1.  The total of all general obligation bonds and other general obligation securities constituting a debt (but excluding revenue bonds and other securities constituting special obligations) issued to finance any undertaking authorized in NRS 710.400 to 710.590, inclusive, and issued for all other corporate purposes must not at any time exceed the debt limitation in NRS 269.410.

Terms Used In Nevada Revised Statutes 710.440

  • 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.  This section does not prevent the town from funding, refunding or reissuing any securities of the town appertaining to the system as provided in the Local Government Securities Law, except as therein limited.

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