Statute 277 0745

The issuer on behalf of the borrowing local government may issue revenue securities in order to finance a facility. The revenue securities and the interest must be repaid solely from: 1. The proceeds of the revenue securities and interest earned; 2. Revenues of any facility financed with the revenue securities; 3. Repayments of loans to borrowing local governments made with the proceeds of the revenue securities; 4. Rentals or payments for installment purchases made with respect to facilities financed with revenue securities; and 5. The proceeds of the sale of any facility financed with the proceeds of the revenue securities or any part of it. Repayment may be additionally secured by a mortgage, security interest or other encumbrance on a facility financed with the revenue securities. (Added to NRS by 1987, 1620)