Nevada Revised Statutes 350.598 – Application of other available money to payment of interest on and principal of securities issued as general obligations
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Nothing contained in the Local Government Securities Law shall be so construed as to prevent the municipality from applying any funds (other than taxes) that may be available for that purpose to the payment of the interest on or the principal of any general obligation municipal securities as the same respectively mature, and regardless of whether the payment of the general obligation municipal securities is additionally secured by a pledge of revenues, and upon such payments, the levy or levies of taxes provided in the Local Government Securities Law may thereupon to that extent be diminished.
Terms Used In Nevada Revised Statutes 350.598
- 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.