§ 396.852 — Denomination, negotiability and maturity of securities; interest and interest coupons

Nevada § 396.852

• Jurisdiction: Nevada
• Title 34: EDUCATION
• Ch. 396: Nevada

Text

1. Except as otherwise provided in this section and NRS 99.067 , as the Board may determine, any bonds and other securities issued hereunder must:
(a) Be of a convenient denomination or denominations;
(b) Be fully negotiable within the meaning of and for all the purposes of the Uniform Commercial Code—Investment Securities;
(c) Mature at such time or serially at such times in regular numerical order at annual or other designated intervals in amounts designated and fixed by the Board, but not exceeding 50 years from their date;
(d) Bear interest at a rate or rates which do not exceed by more than 3 percent the Index of Revenue Bonds which was most recently published before the bids are received or a negotiated offer is accepted, the interest on each bond to be payable annually, semiannually, or at other designated intervals, but the first interest payment date may be for interest accruing for any other period;
(e) Be made payable in lawful money of the United States, at the office of the Treasurer of the University or any commercial bank or commercial banks within or without or both within and without the State as may be provided by the Board; and
(f) Be printed at such place within or without this state, as the Board may determine.
2. Any bonds issued hereunder must have one or two sets of interest coupons, bearing the number of the bond to which they are respectively attached, numbered consecutively in regular numerical order, and attached in such a manner that they can be removed upon the payment of the installments of interest without injury to the bonds, except as herein otherwise provided.

Legislative History

(Added to NRS by 1967, 11 ; A 1969, 1298 ; 1971, 2121 ; 1975, 873 ; 1981, 1416 ; 1983, 584 ; 2009, 2661 )