NRS 315.99868 Notes, bonds and other obligations: Pledge against impairment of holders’ rights and remedies; credit of State or political subdivision not pledged.
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NRS 315.99868 Notes, bonds and other obligations: Pledge against impairment of holders’ rights and remedies; credit of State or political subdivision not pledged.
1. The State of Nevada hereby pledges to and agrees with the holders of any notes or bonds issued under NRS 315.9981 to 315.99874 , inclusive, that the State will not limit or alter the rights vested in the Authority by NRS 315.9981 to 315.99874 , inclusive, to fulfill the terms of any agreements made with such holders or in any way impair the rights and remedies of such holders until such notes and bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged.
The Authority may include this pledge and agreement of the State in any agreement with the holders of such notes or bonds.
2. Obligations issued under the provisions of NRS 315.9981 to 315.99874 , inclusive, including letters of credit issued by the Authority, do not constitute a debt, liability or obligation of this State or of any political subdivision thereof, or a pledge of the faith and credit of this State or of any political subdivision thereof, but are payable solely from the revenues or assets of the Authority. Neither the commissioners of the Authority nor any person executing the bonds is liable personally on the bonds by reason of the issuance thereof.
Each obligation, including a letter of credit, issued under NRS 315.9981 to 315.99874 , inclusive, must contain on the face thereof a statement to the effect that the Authority is not obligated to pay the obligation or the interest thereon except from the revenues or assets pledged therefor and that neither the faith and credit nor the taxing power of this State or of any political subdivision thereof is pledged to the payment of the principal of or the interest on the obligation.
The bonds do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.