1-3 other municipal securities issued hereunder, except as otherwise provided

1-4 in the Local Government Securities Law, or in any act supplemental

1-5 thereto, must:

1-6 (a) Be of a convenient denomination or denominations;

1-7 (b) Be fully negotiable within the meaning of and for all the purposes of

1-8 the Uniform Commercial Code—Investment Securities;

1-9 (c) Mature at such time or serially at such times in regular numerical

1-10 order at annual or other designated intervals in amounts designated and

1-11 fixed by the governing body, except as herein otherwise provided;

1-12 (d) Bear interest at a rate or rates which do not exceed the limit

1-13 provided in NRS 350.2011, payable annually, semiannually or at other

1-14 designated intervals, but the first interest payment date may be for interest

2-23 proceeds of taxes, pledged revenues and other money, including , without

2-24 limitation , proceeds of bonds to be issued or reissued after the issuance of

2-25 interim debentures, and bonds issued to secure the payment of interim

2-26 debentures, or any combination thereof, may be pledged to secure the

2-27 payment of interim debentures , [;] but the proceeds of taxes and the

2-28 proceeds of bonds payable from taxes, or any combination thereof, must

2-29 not be used to pay any special obligation interim debentures nor may their

2-30 payment be secured by a pledge of any such general obligation bonds.

2-31 2. Any bonds pledged as collateral security for the payment of any

2-32 interim debentures must mature at such time or times as the governing

2-33 body may determine, except as otherwise provided in subsections 2 , [and]

2-34 3 and 4 of NRS 350.630.

2-35 3. Any bonds pledged as collateral security must not be issued in an

2-36 aggregate principal amount exceeding the aggregate principal amount of

2-37 the interim debenture or interim debentures secured by a pledge of such

2-38 bonds, nor may they bear interest at any time which, with any interest

2-39 accruing at the same time on the interim debenture or interim debentures

2-40 so secured, exceeds the rate permitted on the debenture or debentures

2-41 secured, computed from the appropriate index which was most recently

3-3 bonds pledged as collateral security to secure the payment of such interim

3-4 debentures, upon their surrender as pledged property, may be reissued

3-5 without an election, and any bonds not previously issued but authorized to

3-6 be issued, at an election in the case of bonds required by law so to be

3-7 authorized, and otherwise merely by the governing body, for a purpose or

3-8 purposes the same as or encompassing the purpose or purposes for which

3-9 the interim debentures were issued, may be issued for such a funding.

3-10 2. Any such bonds shall mature at such time or times as the governing

3-11 body may determine, except as otherwise provided in subsections 2 , [and]

3-12 3 and 4 of NRS 350.630.

3-13 3. Bonds for funding , [(] including , but not necessarily limited to ,

3-14 any such reissued bonds , [)] and bonds for any other purpose or purposes

3-15 may be issued separately or issued in combination in one series or more.

3-16 4. Except as herein otherwise provided in this section and in NRS

3-17 350.676, 350.678 and 350.680, any such funding bonds shall be issued as

3-21 holders thereof voluntarily surrender them for exchange or payment, or

3-22 unless they either mature or are callable for prior redemption under their

3-23 terms within 25 years from the date of issuance of the refunding bonds.

3-24 Provision must be made for paying the securities within that period.

3-25 2. The maturity of any bond refunded may not be extended beyond 25

3-26 years, or beyond 1 year next following the date of the last outstanding

3-27 maturity, whichever limitation is later, nor may any interest on any bond

3-28 refunded be increased to any rate which exceeds the limit provided in NRS

3-29 350.2011.

3-30 3. The principal amount of the refunding bonds may exceed the

3-31 principal amount of the refunded bonds, but in the case of any bonds

3-32 constituting a debt the principal of the bonds may not be increased to any

3-33 amount in excess of any municipal debt limitation.

3-34 4. The principal amount of the refunding bonds may also be less than

3-35 or the same as the principal amount of the bonds being refunded so long as

3-36 provision is duly and sufficiently made for their payment.

3-37 5. If at the time of the issuance of any issue of general obligation

3-38 refunding bonds provision is not made for the redemption of all the

3-39 outstanding bonds of the [or] issue refunded or the outstanding bonds of

3-40 each issue refunded, as the case may be, by the use of proceeds of the