Nevada Revised Statutes 388A.680 – Security
The principal of, the interest on and any prior redemption premiums due in connection with the bonds issued pursuant to NRS 388A.550 to 388A.695, inclusive, are payable from, secured by a pledge of, and constitute a lien on the revenues out of which the bonds have been made payable. In addition, they may, in the discretion of the Director of the Department of Business and Industry, be secured by:
Terms Used In Nevada Revised Statutes 388A.680
- Department: means the Department of Education. See Nevada Revised Statutes 385.007
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
1. A mortgage or mortgages covering all or part of any project financed with the proceeds of the bonds, or upon any other property of the lessees, purchasers or obligors of those projects, or by a pledge of the lease, the agreement of sale or the financing agreement with respect to one or more of the projects, or both.
2. A pledge of one or more notes, debentures, bonds or other secured or unsecured debt obligations of the obligor of one or more of the projects.
3. The proceeds of the bonds and income from investment of the proceeds and of revenues.