1.  State securities issued hereunder and constituting special obligations shall recite in substance that the securities and the interest thereon are payable solely from the net revenues pledged to the payment thereof.

Terms Used In Nevada Revised Statutes 349.234

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

2.  State securities issued hereunder and constituting general obligations shall pledge the full faith and credit of the State for their payment, shall so state, and shall state that they are payable from taxes.

3.  General obligation state securities the payment of which is additionally secured by a pledge of revenues shall recite in substance, in addition to the statements required by subsection 2 of this section, that the payment of the securities and the interest thereon is additionally secured by a pledge of the net revenues or the gross revenues, as the case may be, designated in the securities.

  Previous section
Next section  
 State Securities Law Contents