1. To defray in whole or in part the cost of any undertaking, a participating entity may issue the following securities:
(a) Notes;
(b) Warrants;
(c) Interim debentures;
(d) Bonds; and
(e) Temporary bonds.
2. Any net revenues derived from the operation of an undertaking supported by the issuance of securities pursuant to this section must be pledged for the payment of the securities. The securities must be made payable from any such net pledged revenues as the bond requirements become due from time to time by the bond ordinance, trust indenture or other proceedings that authorize the issuance of the securities or otherwise pertain to their issuance.
3. Securities issued pursuant to this section:
(a) Must be made payable from tax proceeds accounted for in the tax increment account maintained by the participating entity pursuant to NRS 277B.393; and
(b) May, at the option of the participating entity and if otherwise so authorized by law, be made payable from the taxes levied by the participating entity against all taxable property within the boundaries of the participating entity.
Ê A participating entity may also issue general obligation securities other than the ones authorized by this chapter that are made payable from taxes without also making the securities payable from any net pledged revenues or tax proceeds accounted for in the tax increment account maintained by the participating entity pursuant to NRS 277B.393.
4. Any securities payable only in the manner provided in either paragraph (a) of subsection 3 or in both subsection 2 and paragraph (a) of subsection 3:
(a) Are special obligations of the participating entity and are not in their issuance subject to any debt limitation imposed by law;
(b) While they are outstanding, do not exhaust the debt incurring power of the participating entity; and
(c) May be issued under the provisions of the Local Government Securities Law without any compliance with the provisions of NRS 350.020 to 350.070, inclusive, except as otherwise provided in the Local Government Securities Law, only after the issuance of municipal bonds is approved under the provisions of NRS 350.011 to 350.0165, inclusive.
5. Any securities payable from taxes in the manner provided in paragraph (b) of subsection 3, regardless of whether they are also payable in the manner provided in paragraph (a) of subsection 3 or in both subsection 2 and paragraph (a) of subsection 3:
(a) Are general obligations of the participating entity and are in their issuance subject to such debt limitation;
(b) While they are outstanding, do exhaust the power of the participating entity to incur debt; and
(c) May be issued under the provisions of the Local Government Securities Law only after the issuance of municipal bonds is approved under the provisions of:
(1) NRS 350.011 to 350.0165, inclusive; or
(2) NRS 350.020 to 350.070, inclusive,
Ê except for the issuance of notes or warrants under the Local Government Securities Law that are payable out of the revenues for the current year and are not to be funded with the proceeds of interim debentures or bonds in the absence of such bond approval under the two acts designated in subparagraphs (1) and (2).