1. Except as otherwise provided in this section and NRS 99.067, and except where the provisions, whenever enacted, of a general or special law or of a special charter otherwise require, the rate or rates of interest on securities issued by a political subdivision of this state must not exceed by more than 3 percent:
(a) For general obligations, the Index of Twenty Bonds; and
(b) For special obligations, the Index of Revenue Bonds,
which was most recently published before the bids are received or a negotiated offer is accepted.
2. The rate or rates of interest on securities issued in whole or in part to finance the costs of a program established pursuant to NRS 244.3651 must not exceed by more than 2 percent the rate or rates of interest set forth in subsection 1.
(Added to NRS by 1967, 219; A 1969, 1291; 1971, 2115; 1975, 863; 1981, 1403; 1983, 574; 2009, 2659; 2011, 659)