Nevada Administrative Code
Chapter 349 - State Obligations
FINANCING OF WATER PROJECTS
Miscellaneous Provisions
Section 349.385 - Trustee: Selection or appointment; qualifications; resignation or discharge

Universal Citation: NV Admin Code 349.385

Current through December 31, 2024

1. An applicant may select, with the approval of the Director, a bank or trust company to serve as trustee under a bond certificate, indenture or resolution for the applicable bond issue if a trustee is required. The Director may appoint a trustee if no trustee is selected by the applicant.

2. In determining the qualifications of a trustee, the Director will consider:

(a) The experience of the bank or trust company in acting as a trustee for public issuers;

(b) The amount of its capital stock, surplus or undivided profits;

(c) Its investment capabilities;

(d) The size and experience of its professional staff; and

(e) The cost of the services to be provided in relation to the number of services to be offered, and the quality and experience of the professional staff which will provide the services.

3. Unless otherwise provided for in the applicable bond certificate, indenture or resolution, a trustee may at any time resign or be discharged from his or her duties if he or she gives the Director at least a 60-day written notice and provides any notice that is required by the respective bond certificate, indenture or resolution.

Added to NAC by Dep't of Commerce, eff. 4-22-88

NRS 349.946

Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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