§ 7A.200. Municipal securities.

1.

The City may issue, to defray wholly or in part the cost of any undertaking, the following securities:

(a)

Notes;

(b)

Warrants;

(c)

Interim debentures;

(d)

Bonds; and

(e)

Temporary bonds.

2.

Any net revenues derived from the operation of the project or projects acquired, improved or equipped, or any combination thereof, as part of the undertaking must be pledged for the payment of any such securities. The securities must be made payable from any such net pledged revenues as the bond requirements become due from time to time by the bond ordinance, trust indenture or other proceedings which authorize the issuance of the securities or otherwise pertain to their issuance.

3.

Additionally, such securities:

(a)

Must be made payable from tax proceeds accounted for in the Tax Increment Account; and

(b)

May, at the City's option, be made payable from taxes levied by the City against all taxable property within the City, without limitation of rate or amount except for the limitation provided in Section 2 of Article 10 of the Nevada Constitution.

The city may also issue general obligation securities other than the ones authorized by this article which are made payable from taxes without also making the securities payable from any net pledged revenues or tax proceeds accounted for in a Tax Increment Account, or from both of those sources of revenue.

4.

Any securities payable only in the manner provided in either paragraph (a) of subsection 3 or both subsection 2 and paragraph (a) of subsection 3, are special obligations of the City, are not in their issuance subject either to the debt limitation in section 7.010, or otherwise imposed by law, and while they are outstanding do not exhaust the City's debt incurring power, and may be issued under the provisions of the Local Government Securities Law, except as otherwise provided in this article, without any compliance with the provisions of NRS 350.011 to 350.0165, inclusive, or NRS 350.020 to 350.070, inclusive, and without any approval or other preliminaries, except as provided in the Local Government Securities Law.

5.

Any securities payable from taxes in the manner provided in paragraph (b) of subsection 3, regardless whether they are also payable in the manner provided in paragraph (a) of subsection 3 or in both subsection 2 and paragraph (a) subsection 3, are general obligations of the City, are in their issuance subject to such debt limitation and, while they are outstanding, do exhaust the City's debt incurring power, and may be issued under the provisions of the Local Government Securities Law only after the issuance of city bonds is approved under the provisions of:

(a)

NRS 350.011 to 350.0165, inclusive; and

(b)

NRS 350.020 to 350.070, inclusive,

Except for the issuance of notes or warrants under the Local Government Securities Law which are payable out of the current year's revenues and are not to be funded with the proceeds of interim debentures or bonds in the absence of such bond approval under the two acts designated in paragraphs (a) or (b).

6.

In the proceedings for the advancement of money, or the making of loans, or the incurrence of any indebtedness, whether funded, refunded, assumed or otherwise, by the City to finance or refinance, in whole or in part, the undertaking, the portion of taxes mentioned in subsection 2 of section 7A.190 must be irrevocably pledged for the payment of the bond requirements of such loans, advances or indebtedness. The provisions in the Local Government Securities Law pertaining to net pledged revenues are applicable to such a pledge to secure the payment of tax increment bonds.

(Added—Ch. 460, Stats. 1979 p. 867)