reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.446 - Use of money received from optional tax on revenues from rental of transient lodging.

1. Except as otherwise provided in subsection 2, a city that has created one or more transportation districts shall use any part of the money received pursuant to the provisions of NRS 244.3351 which is collected within the boundaries of a transportation district to pay the cost of:
(a) Projects related to the construction and maintenance of sidewalks, streets, avenues, boulevards, highways and other public rights-of-way used primarily for vehicular or fixed guideway traffic, including, without limitation, overpass projects, street projects and underpass projects, as defined in NRS 244A.037, 244A.053 and 244A.055, within the boundaries of the district or within 1 mile outside those boundaries if the governing body finds that such projects outside the boundaries of the district will facilitate transportation within the district;
(b) Payment of principal and interest on notes, bonds or other obligations issued by the city to fund projects described in paragraph (a); or
(c) Any combination of those uses.
2. In addition to those uses set forth in subsection 1, if a city has created one or more transportation districts and all or any portion of those districts is located in an area that is governed by an interstate compact entered into by this State and a state that borders this State, the city may use any part of the money received pursuant to the provisions of NRS 244.3351 which is collected within the boundaries of a transportation district to pay the cost of establishing, operating and maintaining a public transit system within the boundaries of the district, or outside those boundaries if the governing body finds that such a system outside the boundaries of the district will facilitate transportation within the district, or both.
3. A city shall use any part of the money received from such a tax which is not collected within the boundaries of a transportation district for the same purposes within the incorporated boundaries of the city or within 1 mile outside those boundaries if the governing body finds that such projects outside those boundaries will facilitate transportation within the incorporated area.
4. As used in this section, "public transit system" means a system employing motor buses, rails or any other means of conveyance, by whatever type of power, that is operated for the conveyance of members of the general public.
(Added to NRS by 1991, 30; A 1995, 116; 1997, 2443)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.448 - Pledge of money for payment of obligations issued for certain projects.

1. A city may pledge any money received pursuant to the provisions of NRS 244.3351 or any combination of that money with revenue derived from the project financed with the proceeds of the obligations for whose payment the money and revenue are pledged, including any existing or future extensions or enlargements thereof, for the payment of general or special obligations issued for projects described in paragraph (a) of subsection 2 of NRS 244.33512, if the project for which the obligations are issued could be directly funded with the tax whose proceeds are pledged for the payment of the securities.
2. Any money pledged by the city pursuant to subsection 1 may be treated as pledged revenues of the project for the purposes of subsection 3 of NRS 350.020.
(Added to NRS by 1991, 31; A 1993, 1044)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.450 - Acceptance of loans or grants under federal law.

1. "Public works" as used in this section means any facilities necessary for carrying on community life substantially expanded by the national defense program, but the activities authorized under this section must be devoted primarily to school, waterworks, sewers, sewage, garbage and refuse disposal facilities, public sanitary facilities, works for the treatment and purification of water, hospitals and other places for the care of the sick, recreational and cultural facilities and streets and access roads.
2. In addition to any authority or power provided by the charter of any incorporated city in this state, whether incorporated by general or special act, or otherwise, there is granted to the governing body of each of the cities incorporated under any law of this state the power and authority to accept loans or grants for the purpose of providing public works and equipment, as provided in Title 42, U.S.C. § 1532, including all amendments.
(Added to NRS by 1959, 405; A 1991, 400)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.460 - Levy and collection of taxes after incorporation if proceeds pledged for payment or repayment of bonds for recreational facilities; transmission of proceeds.

1. Any license tax levied by any county against any lawful trade, calling, industry, occupation, profession or business conducted in the county and located in an unincorporated area therein, the proceeds of which are pledged before or after the incorporation of the area as a city or town for the repayment of any bonds or other obligations issued pursuant to the provisions of NRS 244.3358 or 244A.597 to 244A.655, inclusive, must, after the incorporation of the area as a city or town, continue to be levied by the city or town and must be collected by the officer of the city or town charged by law with the collection of its license taxes.
2. If the proceeds of the license tax levied pursuant to subsection 1 are pledged before or after the incorporation of the area as a city or town for the payment of any bonds or other obligations issued pursuant to the provisions of NRS 244.3358:
(a) The city or town shall, after the incorporation of the area as a city or town, transmit the proceeds of that license tax to the district to which the proceeds are assigned, so long as any of the bonds or other obligations remain outstanding and unpaid, both as to principal and interest, in accordance with their terms; and
(b) The district to which the proceeds are assigned may, after the incorporation of the city or town, irrevocably pledge those proceeds for the repayment or refinancing of any bonds or short-term or medium-term obligations issued pursuant to the provisions of chapter 318 or 350 of NRS, if the governing body of the city or town consents to the assignment by resolution in lieu of the consent of the board of county commissioners required pursuant to the provisions of NRS 244.3358.
3. If the proceeds of the license tax levied pursuant to subsection 1 are pledged before or after the incorporation of the area as a city or town for the repayment of any bonds or other obligations issued pursuant to the provisions of NRS 244A.597 to 244A.655, inclusive, the proceeds must be transmitted to the county officer required by law to collect the license tax, so long as any of the bonds or other obligations remain outstanding and unpaid, both as to principal and interest.
(Added to NRS by 1960, 115; A 1985, 387; 1995, 1603; 1997, 282)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.470 - Retention of reasonable costs of collection.

The city so collecting such a county license tax may retain from time to time the amounts equal to the reasonable costs of so collecting such tax not exceeding for any collection period an amount equal to 10 percent of the gross revenues collected therefrom.
(Added to NRS by 1960, 115)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.480 - Regulations for administration and enforcement; employment, compensation and expenses of city’s personnel.

Each such city or town is hereby charged with the duty of effecting the enforcement of the provisions of NRS 268.460 to 268.510, inclusive, and is hereby authorized and empowered to prescribe, adopt and enforce rules and regulations relating to the administration and enforcement thereof. The municipality may employ such accountants, auditors, investigators, assistants and clerks as it may deem necessary for the efficient administration of such sections, and may fix their compensation and provide for their necessary expenses.
(Added to NRS by 1960, 115)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.490 - Records; confidentiality.

The municipality shall cause to be kept proper records of all license taxes which become due or which are collected, or both, including, without limiting the generality of the foregoing, records of delinquent taxes, interest thereon and penalties therefrom, which records, except as otherwise provided in NRS 239.0115, shall be deemed confidential and shall not be revealed in whole or in part to anyone except in the necessary administration of NRS 268.460 to 268.510, inclusive, or as otherwise provided by law.
(Added to NRS by 1960, 115; A 2007, 2086)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.514 - Definitions.

As used in NRS 268.512 to 268.568, inclusive, unless a different meaning clearly appears from the context, the words and terms defined in NRS 268.515 to 268.523, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1967, 1752; A 1977, 591; 1981, 389; 1985, 2082; 1993, 1476)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.515 - "Affordable housing" defined.

"Affordable housing" means multifamily housing for families of low or moderate income that is eligible for tax-exempt financing under section 142 of the Internal Revenue Code of 1986, in effect on July 1, 1993, future amendments to that section and the corresponding provisions of future internal revenue laws.
(Added to NRS by 1993, 1476)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.516 - "Bonds" and "revenue bonds" defined.

"Bonds" or "revenue bonds" means bonds, notes or other securities evidencing an obligation and issued under NRS 268.512 to 268.568, inclusive.
(Added to NRS by 1967, 1752)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.5165 - "Corporation for public benefit" defined.

"Corporation for public benefit" means a corporation that is recognized as exempt under section 501(c)(3) of the Internal Revenue Code of 1986 in effect on July 1, 1993, future amendments to that section and the corresponding provisions of future internal revenue laws.
(Added to NRS by 1993, 1476)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.517 - "Finance" and "financing" defined.

"Finance" or "financing" includes the issue of bonds by a city for the purpose of using substantially all of the proceeds to pay (or to reimburse the obligor or its designee) for the costs of acquiring, improving and equipping a project, whether these costs are incurred by the city, the obligor or a designee of the obligor. Title to or in such project may at all times remain in the obligor or the obligor’s designee or assignee and, in such case, the bonds of the city shall be secured by a pledge of one or more notes, debentures, bonds or other secured or unsecured debt obligations of the obligor.
(Added to NRS by 1977, 590)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.5171 - "Financing agreement" defined.

"Financing agreement" means an agreement pursuant to which the city agrees to issue bonds pursuant to NRS 268.512 to 268.568, inclusive, to finance one or more projects and pursuant to which the obligor agrees to:
1. Make payments (directly or through notes, debentures, bonds or other secured or unsecured debt obligations of the obligor executed and delivered by the obligor to the city or the city’s designee or assignee, including a trustee, pursuant to such financing agreement) sufficient to pay the principal of, premium, if any, and interest on the bonds;
2. Pay other amounts required by NRS 268.512 to 268.568, inclusive; and
3. Comply with all other applicable provisions of NRS 268.512 to 268.568, inclusive.
(Added to NRS by 1977, 590)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.519 - "Health and care facility" defined.

"Health and care facility" means a hospital, facility for intermediate care or facility for skilled nursing as those terms are defined in chapter 449 of NRS.
(Added to NRS by 1981, 389; A 1985, 1758)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.521 - "Obligor" defined.

"Obligor" means the individual, partnership, firm, company, corporation (including a public utility), association, trust, estate, political subdivision, state agency or any other legal entity, or its legal representative, agent or assigns, who agrees to make the payments required by the financing agreement.
(Added to NRS by 1977, 590)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.5215 - "Pollution" defined.

"Pollution" means any form of environmental pollution including but not limited to water pollution, air pollution, pollution caused by solid waste disposal, thermal pollution, radiation contamination or noise pollution as determined by the various standards prescribed by this state or the Federal Government.
(Added to NRS by 1977, 590)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.522 - "Project" defined.

"Project" means:
1. Any land, building or other improvement and all real and personal properties necessary in connection therewith, whether or not in existence, suitable for:
(a) A manufacturing, industrial, warehousing or other commercial enterprise;
(b) An organization for research and development;
(c) A health and care facility;
(d) A supplemental facility for a health and care facility, including those located in a redevelopment area created under the provisions of chapter 279 of NRS;
(e) The purposes of a corporation for public benefit; or
(f) Affordable housing.
2. The refinancing of any land, building or other improvement and any real and personal property necessary for:
(a) A health and care facility;
(b) A supplemental facility for a health and care facility;
(c) The purposes of a corporation for public benefit; or
(d) Affordable housing.
3. Any land, building, structure, facility, system, fixture, improvement, appurtenance, machinery, equipment, or any combination thereof or any interest therein, used by any person, trust, estate, political subdivision, agency of the State or any other legal entity, or its legal representative, agent or assigns:
(a) For the reduction, abatement or prevention of pollution or for the removal or treatment of any substance in a processed material which otherwise would cause pollution when that material is used.
(b) In connection with the furnishing of water if available on reasonable demand to members of the general public.
(c) In connection with the furnishing of energy or gas.
4. Any real or personal property appropriate for addition to a hotel, motel, apartment building, casino or office building to protect it or its occupants from fire.
5. Any undertaking by a public utility, in addition to that allowed by subsections 2 and 3, which is solely for the purpose of making capital improvements to property, whether or not in existence, of a public utility.
(Added to NRS by 1967, 1752; A 1975, 612; 1977, 591; 1981, 389, 1623; 1985, 2082; 1993, 1476)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.5225 - "Revenues" defined.

"Revenues" of a project, or derived from a project, include payments under a lease, agreement of sale or financing agreement, or under notes, debentures, bonds and other secured or unsecured debt obligations of an obligor executed and delivered by the obligor to the city or the city’s designee or assignee (including a trustee) pursuant to such lease, agreement of sale or financing agreement.
(Added to NRS by 1977, 590)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.5227 - "Supplemental facility for a health and care facility" defined.

"Supplemental facility for a health and care facility" includes a clinic, facility for outpatients, and any other structure or facility directly related to the operation of a health and care facility.
(Added to NRS by 1981, 389)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.523 - "Warehousing" defined.

"Warehousing" means the consignment of personal property from outside this state to a private warehouse within this state for temporary storage during the transit of the property to a final destination outside the State.
(Added to NRS by 1977, 590)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.524 - Legislative intent.

It is the intent of the Legislature to authorize cities to finance, acquire, own, lease, improve and dispose of properties to:
1. Promote industry and employment and develop trade by inducing manufacturing, industrial, warehousing and other commercial enterprises and organizations for research and development to locate in, remain or expand in this State to further prosperity throughout the State and to further the use of the agricultural products and the natural resources of this State.
2. Enhance public safety by protecting hotels, motels, apartment buildings, casinos, office buildings and their occupants from fire.
3. Protect the health, safety and welfare of the public and promote private industry, commerce and employment in this State by:
(a) Reducing, abating or preventing pollution or removing or treating any substance in processed material which would cause pollution; and
(b) Furnishing energy, including electricity to the public, if available on reasonable demand, and providing facilities to transmit electricity for sale outside the State.
4. Promote the health of residents of the city by enabling a private enterprise to acquire, develop, expand and maintain health and care facilities and supplemental facilities for health and care facilities which will provide services of high quality to those residents at reasonable rates.
5. Promote the social welfare of the residents of the city by enabling corporations for public benefit to acquire, develop, expand and maintain facilities that provide services for those residents.
6. Promote the social welfare of the residents of the city by financing the acquisition, development, construction, improvement, expansion and maintenance of affordable housing in the city.
(Added to NRS by 1967, 1752; A 1977, 591; 1981, 390, 1623; 1985, 2083; 1993, 1477)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.525 - Exercise of powers by city; liberal construction.

1. Each city is vested with all the powers necessary to accomplish the purposes set forth in NRS 268.524, but these powers must be exercised for the health, safety and welfare of the inhabitants of this state.
2. NRS 268.512 to 268.568, inclusive, must be liberally construed in conformity with the purposes set forth in NRS 268.524.
(Added to NRS by 1985, 2082)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.526 - General powers.

In addition to any other powers which it may now have, each city shall have the following powers:
1. To finance or acquire, whether by construction, purchase, gift, devise, lease or sublease, or any one or more of such methods, and to improve and equip one or more projects, or part thereof. Such projects, upon completion of such acquisition, shall be located within, or within 10 miles of, the city.
2. To finance, sell, lease or otherwise dispose of any or all of its projects upon such terms and conditions as the governing body considers advisable.
3. To issue revenue bonds for the purpose of financing or defraying the cost of acquiring, improving and equipping any project as set forth in NRS 268.556.
4. To secure payment of such bonds as provided in NRS 268.512 to 268.568, inclusive, including, without limitation, from the proceeds of the surcharge imposed pursuant to NRS 244A.830.
5. To take such actions as are necessary or useful in order to undertake, carry out, accomplish and otherwise implement the provisions of NRS 268.512 to 268.568, inclusive, including the adoption of resolutions, which may be introduced and adopted at the same special or regular meeting of the governing body and which shall become effective upon adoption.
(Added to NRS by 1967, 1753; A 1977, 592; 2001, 2078; 2011, 3332)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.527 - Restrictions on powers of city.

A city may not, under NRS 268.512 to 268.568, inclusive:
1. Operate any manufacturing, industrial, warehousing or other commercial enterprise or any organization for research and development to which it provided assistance; or
2. Assist any manufacturing, industrial, warehousing or other commercial enterprise or any organization for research and development to locate within the city or within 10 miles of the city which would compete substantially with an enterprise or organization already established in the city or the county in which the city is located. The provisions of this subsection do not apply to:
(a) Health and care facilities;
(b) Supplemental facilities for health and care;
(c) Enterprises located in a redevelopment area created under the provisions of chapter 279 of NRS;
(d) Facilities established by corporations for public benefit; and
(e) Affordable housing.
(Added to NRS by 1985, 2082; A 1993, 1478)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.528 - Notice and public hearing by governing body.

Before availing itself of the powers conferred by NRS 268.526 with respect to any project, a governing body shall:
1. Give notice of its intention by publication at least once in a newspaper of general circulation published in the city, or if there is not such newspaper then in a newspaper of general circulation in the city published in the State; and
2. Hold at least one public hearing, not less than 10 nor more than 20 days after the date of publication of the notice.
(Added to NRS by 1967, 1753)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.530 - Determinations required of governing body after public hearing; power to refuse to proceed on project; duty to provide sufficient safeguards.

1. After holding a public hearing as provided in NRS 268.528, the governing body shall proceed no further until it:
(a) Determines by resolution the total amount of money necessary to be provided by the city for the acquisition, improvement and equipment of the project;
(b) Receives a 5-year operating history from the contemplated lessee, purchaser or other obligor, or from a parent or other enterprise which guarantees principal and interest payments on any bonds issued;
(c) Receives evidence that the contemplated lessee, purchaser, other obligor or other enterprise which guarantees principal and interest payments, has received within the 12 months preceding the date of the public hearing a rating within one of the top four rating categories of either Moody’s Investors Service, Inc., or Standard and Poor’s Ratings Services, except that a public utility regulated by the Public Utilities Commission of Nevada, the obligor with respect to a project described in NRS 268.5385, a health and care facility or a supplemental facility for a health and care facility is not required to furnish that evidence;
(d) Determines by resolution that the contemplated lessee, purchaser or other obligor has sufficient financial resources to place the project in operation and to continue its operation, meeting the obligations of the lease, purchase contract or financing agreement; and
(e) Finds by resolution that the project:
(1) Will provide a public benefit;
(2) Would be compatible with existing facilities in the area adjacent to the location of the project;
(3) Will encourage the creation of jobs for the residents of this state;
(4) Is compatible with the general plan of the city adopted pursuant to chapter 278 of NRS; and
(5) If not exempt from the provisions of subsection 2 of NRS 268.527, will not compete substantially with an enterprise or organization already established in the city or the county within which the city is located.
2. The governing body may refuse to proceed with any project even if all the criteria of subsection 1 are satisfied. If the governing body desires to proceed with any project where any criterion of subsection 1 is not satisfied, it may do so only with the approval of the State Board of Finance. In requesting the approval, the governing body shall transmit to the State Board of Finance all evidence received pursuant to subsection 1.
3. If any part of the project or improvements is to be constructed by a lessee or the lessee’s designee, a purchaser or the purchaser’s designee or an obligor or the obligor’s designee, the governing body shall provide, or determine that there are provided, sufficient safeguards to ensure that all money provided by the city will be expended solely for the purposes of the project.
(Added to NRS by 1967, 1753; A 1975, 781; 1977, 592; 1979, 457; 1981, 391; 1985, 2084; 1993, 1478; 1997, 1605, 1980; 1999, 492)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.532 - Bonds to be special obligations.

1. All bonds issued by a city under the authority of NRS 268.512 to 268.568, inclusive, shall be special, limited obligations of the city. The principal of and interest on such bonds shall be payable, subject to the security provisions herein, solely out of the revenues derived from the financing, leasing or sale of the project to be financed by the bonds.
2. The bonds and interest coupons, if any, appurtenant thereto shall never constitute the debt or indebtedness of the city within the meaning of any provision or limitation of the Constitution of the State of Nevada or statutes, and shall not constitute nor give rise to a pecuniary liability of the city or a charge against its general credit or taxing powers. Such limitation shall be plainly stated on the face of each such bond.
(Added to NRS by 1967, 1753; A 1977, 593)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.534 - Bonds: Form; terms; variable rate of interest; sale.

1. The bonds must:
(a) Be authorized by resolution;
(b) Be in such denominations;
(c) Bear such date or dates;
(d) Mature at such time or times not exceeding 40 years from their respective dates;
(e) Be in such form;
(f) Carry such registration privileges;
(g) Be executed in such manner;
(h) Be payable at such place or places within or without the State; and
(i) Be subject to such terms of redemption,
as the authorizing resolution may provide.
2. The resolution may fix a rate or rates of interest, or provide for the determination of the rate or rates from time to time by a designated agent according to a specified standard and procedure.
3. The bonds may be sold in one or more series at par, or below or above par, in such manner and for such price or prices as the city determines. As an incidental expense of the project, the city may employ financial and legal consultants in regard to the financing of the project.
4. The bonds are fully negotiable under the terms of the Uniform Commercial Code—Investment Securities.
(Added to NRS by 1967, 1754; A 1971, 2099; 1975, 844; 1977, 594; 1981, 392; 1985, 2)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.536 - Security.

The principal of, the interest on and any prior redemption premiums due in connection with the bonds shall be payable from, secured by a pledge of, and constitute a lien on the revenues out of which such bonds shall be made payable. In addition, they may, in the discretion of the city, be secured by:
1. A mortgage covering all or any part of the project, or upon any other property of the lessee, purchaser or obligor, or by a pledge of the lease, the agreement of sale or the financing agreement with respect to such project, or both.
2. A pledge of one or more notes, debentures, bonds or other secured or unsecured debt obligations of the obligor.
3. No city is authorized to pledge any of its property or otherwise secure the payment of any bonds with its property, except that the city may pledge the property of the project or the revenues therefrom.
(Added to NRS by 1967, 1754; A 1977, 594)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.538 - Terms of resolution and instruments.

The resolution under which the bonds are authorized to be issued, and any indenture or mortgage given to secure the same, may contain any provisions customarily contained in instruments securing bonds and constituting a covenant with the bondholders, including, but not limited to:
1. Custody of the proceeds from the sale of the bonds, including their investment and reinvestment until used to defray the cost of the project.
2. The fixing and collection of payments, with respect to the project to be made under the lease, the agreement of sale or the financing agreement.
3. The terms to be incorporated in the lease, the agreement of sale or the financing agreement with respect to the project.
4. The maintenance and insurance of the project.
5. The creation of funds and accounts into which any bond proceeds, revenues and income may be deposited or credited.
6. Limitation on the purpose to which the proceeds of any bonds then or thereafter to be issued may be applied.
7. Limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured, the refunding of bonds and the replacement of bonds.
8. The procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated.
9. Vesting in a trustee or trustees located within or without this state such properties, rights, powers and duties in trust as the governing body may determine, and limiting the rights, duties and powers of such trustees.
10. The rights and remedies available in case of a default to the bondholders or to any trustee under the lease, agreement of sale, financing agreement, indenture or a mortgage.
(Added to NRS by 1967, 1754; A 1977, 595)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.5385 - Issuance by governing body of city of bonds for project for affordable housing or residential housing for corporation for public benefit: Requirements.

The governing body of a city may approve the issuance of bonds for a project for affordable housing or for any form of residential housing for the purposes of a corporation for public benefit only if:
1. The amount of the bonds to be issued is less than $15,000,000;
2. An independent consultant hired by the governing body has reported favorably on the financial feasibility of the project;
3. The bonds will be sold to not more than 10 investors, each of whom certifies that he or she:
(a) Has a net worth of $500,000 or more; and
(b) Is purchasing the bonds for investment and not for resale; and
4. The issuance of the bonds is approved by the State Board of Finance, unless the amount of the bonds to be issued is $5,000,000 or less.
(Added to NRS by 1993, 1476)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.539 - Issuance by Director of Department of Business and Industry of bonds for governing body as special obligations of State.

1. The governing body may exercise its power to issue bonds and to redeem them by requesting the Director of the Department of Business and Industry to issue bonds to finance any project for which bonds could be issued pursuant to NRS 268.512 to 268.568, inclusive.
2. If the Director believes that the bonds are marketable under the terms set forth in the resolution of the governing body requesting their issuance, the Director may proceed to issue them as special obligations of the State, secured only by the revenues, mortgage or pledge specified in the resolution.
3. The Director may receive and disburse the revenues of each project for which the Director has issued bonds, and may charge from those revenues, or directly to the city if those revenues are not sufficient, a reasonable compensation for his or her services. The Director may exercise any power which the governing body would have to collect payments due from the obligor.
(Added to NRS by 1981, 1622; A 1993, 1547)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.540 - Investments and bank deposits.

1. Unless prohibited by its charter, the city may provide that proceeds from the sale of bonds and special funds from the revenues of the project be invested and reinvested in such securities and other investments, whether or not any such investment or reinvestment is authorized under any other law of this state, as provided in the proceedings under which the bonds are authorized to be issued, including, but not limited to:
(a) Bonds or other obligations of the United States of America.
(b) Bonds or other obligations, the payment of the principal and interest of which is unconditionally guaranteed by the United States of America.
(c) Obligations issued or guaranteed as to principal and interest by any agency or person controlled or supervised by and acting as an instrumentality of the United States of America pursuant to authority granted by the Congress of the United States of America.
(d) Obligations issued or guaranteed by any state of the United States of America, or any political subdivision of any such state.
(e) Prime commercial paper.
(f) Prime finance company paper.
(g) Bankers’ acceptances drawn on and accepted by commercial banks.
(h) Repurchase agreements fully secured by obligations issued or guaranteed as to principal and interest by the United States of America or by any person controlled or supervised by and acting as an instrumentality of the United States of America pursuant to authority granted by the Congress of the United States of America.
(i) Certificates of deposit issued by credit unions or commercial banks, including banks domiciled outside of the United States of America.
(j) Money market mutual funds that:
(1) Are registered with the Securities and Exchange Commission;
(2) Are rated by a nationally recognized rating service as "AAA" or its equivalent; and
(3) Invest only in securities issued or guaranteed as to payment of principal and interest by the Federal Government, or its agencies or instrumentalities, or in repurchase agreements that are fully collateralized by the securities.
2. The city may also provide that such proceeds or funds or investments and the payments payable under the lease, the agreement of sale or the financing agreement be received, held and disbursed by one or more banks, credit unions or trust companies located within or out of this state.
(Added to NRS by 1967, 1755; A 1977, 595; 1985, 1307; 1997, 2871; 1999, 1465)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.542 - Construction of project.

The city may also provide that:
1. The project and improvements to be constructed, if any, shall be constructed by the city, lessee or the lessee’s designee, purchaser or purchaser’s designee, obligor or obligor’s designee, or any one or more of them on real estate owned by the city, the lessee or the lessee’s designee, or the purchaser or the purchaser’s designee, or the obligor or the obligor’s designee, as the case may be.
2. The bond proceeds shall be disbursed by the trustee bank or banks, trust company or trust companies, during construction upon the estimate, order or certificate of the lessee or the lessee’s designee or of the purchaser or the purchaser’s designee, or of the obligor or the obligor’s designee.
(Added to NRS by 1967, 1755; A 1977, 596)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.546 - Rights upon default.

1. The resolution authorizing any bonds or any indenture or mortgage securing such bonds may provide that if there is a default in the payment of the principal of, the interest on, or any prior redemption premiums due in connection with the bonds or in the performance of any agreement contained in such resolution, indenture or mortgage, the payment and performance may be enforced by mandamus or by the appointment of a receiver with power to charge, collect and apply the revenues from the project in accordance with the resolution or the provisions of the indenture or mortgage.
2. Any mortgage to secure bonds issued thereunder, may also provide that if there is a default in the payment thereof or a violation of any agreement contained in the mortgage, it may be foreclosed and there may be a sale in any manner permitted by law. Such mortgage may also provide that any trustee under such mortgage or the holder of any bonds secured thereby may become the purchaser at any foreclosure sale if he or she is the highest bidder and may apply toward the purchase price unpaid bonds at the face value thereof.
(Added to NRS by 1967, 1756; A 1977, 596)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.548 - Determination of costs of financing.

1. Before the initial leasing, sale or financing of any project, the governing body shall by resolution determine:
(a) The amount, or reasonably anticipated range of amounts, necessary in each year to pay the principal of and the interest on the first bonds proposed to be issued to finance the project and on any subsequent issues of bonds which may be permitted under the lease, sale or financing and authorizing resolutions pertinent to financings hereunder.
(b) The amount necessary to be paid each year into any reserve funds which the governing body may deem advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the project.
(c) The estimated cost of maintaining the project in good repair and keeping it properly insured, unless the terms under which the project is to be leased, sold or financed provide that the lessee, purchaser or obligor shall maintain the project and carry all proper insurance with respect thereto.
2. The determination and findings of the governing body, as required by subsection 1, must be set forth in the resolution under which the proposed bonds are to be issued, but those amounts need not be expressed in dollars and cents in the lease, agreement of sale or financing agreement and the resolution under which the bonds are to be issued, but may be set forth in the form of a formula.
(Added to NRS by 1967, 1756; A 1977, 596; 1985, 3)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.550 - Lease, sale or financing of project.

Prior to the issuance of any bonds authorized by NRS 268.512 to 268.568, inclusive, the city shall lease, sell or finance the project under an agreement conditioned upon completion of the project and providing for payment to the city of such revenues as, upon the basis of such determinations and findings, will be sufficient to:
1. Pay the principal of and interest on the bonds issued to finance the project.
2. Build up and maintain any reserves deemed advisable by the governing body in connection therewith.
3. Pay the costs of maintaining the project in good repair and keeping it properly insured, unless the lease, agreement of sale or financing agreement obligates the lessee, purchaser or obligor to pay for the maintenance and insurance on the project.
(Added to NRS by 1967, 1756; A 1977, 597)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.552 - Option to purchase.

1. If the project is to be leased, the lease may grant the lessee an option to purchase all or a part of the project at a stipulated purchase price or prices or at a price or prices to be determined upon appraisal as provided in the lease.
2. The option may be exercised at such time or times as the lease may provide.
3. The city and the lessee may agree and provide in the lease that all or a part of the rentals paid by the lessee prior to and at the time of the exercise of such option shall be applied toward such purchase price and shall be in full or partial satisfaction thereof.
(Added to NRS by 1967, 1757; A 1977, 597)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.554 - Refunding.

1. Any bonds issued under the provisions of NRS 268.512 to 268.568, inclusive, and at any time outstanding may at any time and from time to time be refunded by a city by the issuance of its refunding bonds in such amount as the governing body may deem necessary to refund the principal of the bonds to be so refunded, any unpaid interest thereon and any premiums and incidental expenses necessary to be paid in connection therewith.
2. Any such refunding may be effected, whether the bonds to be refunded have matured or thereafter mature, either by sale of the refunding bonds and the application of the proceeds thereof, directly or indirectly, to the payment of the bonds to be refunded thereby, or by exchange of the refunding bonds for the bonds to be refunded thereby, but the holders of any bonds to be so refunded shall not be compelled, without their consent, to surrender their bonds for payment or exchange prior to the date on which they are payable by maturity date, option to redeem or otherwise, or if they are called for redemption, prior to the date on which they are by their terms subject to redemption by option or otherwise. Except to the extent expressly or impliedly inconsistent with the terms of NRS 268.512 to 268.568, inclusive, the provisions of the Local Government Securities Law shall govern the issuance of such refunding bonds and the establishment of any escrow in connection therewith.
3. All refunding bonds, issued under authority of this section, shall be payable solely from revenues out of which the bonds to be refunded thereby are payable or from revenues out of which bonds of the same character may be made payable under this or any other law then in effect at the time of the refunding.
(Added to NRS by 1967, 1757)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.556 - Application of proceeds; components of cost of project.

1. The proceeds from the sale of any bonds shall be applied only for the purpose for which the bonds were issued and if, for any reason, any portion of such proceeds is not needed for the purpose for which the bonds were issued, such unneeded portion of such proceeds shall be applied to the payment of the principal of or the interest on the bonds.
2. The cost of acquiring, improving and equipping any project shall be deemed to include the actual costs of acquiring and improving a site or the cost of the construction of any part of a project which may be constructed, plus the total of all reasonable or necessary costs incidental to the acquisition, construction, reconstruction, repair, alteration, improvement, equipment and extension of any project, including without limitation:
(a) The cost of studies and surveys;
(b) Plans, specifications, architectural and engineering costs;
(c) Legal, organization, marketing or other special services;
(d) Financing, acquisition, demolition, construction, equipment and site development of new and rehabilitated buildings;
(e) Rehabilitation, reconstruction, repair or remodeling of existing buildings;
(f) Acquisition, installation, construction, reconstruction, repair, alteration and improvement of fixtures, machinery, equipment and furnishings;
(g) An initial bond and interest reserve together with interest on bonds issued to finance such project to a date 6 months subsequent to the estimated date of completion; and
(h) All other necessary and incidental expenses.
(Added to NRS by 1967, 1757; A 1977, 597)
2023 Nevada Revised Statutes › Chapter 268 - Powers and Duties Common to Cities and Towns Incorporated Under General or Special Laws › NRS 268.558 - Payment by city prohibited; use of land owned by city limited.

1. Except as otherwise provided in this section, a city shall not pay out of its general fund or otherwise contribute any part of the cost of acquiring, improving and equipping a project.
2. A city shall not use land already owned by the city, or in which the city has an equity interest for the construction of a project unless:
(a) The land was specifically acquired by the city for the purpose of a project;
(b) The governing body determines that the land is no longer necessary for other purposes of the city; or
(c) The land is conveyed to a nonprofit organization pursuant to NRS 268.058.
3. The entire cost of acquiring, improving and equipping any project must be paid out of the proceeds from the sale of the bonds, but this provision does not prevent a city from accepting donations of property to be used as a part of any project or money to be used for defraying any part of the cost of any project, including the completion of the project by the lessee, purchaser or obligor without any cost or liability to the city.
(Added to NRS by 1967, 1758; A 1977, 598; 1997, 1738)