The bonds issued pursuant to NRS 315.99842 may be issued as serial bonds payable in annual installments or as term bonds, or
as a combination thereof. The notes and bonds must bear interest at such a rate or rates, be in such denominations,
have such registration privileges, be executed in such a manner, be payable in such
a medium of payment, at such a place or places within or outside of the State, and
be subject to such terms of redemption as the State Authority determines. The notes and bonds of the State Authority may be sold by the State Authority at
public or private sale at such a price or prices as the State Authority determines
except that no note, bond or other obligation issued by the State Authority may be
initially distributed to the public unless it has received a rating in one of the
three highest rating categories from a national rating service.
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