NRS 350.5755 Issuance of negotiable notes or bonds to finance restoration of historic structure; maturity; interest.
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NRS 350.5755 Issuance of negotiable notes or bonds to finance restoration of historic structure; maturity; interest.
1. Whenever the governing body of any municipality is authorized to enter into financing for restoration of a historic structure, as provided in NRS 350.575 , the governing body may issue, as evidence thereof, negotiable notes or bonds.
2. The negotiable notes or bonds must:
(a)Mature not later than 15 years after the date of issuance.
(b)Bear interest at a rate or rates which do not exceed by more than 3 percent the Index of Twenty Bonds which was most recently published before the bids are received or a negotiated offer is accepted.