Nevada Revised Statutes 396.8455 – Board of Regents authorized to delegate its authority to sign contract for purchase of securities or to accept bid for securities; certain terms of securities must be approved by Board of Regents
1. The Board may, before any sale of securities, whether by competitive bid or negotiated sale, delegate to the Chancellor of the University or the Vice Chancellor for Finance of the University the authority to sign a contract for the purchase of the securities or to accept a binding bid for the securities subject to the requirements specified by the Board concerning:
Terms Used In Nevada Revised Statutes 396.8455
- Contract: A legal written agreement that becomes binding when signed.
- University: means all of the universities within the Nevada System of Higher Education. See Nevada Revised Statutes 396.005
(a) The rate of interest on the securities;
(b) The dates on which and the prices at which the securities may be called for redemption before maturity;
(c) The price at which the securities will be sold; and
(d) The principal amount of the securities and the amount of principal maturing in any particular year.
2. All terms of the securities other than:
(a) The rate of interest;
(b) The dates and prices for the redemption of the securities;
(c) The price for the sale of the securities;
(d) The principal amount of the securities; and
(e) The requirements for the principal maturing in particular years, must be approved by the Board before the securities are delivered.
3. The final rate of interest, dates and prices of redemption, price for the sale of the securities, principal amount and the requirements for the principal amount maturing in particular years are not required to be approved by the Board if each of those terms complies with the requirements specified by the Board before the contract for the purchase of the securities is signed or the bid for the securities is accepted.