NRS 350.692: Refunding bonds: Sale or exchange for outstanding bonds; exchange for federal securities.

1. Any bonds issued for refunding purposes may be delivered in exchange for the outstanding bonds being refunded or may be sold in the manner prescribed in NRS 350.105 to 350.195, inclusive.

2. The refunding bonds, or any part thereof, except as limited by subsection 2 of NRS 350.698, may be exchanged by the municipality for federal securities and other securities of the Federal Government which have been made available for escrow investment by any purchaser of refunding bonds, upon terms of exchange mutually agreed upon, and any such securities so received by the municipality must be placed in escrow as provided in NRS 350.696 and 350.698.