Nevada Revised Statutes 408.273 – Issuance of bonds
1. The State Board of Finance shall, when so requested by the Board, issue special obligation bonds of the State of Nevada to provide money to enable the Department to complete pending and currently projected highway construction projects, in an amount specified in the request. The bonds may be issued at one time or from time to time, and must be issued in accordance with the State Securities Law. These bonds must be secured by:
Terms Used In Nevada Revised Statutes 408.273
- 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.
- Public debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The public debt does not include agency debt (amounts borrowed by other agencies of the Federal Government). The total public debt is subject to a statutory limit.
(a) A pledge of the appropriate federal highway grants payable to the State; or
(b) The appropriate federal highway grants payable to the State and taxes which are credited to the State Highway Fund, other than any taxes that would cause the bonds to create a public debt within the meaning of Section 3 of Article 9 of the Constitution of the State of Nevada, and must mature within not more than 30 years from their date.
2. The Department shall cooperate with the State Treasurer in the issuance of the bonds.
3. The State Treasurer may employ any necessary legal, financial or other professional services in connection with the issuance of the bonds.