1. Before the sale or delivery by the System of an obligation to repay money in any form, other than an obligation issued under the University Securities Law, the Board of Regents may delegate to the Chancellor of the System or the Vice Chancellor for Finance of the System the authority to sign a contract for the sale or exchange of the obligation or to accept a binding bid for the obligation subject to the requirements specified by the Board of Regents concerning:

(a) The rate or rates of interest on the obligation;

(b) The dates on which and the prices at which the obligation may be prepaid before maturity;

(c) The price at which the obligation will be sold or the property for which the obligation will be exchanged;

(d) The principal amount of the obligation and the amount of principal and interest due on any specific dates; and

(e) Covenants to protect the owner of the obligation and the System that the Chancellor or the Vice Chancellor for Finance determines are necessary or desirable to obtain favorable terms for the System. A determination made pursuant to this paragraph, absent fraud or gross abuse of discretion, is conclusive.

2. All terms of the obligation other than:

(a) The rate or rates of interest;

(b) The dates and prices for the prepayment of the obligation;

(c) The price for the sale of the obligation or property for which it will be exchanged;

(d) The principal amount of the obligation;

(e) The requirements for the payment of principal and interest on specific dates; and

(f) Covenants to protect the owner of the obligation and the System that the Chancellor or the Vice Chancellor for Finance determines are necessary or desirable to obtain favorable terms for the System as provided in paragraph (e) of subsection 1,

must be approved by the Board of Regents before the obligation is delivered.

3. The final rate or rates of interest, dates and prices of prepayments, price for the sale of the obligation or property for which it is exchanged, principal amount, requirements for payment of principal and interest on specific dates, and covenants as described in paragraph (e) of subsection 1, are not required to be approved by the Board of Regents if each of those terms complies with the requirements specified by the Board of Regents before the contract for the purchase or delivery of the obligation is signed or the bid for the obligation is accepted.

4. The proceeds of any money borrowed pursuant to this section may be invested as provided in NRS 396.861 and 396.8615.

(Added to NRS by 2007, 1901)