reglab/statecodes huggingface dataset:
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.0155 - Commission to specify percentage of limitation on total ad valorem tax levy and establish priorities among essential and nonessential facilities and services for purposes of NRS 350.015.

At the annual meeting in August required by NRS 350.012, the commission shall:
1. Specify a percentage, which must not be less than 75 percent, for the purposes of paragraph (d) of subsection 1 of NRS 350.015; and
2. Establish priorities among essential and nonessential facilities and services for the purposes of paragraph (d) of subsection 1 of NRS 350.015. Facilities and services relating to public safety, education and health must be considered essential facilities and services, and all other facilities and services must be considered nonessential facilities and services.
(Added to NRS by 2001, 878; A 2005, 128)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.016 - Evaluation of proposal: Power of commission to employ consultants; costs.

The commission has the power, with the consent of the municipality which proposes to incur a debt or levy a special elective tax, to contract for or employ accountants and financial consultants to evaluate any proposal which it must approve or disapprove. The cost of such services must be paid by the consenting municipality which proposes to incur the debt or levy the special elective tax.
(Added to NRS by 1971, 942; A 1977, 539; 1993, 2658; 1995, 771)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.0165 - Applicability of NRS 350.011 to 350.0165, inclusive.

The provisions of NRS 350.011 to 350.0165, inclusive, do not apply to:
1. Any general obligation debt incurred or special elective tax levied before July 1, 1995;
2. Any general obligation debt or special elective tax approved at an election held before July 1, 1995, whether or not the debt is incurred or tax is levied before that date;
3. Any general obligation debt authorized to be incurred, or special elective tax authorized to be levied, by a special act adopted and approved before July 1, 1995;
4. Any debt incurred for the purpose of refunding any outstanding general obligation debt; and
5. Any medium-term obligation, except a medium-term obligation issued after July 1, 2001, by a general improvement district whose population within its boundaries is less than 5,000.
(Added to NRS by 1965, 1434; A 1995, 771; 2001, 2310)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.0201 - First additional 10-year period for issuance of certain general obligation bonds by board of trustees of school district.

If the voters approved a question that was submitted by a board of trustees of a school district in accordance with subsection 4 of NRS 350.020 for authorization to issue general obligation bonds, regardless of whether such approval occurred more than 10 years before March 4, 2015:
1. Such approval shall be deemed to constitute approval of the qualified electors for the issuance of general obligation bonds by the board of trustees of the school district pursuant to subsection 4 of NRS 350.020 for a period of 10 years commencing on March 4, 2015, if the question was approved by the voters more than 10 years before March 4, 2015, or otherwise commencing on the date of the expiration of the 10-year period approved by the voters in the question, and no other approval of the qualified electors is required for such issuance of general obligation bonds pursuant to the provisions of NRS 350.020 by the board of trustees of the school district for that period.
2. During the 10-year period in which a board of trustees is authorized to issue bonds as provided in subsection 1, all or a portion of the revenue generated by the school district’s property tax for debt service which is in excess of the amount required:
(a) For debt service in the current fiscal year;
(b) For other purposes related to the bonds by the instrument pursuant to which the bonds were issued; and
(c) To maintain the reserve account required pursuant to subsection 5 of NRS 350.020,
may be transferred by the board of trustees to the school district’s fund for capital projects established pursuant to NRS 387.328 and used to pay the cost of capital projects which can lawfully be paid from that fund. Any such transfer must not limit the ability of the school district to issue bonds if the findings and approvals required by subsection 4 of NRS 350.020 are obtained.
(Added to NRS by 2015, 26, 28)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.0203 - Second additional 10-year period for issuance of certain general obligation bonds by board of trustees of school district.

If the voters approved a question that was submitted by a board of trustees of a school district in accordance with subsection 4 of NRS 350.020 for authorization to issue general obligation bonds, regardless of whether such approval occurred more than 10 years before March 4, 2025:
1. Such approval shall be deemed to constitute approval of the qualified electors for the issuance of general obligation bonds by the board of trustees of the school district pursuant to subsection 4 of NRS 350.020 for a period of 10 years commencing on March 4, 2025, if the question was approved by the voters more than 10 years before March 4, 2025, or otherwise commencing on the date of the expiration of the 10-year period approved by the voters in the question, and no other approval of the qualified electors is required for such issuance of general obligation bonds pursuant to the provisions of NRS 350.020 by the board of trustees of the school district for that period.
2. During the 10-year period in which a board of trustees is authorized to issue bonds as provided in subsection 1, all or a portion of the revenue generated by the school district’s property tax for debt service which is in excess of the amount required:
(a) For debt service in the current fiscal year;
(b) For other purposes related to the bonds by the instrument pursuant to which the bonds were issued; and
(c) To maintain the reserve account required pursuant to subsection 5 of NRS 350.020,
may be transferred by the board of trustees to the school district’s fund for capital projects established pursuant to NRS 387.328 and used to pay the cost of capital projects which can lawfully be paid from that fund. Any such transfer must not limit the ability of the school district to issue bonds if the findings and approvals required by subsection 4 of NRS 350.020 are obtained.
(Added to NRS by 2021, 3216)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.0205 - Committee on Local Government Finance to provide forms for submitting ballot question and examples of past ballot questions for issuance or incurrence of general obligations.

1. The Committee on Local Government Finance shall annually provide to each city clerk, county clerk and district attorney:
(a) Forms for submitting a ballot question to the electors of a municipality for the issuance or incurrence of general obligations as provided in subsection 1 of NRS 350.020; and
(b) Examples of past ballot questions for the issuance or incurrence of general obligations.
2. The city clerk, county clerk or district attorney may make these forms and examples available to the general public.
(Added to NRS by 1999, 1078)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.021 - Proposal may be combined on ballot with proposal to levy tax ad valorem for related purpose.

A proposal to issue or incur general obligations pursuant to NRS 350.020 and a proposal to levy an additional tax ad valorem pursuant to NRS 354.5982 for a purpose related to the purpose for which the general obligations are issued or incurred may be combined into a single proposition.
(Added to NRS by 1993, 65)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.022 - Notice of election on proposal to issue general obligations: Publication.

1. Whenever a municipality by ordinance or resolution, as the governing body may determine, has ordered that a proposal to issue or incur general obligations be submitted to the voters at a special election or the next general municipal election or general state election, the clerk shall cause notice of the election to be published in a newspaper printed in and having a general circulation in the municipality once in each calendar week for 2 successive calendar weeks by two weekly insertions a week apart, the first publication to be not more than 30 days nor less than 22 days next preceding the date of the election.
2. If no newspaper is printed in the municipality, publication of the notice of election must be made in a newspaper printed in the State of Nevada and having a general circulation in the municipality.
(Added to NRS by 1965, 138; A 1969, 1590; 1971, 94; 1981, 944; 1993, 1067; 1999, 1081)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.027 - Sample ballot and notice of election on proposal to issue bonds or other securities to contain estimate of annual cost to operate, maintain and repair improvements to be constructed or acquired with proceeds of bonds or other securities.

1. In addition to any requirements imposed pursuant to NRS 350.024, any sample ballot required to be distributed pursuant to NRS 293.565 or 293C.530 and any notice of election, for an election that includes a proposal for the issuance by any municipality of any bonds or other securities, including an election that is not called pursuant to NRS 350.020 to 350.070, inclusive, must contain an estimate of the annual cost to operate, maintain and repair any buildings, structures or other facilities or improvements to be constructed or acquired with the proceeds of the bonds or other securities.
2. For the purposes of this section, "municipality" has the meaning ascribed to it in NRS 350.538.
(Added to NRS by 1993, 1418; A 1997, 3478; 2015, 2648, 3181)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.030 - Election on proposal to issue general obligations: Expenses; ballots; validity of proposal; applicability of general election laws.

1. If the election is not consolidated with another election, the municipality shall pay the expenses of conducting it. Any proposal to issue or incur general obligations may be submitted on the same ballot as otherwise used at a primary or general municipal election or primary or general state election or may be submitted by separate ballot, as the governing body may determine.
2. No defect in the statement of such a proposal other than in the statement of the maximum amount to be authorized invalidates the proposal.
3. The qualifications of voters, the manner of registration and voting, and the manner of counting the votes cast are governed by the general election laws insofar as those laws can reasonably be made applicable.
[Part 3:70:1937; A 1953, 322]—(NRS A 1971, 95; 1981, 945; 1993, 1068)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.070 - Approval or disapproval by electors of proposal to issue general obligations: Procedure; validity of result.

1. If a majority of the electors voting on the question is in favor of the proposal submitted, the proposal is carried, and the proper officers of the municipality shall proceed to issue or incur the obligations proposed.
2. If the majority of the electors voting on the question is against the proposal submitted, the proposal fails, and the proper officers of the municipality shall proceed no further except to certify the result of the election to the proper officers of the governing body.
3. Except as otherwise specifically provided in NRS 350.030, any informality, omission or defect in the giving of any notice or the conduct of the election does not affect the result of the election if it can be ascertained with reasonable certainty whether the proposal was approved or rejected by a majority of the registered voters voting on the question.
[Part 4:70:1937; A 1953, 322; 1955, 162]—(NRS A 1959, 486; 1971, 97; 1981, 945)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.087 - Resolution authorizing medium-term obligation or installment-purchase agreement: Adoption; contents; notice.

1. If the public interest requires a medium-term obligation or installment-purchase agreement, the governing body of any local government, by a resolution adopted by two-thirds of its members, may authorize a medium-term obligation or installment-purchase agreement. For the purposes of the issuance of a medium-term obligation pursuant to NRS 280.266, a metropolitan police committee on fiscal affairs shall be deemed the governing body of a local government.
2. The resolution must contain:
(a) A finding by the governing body that the public interest requires the medium-term obligation or installment-purchase agreement;
(b) A statement of the facts upon which the finding required pursuant to paragraph (a) is based;
(c) A statement that identifies:
(1) Each source of revenue of the local government that is anticipated to be used to repay the medium-term obligation or installment-purchase agreement; and
(2) The dollar amount that is anticipated to be available to repay the medium-term obligation or installment-purchase agreement from each such source; and
(d) If the resolution is for an installment-purchase agreement with a term of more than 10 years:
(1) A statement comparing the cost of installment-purchase financing with other available methods of financing, including, without limitation, financing with general obligation bonds or revenue bonds; and
(2) If such statement concludes that installment-purchase financing is more expensive than other available methods of financing, a statement explaining the reasons for choosing installment-purchase financing instead of a less expensive alternative.
3. Except as otherwise provided in subsection 4, before the adoption of any such resolution, the governing body shall publish notice of its intention to act thereon in a newspaper of general circulation for at least one publication. No vote may be taken upon the resolution until 10 days after the publication of the notice. The cost of publication of the notice required of an entity is a proper charge against its general fund.
4. If such a resolution will be adopted by a metropolitan police committee on fiscal affairs, the sheriff of the county in which the metropolitan police department is located shall publish the notice required pursuant to subsection 3.
(Added to NRS by 1995, 1810; A 1997, 1295; 1999, 275; 2001, 2312)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.089 - Approval of resolution for medium-term obligation or installment-purchase agreement by Executive Director of Department of Taxation; appeal to Nevada Tax Commission.

Except as otherwise provided in NRS 280.266 and 496.155:
1. Upon the adoption by a local government of a resolution for a medium-term obligation or installment-purchase agreement, as provided in NRS 350.087, a certified copy thereof must be forwarded to the Executive Director of the Department of Taxation. As soon as is practicable, the Executive Director of the Department of Taxation shall, after consideration of the tax structure of the local government concerned, the probable ability of the local government to repay the requested medium-term obligation or installment-purchase agreement and the compliance of the local government with the applicable provisions of law, including, without limitation, the provisions of chapter 354 of NRS, approve or disapprove the resolution in writing to the governing board. No such resolution is effective until approved by the Executive Director of the Department of Taxation. The written approval of the Executive Director of the Department of Taxation must be recorded in the minutes of the governing board.
2. If the Executive Director of the Department of Taxation does not approve the resolution for the medium-term obligation or installment-purchase agreement, the governing board of the local government may appeal the Executive Director’s decision to the Nevada Tax Commission.
(Added to NRS by 1995, 1810; A 1997, 1295; 1999, 276; 2001, 2312)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.093 - Limitations on transfer of money for medium-term obligation; refund of transfer.

1. After a medium-term obligation has been authorized as provided in NRS 350.089 and if, in the judgment of the governing board of the local government, the fiscal affairs of the local government can be carried on without impairment and there is sufficient money in the general fund or a surplus in any other fund, with the exception of the bond interest and redemption fund, of the local government, the governing board may transfer from the general fund or from the surplus appearing in any fund, with the exception of the bond interest and redemption fund, money sufficient to meet the purpose of the medium-term obligation.
2. When such a transfer is made, the governing board of the local government shall comply with the provisions of NRS 350.095, and when the special tax is thereafter collected, the amount so collected must be placed immediately in the fund from which the loan was made.
3. In cases where the fund from which the loan was made, at the time of the transfer of funds therefrom, contains a surplus that in the judgment of the Executive Director of the Department of Taxation is or will not be needed for the purposes of the fund in the ordinary course of events, the special tax need not be levied, collected and placed in the fund from which the loan was made, but the transfer shall be deemed refunded for all purposes of NRS 350.087 to 350.095, inclusive.
(Added to NRS by 1995, 1811; A 1999, 277; 2001, 2314)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.095 - Levy of special tax; transfer of money remaining in fund.

1. At the first tax levy following the creation of any medium-term indebtedness, the governing board of any local government shall, if necessary, levy a tax sufficient to pay the medium-term indebtedness. The tax must be designated "County of ................ Special Tax," "City of ................ Special Tax," "Town of ................ Special Tax," "................ School District Special Tax," "................ Agricultural Association Special Tax," or "................ District Special Tax," as the case may be, the proceeds of which must be placed in a medium-term debt service fund in the treasury of the county or city, or in a medium-term debt service fund in the county treasury in the cases of towns, school districts, irrigation districts, special districts or agricultural associations, to be used solely to redeem the medium-term indebtedness for which the tax is levied.
2. The treasurer of any county is authorized, upon receipt of a written resolution of the governing board of any local government for which a special tax fund is maintained, to transfer the money remaining in the medium-term debt service fund of that local government to the general fund of that local government after payment in full of the indebtedness and the interest thereon.
(Added to NRS by 1995, 1811)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.105 - Definitions.

As used in NRS 350.105 to 350.195, inclusive, unless the context otherwise requires, the words and terms defined in NRS 350.115 to 350.145, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1995, 1018)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.115 - "Bond" defined.

"Bond" means any evidence of borrowing by a municipality that is issued pursuant to the provisions of this chapter or chapter 244, 244A, 268, 269, 271, 318, 318A or 387 of NRS, whether general or special obligations, including, without limitation, bonds, notes, debentures, warrants and certificates.
(Added to NRS by 1995, 1018; A 2001, 2314; 2017, 2721)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.145 - "Negotiated sale" defined.

"Negotiated sale" means the procedure for the sale of bonds by a municipality to one or more purchasers selected pursuant to NRS 350.175 and 350.185 upon such terms as are agreed upon after the selection of the purchaser.
(Added to NRS by 1995, 1019)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.165 - Delegation of authority to sign contract to purchase or accept binding bid for bonds; approval of certain terms by governing body required.

1. The governing body of a municipality may, before any sale of bonds, whether by competitive bid or negotiated sale, delegate to the chief administrative officer or chief financial officer of the municipality or, if the bonds consist of any securities to which subsection 1 of NRS 350.583 applies, a designated agent, the authority to sign a contract for the purchase of the bonds or to accept a binding bid for the bonds subject to the requirements specified by the governing body concerning:
(a) The rate of interest on the bonds;
(b) The dates on which and the prices at which the bonds may be called for redemption before maturity;
(c) The price at which the bonds will be sold; and
(d) The principal amount of the bonds and the amount of principal maturing in any particular year.
2. All terms of the bonds other than:
(a) The rate of interest;
(b) The dates and prices for the redemption of the bonds;
(c) The price for the sale of the bonds;
(d) The principal amount of the bonds; and
(e) The requirements for the principal maturing in particular years,
must be approved by the governing body of the municipality before the bonds are delivered.
3. The final rate of interest, dates and prices of redemption, price for the sale of the bonds, principal amount and the requirements for the principal amount maturing in particular years are not required to be approved by the governing body of the municipality if each of those terms complies with the requirements specified by the governing body before the contract for the purchase of the bonds is signed or the bid for the bonds is accepted.
(Added to NRS by 1995, 1020; A 2007, 434)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.175 - Negotiated sale: Notice of request for proposals; description of procedure for request for proposals in debt management policy; time limitation on sale of bonds after selection of underwriter.

1. If a municipality wishes to sell its bonds by a negotiated sale, it shall provide notice of the request for proposals in a manner that ensures that a reasonable number of underwriters for the size of the bond issue are notified of the request. The governing body of the municipality shall approve the notice.
2. The procedure for a request for proposals established by a municipality, including any requirement relating to:
(a) The rotation of the managing underwriters; and
(b) The municipality’s policy of equal opportunity concerning the selection of underwriters,
must be described in the written statement of the debt management policy of the municipality.
3. A municipality may negotiate the sale of the bonds described in the request for proposals with the underwriter it selects for not more than 6 years after the date of the selection of that underwriter. If bonds are not described in the request for proposals or if a negotiated sale occurs more than 6 years after the selection of an underwriter, the municipality shall request proposals from underwriters pursuant to subsection 1 before it selects an underwriter for that negotiated sale.
4. As used in this section, "request for proposals" means a statement which requests that prospective underwriters submit proposals to the municipality to provide underwriting services for the negotiated sale.
(Added to NRS by 1995, 1021)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.185 - Negotiated sale: Procedure for selection of proposal for sale of bonds; certification of procedure.

1. The governing body of a municipality which sells bonds by a negotiated sale shall establish a procedure for the selection of a proposal for the sale of the bonds. The procedure must include a consideration of:
(a) The ability and experience of the responding underwriter in the underwriting of bonds sold by competitive bid or negotiated sale;
(b) The degree to which the proposal of the responding underwriter meets the needs of the municipality and minimizes the risk and cost to the municipality;
(c) An estimation of any fees or other elements of the gross spread between the price paid to the municipality for the bonds and the price at which the bonds are sold to investors;
(d) Any other fees, charges or commissions which the municipality will be required to pay in connection with the issuance of the bonds; and
(e) Any fees paid by the underwriter to persons who are not employees of the underwriter to obtain business from the municipality.
2. The chief administrative officer of the municipality shall certify that the procedure for selecting a proposal for the negotiated sale pursuant to NRS 350.175 was conducted in an open and fair manner.
(Added to NRS by 1995, 1021)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.195 - Financial adviser: Prohibited acts.

A financial adviser who provides any report required pursuant to NRS 350.105 to 350.195, inclusive, must not:
1. Be;
2. Control;
3. Be controlled by; or
4. Be under common control with,
an underwriter for the bonds if those bonds are sold at a negotiated sale.
(Added to NRS by 1995, 1022)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.201 - Definitions.

As used in NRS 350.201 to 350.2013, inclusive:
1. "Par" means the principal amount of a security plus the accrued interest thereon from the date of the bonds to the date of delivery and full payment.
2. "Political subdivision" includes without limitation a county, city, town, school district or special district.
3. "Security" means a bond or other evidence of indebtedness.
(Added to NRS by 1967, 219)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.2011 - Maximum rate of interest on securities of political subdivisions.

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)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.2012 - Discounts.

Except where the provisions, whenever enacted, of a general or special law or of a special charter otherwise require, securities issued by a political subdivision of this state may be sold at par, above par or below par at a discount of not more than 9 percent of the principal amount, but the effective interest rate must not exceed the limit provided in NRS 350.2011.
(Added to NRS by 1967, 219; A 1969, 1291; 1971, 2115; 1975, 863; 1981, 1403; 1983, 574)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.2013 - Issuance or sale more than 6 years after date of election prohibited; exception.

Except as otherwise provided in subsection 4 of NRS 350.020, no security may be issued or sold by a political subdivision of this state after the expiration of 6 years from the date of the election authorizing such issue, if an election is required by any law whenever enacted.
(Added to NRS by 1967, 219; A 1997, 2466; 1999, 3222)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.202 - County ordinance may provide for service of bonded indebtedness for general obligations through single debt service fund; consolidated levy of taxes.

Notwithstanding the provisions of any special law authorizing the issuance of bonds or any covenant contained in any bond, the board of county commissioners of any county may provide by ordinance for the service of all general obligation bonded indebtedness of the county through a single debt service fund in the county treasury and a consolidated levy of taxes.
(Added to NRS by 1965, 650)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.204 - Merger of sinking and other debt service funds into single fund.

Such ordinance shall provide that upon the first day of the ensuing fiscal year, all sinking funds or other debt service funds however denominated which have been established by statute or pursuant to covenant for general obligation indebtedness shall be merged into a single fund.
(Added to NRS by 1965, 650)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.206 - Sufficiency of levy of taxes.

Each levy of taxes made after the enactment of such an ordinance shall include an amount for debt service sufficient to meet all general obligation interest requirements of the fiscal year for which the levy is made and to retire all bonds scheduled for retirement during that year.
(Added to NRS by 1965, 651)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.208 - Obligation of bond not impaired.

The provisions of NRS 350.202, 350.204 and 350.206 do not in any way impair the obligation of any bond issued prior to April 3, 1965, or postpone the due date of any installment of interest or payment of principal.
(Added to NRS by 1965, 651)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.360 - Definitions.

Wherever used in NRS 350.350 to 350.490, inclusive, unless a different meaning clearly appears from the context:
1. "Governing body" means the board of county commissioners, city council, city commission, board of supervisors, town council, town board, board of directors or board of trustees of a district, or other local legislative body of a municipality.
2. "Undertaking" includes the following revenue-producing undertakings or any combination of two or more of such undertakings, whether now existing or hereafter acquired or constructed: Systems, plants, works, instrumentalities and properties used or useful in connection with:
(a) The obtaining of a water supply and the conservation, treatment and disposal of water for public and private uses.
(b) The collection, treatment and disposal of sewage, waste and storm water, together with all parts of any such undertaking and all appurtenances thereto, including lands, easements, rights in land, water rights, contract rights, franchises, approaches, dams, reservoirs, sewage disposal plants, intercepting sewers, trunk, connection and other sewer and water mains, filtration works, pumping stations and equipment.
[2:109:1937; A 1949, 205; 1943 NCL § 1397.02]—(NRS A 1969, 1591; 1981, 946)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.373 - Supplemental powers of municipality to prescribe, revise and collect charges; expenses of collection.

In supplementation of the provisions of subsection 3 of NRS 350.370 and elsewhere in the Water and Sewer Revenue Bond Law, any municipality at any time and under any circumstances:
1. May prescribe, revise and collect minimum charges, connection charges, charges for availability of service, legal and other expenses of the collection of delinquencies and penalties appertaining thereto;
2. May enforce the collection of any delinquencies by civil action or by any other means then provided by law; and
3. May otherwise prescribe, revise and collect in advance or otherwise from any owner or occupant of real property served directly or indirectly by any undertaking, or otherwise, rates, fees, tolls and charges for the services, facilities or commodities furnished by the undertaking, or any combination thereof, as the governing body may determine from time to time.
(Added to NRS by 1967, 672)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.375 - Use of revenues derived from undertaking of municipality.

Subject to any pledges and other contractual limitations appertaining to revenues derived from the operation of any undertaking of a municipality, such revenues may be used from time to time for the following purposes, or any combination thereof, and in such priority, as the governing body may determine:
1. For the payment of operation and maintenance expenses of any undertaking;
2. For the payment of the costs of extensions of and improvements to any undertaking, including without limitation extraordinary repairs and replacements not constituting maintenance expenses;
3. For the payment of any other costs of constructing, otherwise acquiring, operating, maintaining, extending and improving any properties appertaining to water supply, water acquisition, treatment and distribution facilities, sewage, sanitary sewer collection and disposal facilities, storm waters, and storm water collection and disposal facilities, and incidental costs relating thereto, and the payment of any outstanding bonds and any other outstanding securities issued for any one, all or any combination of such purposes by the municipality pursuant to the Water and Sewer Revenue Bond Law or to any other law, and constituting general obligations, special obligations, or otherwise, and regardless of whether such payment is secured solely, additionally, or at all by a pledge of such revenues, as to the principal of, any interest on, and any prior redemption premiums due in connection with, such bonds and other securities, and any paying agent charges and other incidental expenses appertaining thereto, including without limitation any costs of issuing such securities, as the same become due;
4. For the accumulation of reserves for any one, all or any combination of the purposes stated above in this section; and
5. For the payment of any other expenses of the municipality, regardless of whether or not they appertain to an undertaking.
(Added to NRS by 1967, 672)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.380 - Undertaking and issuance of bonds: Procedure.

The acquisition, construction, reconstruction, improvement, betterment or extension of any undertaking and the issuance, in anticipation of the collection of the revenues of such undertaking, of bonds to provide funds to pay the cost thereof may be authorized under NRS 350.350 to 350.490, inclusive, by ordinance or resolution of the governing body, which may be adopted at a regular meeting by a vote of a majority of the members elected to the governing body.
[4:109:1937; 1931 NCL § 1397.04]—(NRS A 1959, 486; 1969, 1592; 1975, 864; 1981, 947)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.400 - Sale of bonds.

The bonds shall be sold as provided in the Local Government Securities Law.
[Part 5:109:1937; A 1949, 205; 1943 NCL § 1397.05]—(NRS A 1967, 221; 1969, 1592; 1975, 864)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.490 - Powers conferred in NRS 350.350 to 350.490, inclusive, additional and supplemental; controlling provisions.

1. The powers conferred by NRS 350.350 to 350.490, inclusive, shall be in addition and supplemental to, and not in substitution for, and the limitations imposed by NRS 350.350 to 350.490, inclusive, shall not affect, the powers conferred by any other general or special law or charter, including, without limitation, the Local Government Securities Law.
2. The undertaking may be acquired, purchased, constructed, reconstructed, improved, bettered and extended, notwithstanding that any special or general law or local charter may provide for the acquisition, purchase, construction, reconstruction, improvement, betterment and extension of a like undertaking and without regard to the requirement, restrictions, debt or other limitations or other provisions contained in any other general or special law or charter, including, but not limited to, any restriction or limitation on the incurring of indebtedness or the issuance of bonds.
3. Insofar as the provisions of NRS 350.350 to 350.490, inclusive, are inconsistent with the provisions of any other general or special law or charter, the provisions of NRS 350.350 to 350.490, inclusive, shall be controlling, except as otherwise provided in NRS 350.350 to 350.490, inclusive; but the provisions of the Local Government Securities Law are supplemental to NRS 350.350 to 350.490, inclusive, to the extent the Local Government Securities Law pertains to revenue bonds and other special obligations.
[11:109:1937; 1931 NCL § 1397.11]—(NRS A 1975, 864)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.495 - Willful violation of covenant in securities by member of governing body, officer or agent of municipality unlawful; penalty.

1. Any member of the governing body and any officer or other agent of a municipality which has issued any bonds or municipal securities who willfully violates any covenant or provision contained in any such indentures or other instruments or proceedings appertaining thereto is guilty of a misdemeanor.
2. A violation of a covenant existing on July 1, 1969, is not "willful" for the purpose of this section if compliance is impractical because of competition from a private enterprise or enterpriser offering a comparable service.
(Added to NRS by 1969, 1088)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.502 - Purpose; supplemental nature.

It is the purpose of the Local Government Securities Law to provide a procedure for financing any projects otherwise authorized by law (other than by the levy and collection of special assessments) and for the issuance of securities to evidence or reevidence obligations incurred in connection with any such projects. The Local Government Securities Law is supplemental in nature, and nothing herein contained shall be construed as authorizing any particular project nor as authorizing the incurrence of any obligations to defray the cost of any project.
(Added to NRS by 1967, 421)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.504 - Definitions.

As used in this chapter and in any instrument or document appertaining thereto, unless the context otherwise requires, the words and terms defined in NRS 350.506 to 350.566, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1967, 421; A 1981, 947; 1985, 2179; 1987, 559)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.506 - "Acquisition" and "acquire" defined.

"Acquisition" or "acquire" includes the opening, laying out, establishment, purchase, construction, securing, installation, reconstruction, lease, gift, grant from the Federal Government, this state, any public body therein, or any person, the endowment, bequest, devise, condemnation, transfer, assignment, option to purchase, other contract, or other acquirement, or any combination thereof, of any properties pertaining to a project, or an interest therein.
(Added to NRS by 1967, 421; A 1967, 943)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.508 - "Chair" and "chair of the municipality" defined.

"Chair" or "chair of the municipality" or any phrase of similar import means the de facto or de jure chair of the board of county commissioners, mayor of the city or town, president of the board of trustees of the school district, chair of the board of directors of any other type district, or the president thereof, or any other presiding officer or titular head of the municipality, or his or her successor in functions, if any.
(Added to NRS by 1967, 421)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.510 - "Clerk" defined.

"Clerk" means the de facto or de jure county clerk, city clerk, town clerk, clerk of the board of trustees of the school district, secretary or clerk of the board of directors of any other type district, or other officer of the municipality who is the custodian of any seal of the municipality and of the records of the proceedings of the municipality’s governing body, or his or her successor in functions, if any.
(Added to NRS by 1967, 422)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.512 - "Commercial bank" defined.

"Commercial bank" means:
1. A state or national bank or trust company that is a member of the Federal Deposit Insurance Corporation, including, without limitation, a branch of the Federal Reserve Bank.
2. A credit union whose deposits are insured by the National Credit Union Share Insurance Fund or by a private insurer approved pursuant to NRS 672.755.
(Added to NRS by 1967, 422; A 1999, 1473)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.514 - "Condemnation" and "condemn" defined.

"Condemnation" or "condemn" means the acquisition by the exercise of the power of eminent domain of property for any project, or an interest therein, herein designated.
(Added to NRS by 1967, 422; A 1985, 278)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.516 - "Cost of any project" defined.

"Cost of any project," or any phrase of similar import, means all or any part designated by the governing body of the cost of any project, or interest therein, which cost, at the option of the governing body, may include all or any part of the incidental costs pertaining to the project, including, without limitation:
1. Preliminary expenses advanced by the municipality from money available for use therefor, or advanced by the Federal Government, or from any other source, with the approval of the governing body or any board or other agency of the municipality responsible for the project or defraying the cost thereof, or any combination thereof;
2. The costs in the making of surveys, audits, preliminary plans, other plans, specifications, estimates of costs and other preliminaries;
3. The costs of premiums on builders’ risk insurance and performance bonds, or a reasonably allocable share thereof;
4. The costs of appraising, printing, estimates, advice, services of engineers, architects, financial consultants, attorneys at law, clerical help or other agents or employees;
5. The costs of making, publishing, posting, mailing and otherwise giving any notice in connection with a project, the filing or recordation of instruments, the taking of options, the issuance of bonds and other securities, and bank fees and expenses;
6. The costs of contingencies;
7. The costs of the capitalization with proceeds of bonds or other securities issued hereunder of any operation and maintenance expenses appertaining to any facilities to be acquired as a project and of any interest on bonds or other securities for any period not exceeding the period estimated by the governing body to effect the project plus 1 year, of any discount on bonds or other securities, and of any reserves for the payment of the principal of and interest on the bonds or other securities, of any replacement expenses, and of any other cost of issuance of the bonds or other securities;
8. The costs of amending any ordinance, resolution or other instrument authorizing the issuance of or otherwise appertaining to outstanding bonds or other securities of the municipality;
9. The costs of funding any medium-term obligations, construction loans and other temporary loans of not exceeding 10 years appertaining to a project and of the incidental expenses incurred in connection with such loans;
10. The costs of any properties, rights, easements or other interests in properties, or any licenses, privileges, agreements, and franchises;
11. The costs of demolishing, removing or relocating any buildings, structures or other facilities on land acquired for any project, and of acquiring lands to which such buildings, structures or other facilities may be moved or relocated; and
12. All other expenses necessary or desirable and appertaining to a project, as estimated or otherwise ascertained by the governing body.
(Added to NRS by 1967, 422; A 1975, 865; 1989, 53; 1997, 553)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.517 - "Disposal" and "dispose" defined.

"Disposal" or "dispose" means the sale, destruction, razing, loan, lease, grant, transfer, assignment, option to sell, other contract, or other disposition, or any combination thereof, of facilities, other property, or any interest therein.
(Added to NRS by 1971, 2114)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.5175 - "Equip" and "equipment" defined.

"Equip" or "equipment" means the furnishing of all related or appurtenant machinery, furnishings, apparatus, paraphernalia, or other gear, or any combination thereof, pertaining to any project or other property, or any interest therein.
(Added to NRS by 1971, 2114)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.518 - "Facilities" defined.

"Facilities" means buildings, structures, utilities, or other income-producing facilities from the operation of which or in connection with which pledged revenues for the payment of any bonds or other securities issued hereunder are derived, including without limitation any facilities to be acquired with the proceeds of the bonds or securities issued hereunder.
(Added to NRS by 1967, 422)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.524 - "Governing body" defined.

"Governing body" means the board of county commissioners, city council, city commission, board of supervisors, town council, board of trustees of the school district, board of directors or trustees of any other type district, or other local legislative or governing body of the municipality.
(Added to NRS by 1967, 424)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.528 - "Hereby," "herein," "hereinabove," "hereinafter," "hereinbefore," "hereof," "hereto," "hereunder," "heretofore" and "hereafter" defined.

"Hereby," "herein," "hereinabove," "hereinafter," "hereinbefore," "hereof," "hereto," "hereunder" and any similar term refer to the Local Government Securities Law and not solely to the particular portion thereof in which such word is used; "heretofore" means before the adoption of the Local Government Securities Law; and "hereafter" means after the adoption of the Local Government Securities Law.
(Added to NRS by 1967, 424)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.530 - "Holder" defined.

"Holder," or any similar term, when used in conjunction with any coupons, any bonds or any other securities, means the person in possession and the apparent owner of the designated item if such obligation is registered for payment to bearer or is not registered, or the term means the registered owner of the designated item if it is at the time registered for payment otherwise than to bearer.
(Added to NRS by 1967, 424)
2023 Nevada Revised Statutes › Chapter 350 - Municipal Obligations › NRS 350.532 - "Improvement" and "improve" defined.

"Improvement" or "improve" includes the extension, widening, lengthening, betterment, alteration, reconstruction or other major improvement, or any combination thereof, of any properties pertaining to a project or an interest therein, but does not mean renovation, reconditioning, patching, general maintenance or other minor repair.
(Added to NRS by 1967, 424; A 1967, 943)