1. Any interim debentures may mature at such time or times not exceeding a period of time equal to the estimated time needed to effect the purpose or purposes for which they are issued or for which the bonds are authorized to be issued, but not exceeding 5 years from the date of the interim debentures, or in the case of interim debentures in the form of a line of credit agreement, not exceeding 3 years from the first date on which a draw is made under the line of credit agreement, as the Commission may determine.
2. The proceeds of interim debentures shall be used to defray the cost of a project or for the purposes set forth in NRS 349.318.
3. Any notes or warrants or both notes and warrants may be funded with the proceeds of interim debentures, as well as bonds authorized by the Commission authorizing the issuance of the funded securities.
4. Except as otherwise provided in NRS 349.318 to 349.328, inclusive, interim debentures shall be issued as provided herein for state securities in NRS 349.230 to 349.316, and 349.352 to 349.364, inclusive.
(Added to NRS by 1967, 790; A 1969, 1587; 1975, 861; 2020, 31st Special Session, 5)