1. The resolution authorizing the issuance of any securities or any trust indenture or other instrument appertaining thereto may fix a rate or rates of interest or provide for the determination of the rate or rates from time to time by a designated agent according to the procedure specified in that resolution or other instrument. The rate so determined must approximate the rates then being paid for other securities which contain similar provisions and have an equivalent rating. The Board may contract with or select any person to make that determination.

2. The Board may enter into an agreement with a third party for an assurance of payment of the principal of, the interest on, or premiums, if any, due in connection with any securities issued by the Board. The obligation of the Board to reimburse that third party for any advances made pursuant to that agreement may be provided in that agreement, recited in those securities or evidenced by another instrument as designated in the resolution authorizing the issuance of those securities or any other instrument appertaining thereto. The Board may assign its rights under that agreement.

3. In fixing the rate or rates of interest for securities pursuant to subsection 1 or the rate or rates of interest imposed on the Board for reimbursement of any advances made under an agreement pursuant to subsection 2, the Board is not subject to any limitations on rates of interest provided by statute, including, without limitation, NRS 396.852. The resolution fixing that rate or rates of interest must contain the findings of the Board that the procedure specified therein for determining that rate or rates is reasonable under existing or anticipated conditions in the market and is necessary and advisable for marketing the securities. These findings are conclusive. This section does not prohibit the Board from fixing a maximum rate of interest.

(Added to NRS by 2001, 2647)