2019 Nevada Revised Statutes
Chapter 315 - Housing Authorities
NRS 315.99848 - Notes, bonds and other obligations: Trust indentures.
In the discretion of the State Authority, bonds issued by the State Authority may be secured by a trust indenture or trust indentures by and between the State Authority and a corporate trustee, which may be any trust company or bank having the power of a trust company within or outside this State. Such trust indenture may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the State Authority in relation to the exercise of its statutory powers and the custody, safeguarding and application of all money. The State Authority may provide by such trust indenture for the payment of the proceeds of the bonds and the revenues to the trustee under such trust indenture or other depository, and for the method of disbursement thereof, with such safeguards and restrictions as the State Authority may determine. All expenses incurred in carrying out such trust indenture may be treated as part of the operating expenses of the State Authority. Such trust indenture may limit or abrogate the right of the holders of any bonds, notes or other obligations of the State Authority to appoint a trustee under NRS 315.9981 to 315.99874, inclusive, or limit the rights, powers and duties of such trustee.
(Added to NRS by 2005, 215)
