Nevada Revised Statutes 268.538 – Terms of resolution and instruments
The resolution under which the bonds are authorized to be issued, and any indenture or mortgage given to secure the same, may contain any provisions customarily contained in instruments securing bonds and constituting a covenant with the bondholders, including, but not limited to:
Terms Used In Nevada Revised Statutes 268.538
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- mortgage: includes a deed of trust. See Nevada Revised Statutes 0.037
- Trustee: A person or institution holding and administering property in trust.
1. Custody of the proceeds from the sale of the bonds, including their investment and reinvestment until used to defray the cost of the project.
2. The fixing and collection of payments, with respect to the project to be made under the lease, the agreement of sale or the financing agreement.
3. The terms to be incorporated in the lease, the agreement of sale or the financing agreement with respect to the project.
4. The maintenance and insurance of the project.
5. The creation of funds and accounts into which any bond proceeds, revenues and income may be deposited or credited.
6. Limitation on the purpose to which the proceeds of any bonds then or thereafter to be issued may be applied.
7. Limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured, the refunding of bonds and the replacement of bonds.
8. The procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated.
9. Vesting in a trustee or trustees located within or without this state such properties, rights, powers and duties in trust as the governing body may determine, and limiting the rights, duties and powers of such trustees.
10. The rights and remedies available in case of a default to the bondholders or to any trustee under the lease, agreement of sale, financing agreement, indenture or a mortgage.