NRS 350.2011 Maximum rate of interest on securities of political subdivisions.
149 words·~1 min read·
/nv/chapter-350-municipal-obligations/350-2011·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
NRS 350.2011 Maximum rate of interest on securities of political subdivisions.
1. Except as otherwise provided in this section and NRS 99.067 , and except where the provisions, whenever enacted, of a general or special law or of a special charter otherwise require, the rate or rates of interest on securities issued by a political subdivision of this state must not exceed by more than 3 percent:
(a)For general obligations, the Index of Twenty Bonds; and
(b)For special obligations, the Index of Revenue Bonds,
Ê which was most recently published before the bids are received or a negotiated offer is accepted.
2. The rate or rates of interest on securities issued in whole or in part to finance the costs of a program established pursuant to NRS 244.3651 must not exceed by more than 2 percent the rate or rates of interest set forth in subsection 1.