NRS 543.710 General obligation bonds: Interest; maturity; denominations; form.

297 words·~1 min read·/nv/chapter-543-control-of-floods/543-710·

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

1. To carry out the purposes of NRS 543.170 to 543.830 , inclusive, the board may issue general obligation negotiable coupon bonds of the district.

2. Bonds must:

(a)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, payable semiannually.

(b)Be payable serially, either annually or semiannually, commencing not later than 3 years and extending not more than 40 years from date.

(c)Be in such denominations as the board determines and the bonds and coupons thereto attached must be payable to bearer.

(d)Be executed in the name of and on behalf of the district and signed by the chair of the board with the seal of the district affixed thereto and attested by the secretary of the board.

3. Any of the officers, after filing with the Secretary of State his or her manual signature certified under oath, may execute or cause to be executed with a facsimile signature in lieu of his or her manual signature any bond authorized in this section, but at least one signature required or permitted to be placed thereon must be manually subscribed, and his or her facsimile signature has the same legal effect as his or her manual signature. Interest coupons must bear the original or facsimile signature of the chair of the board.

4. The form and terms of the bonds, including provisions for their payment and redemption, must be determined by the board. If the board so determines, the bonds may be redeemable before maturity upon payment of a premium, not exceeding 9 percent of the principal thereof.