenue or by an encumbrance by mortgage, deed of trust or otherwise of any redevelopment project or other property of the agency or by a pledge of the taxes referred to in subsection 1.

3. Amounts payable in any manner permitted by this section may be additionally secured by a pledge of the full faith and credit of the community whose legislative body has declared the need for the agency to function. Such additional security may only be provided upon the approval of the majority of the voters voting on the question at a primary or general election or a special election called for that purpose. In its proposal to its voters the governing body shall define the area to be redeveloped, the primary source or sources of revenue first to be employed to retire the bonds and the maximum sum for which the city may pledge its full faith and credit in connection with the bonds to be issued for the project.