277.0745  Issuance and repayment of revenue securities.  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.

ĂŠ 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)