NRS 349.303 Delegation of power of Commission to sign contracts or accept binding bids for purchase of bonds; establishment of certain requirements and approval of certain terms by Commission for purchase of bonds.

287 words·~1 min read·/nv/chapter-349-state-obligations/349-303

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1. The Commission may, before any sale of bonds, delegate to the Treasurer or his or her designee, or an agent in the case of securities described in subsection 1 of NRS 349.227 , the authority to sign a contract for the purchase of the bonds or to accept a binding bid for the bonds subject to the requirements specified by the Commission concerning:

(a)The rate of interest on the bonds;

(b)The dates on which and the prices at which the bonds may be called for redemption before maturity;

(c)The price at which the bonds will be sold; and

(d)The principal amount of the bonds and the amount of principal maturing in any particular year.

2. All terms of the bonds other than:

(a)The rate of interest;

(b)The dates and prices for the redemption of the bonds;

(c)The price for the sale of the bonds;

(d)The principal amount of the bonds; and

(e)The requirements for the principal maturing in particular years,

Ê must be approved by the Commission before the bonds are delivered.

3. The final rate of interest, dates and prices of redemption, price for the sale of the bonds, principal amount and the requirements for the principal amount maturing in particular years are not required to be approved by the Commission if each of those terms complies with the requirements specified by the Commission before the contract for the purchase of the bonds is signed or the bid for the bonds is accepted.