NRS 350.165 Delegation of authority to sign contract to purchase or accept binding bid for bonds; approval of certain terms by governing body required.

306 words·~1 min read·/nv/chapter-350-municipal-obligations/350-165·

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

1. The governing body of a municipality may, before any sale of bonds, whether by competitive bid or negotiated sale, delegate to the chief administrative officer or chief financial officer of the municipality or, if the bonds consist of any securities to which subsection 1 of NRS 350.583 applies, a designated agent, 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 governing body 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 governing body of the municipality 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 governing body of the municipality if each of those terms complies with the requirements specified by the governing body before the contract for the purchase of the bonds is signed or the bid for the bonds is accepted.