NRS 350.2011: Maximum rate of interest on securities of political subdivisions.

1. Except as otherwise provided in this section and NRS 99.067, and except where the provisions, whenever enacted, of a general or special law or of a special charter otherwise require, the rate or rates of interest on securities issued by a political subdivision of this state must not exceed by more than 3 percent:

(a) For general obligations, the Index of Twenty Bonds; and

(b) For special obligations, the Index of Revenue Bonds,

Ê which was most recently published before the bids are received or a negotiated offer is accepted.

2. The rate or rates of interest on securities issued in whole or in part to finance the costs of a program established pursuant to NRS 244.3651 must not exceed by more than 2 percent the rate or rates of interest set forth in subsection 1.