Nev. Rev. Stat. ch. 350 – Municipal Obligations | Midpage350.0015Definitions350.0045“General obligation debt” defined350.0055“Installment-purchase agreement” defined350.0065“Local government” defined350.007“Medium-term obligation” defined350.0075“Special obligation” defined350.008Term of installment-purchase agreement350.009Regulations350.011Definitions350.0115Creation; composition; selection and terms of members; interest in securities issued by State or political subdivision prohibited; vacancies350.012Meetings; officers; removal of member; quorum; compensation350.0125Technical assistance provided by Department of Taxation or board of county commissioners to carry out duties of commission350.013Municipalities to submit annually statement of current and contemplated general obligation debt and special elective taxes, statement of debt management policy, plan for capital improvement or alternate statement and certain information regarding chief financial officer; update of information; exceptions350.0135Proposal resulting in increase of rate of property taxes: Determination and notification of affected governmental entities by municipality; approval or objection by affected governmental entity; notification of commission of objection; resolution of conflict by commission; establishment of related methods and procedures by commission; exception350.014Approval or notification of commission required for certain proposals350.0145Notice and submission of statement of certain proposals to commission; procedure for approval or disapproval350.015Criteria for approval or disapproval of certain proposals; requests for information; use of money received from sale of general obligation debt or from special elective tax350.0155Commission 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 350.015350.016Evaluation of proposal: Power of commission to employ consultants; costs350.0165Applicability of NRS 350.011 to 350.0165, inclusive350.020Use of general obligation only for stated purpose; submission to electors of proposal to issue general obligations; restrictions on special elections; issuance of general obligations secured by pledge of revenues and issuance of special or medium-term obligations without election; issuance of certain general obligation bonds by board of trustees of school district350.0201First additional 10-year period for issuance of certain general obligation bonds by board of trustees of school district350.0203Second additional 10-year period for issuance of certain general obligation bonds by board of trustees of school district350.0205Committee on Local Government Finance to provide forms for submitting ballot question and examples of past ballot questions for issuance or incurrence of general obligations350.021Proposal may be combined on ballot with proposal to levy tax ad valorem for related purpose350.022Notice of election on proposal to issue general obligations: Publication350.024Contents of ballot question, sample ballot and notice of election on proposal to issue general obligations; consolidation of election with general, primary or municipal election; publication of notice of close of registration for special election350.027Sample 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 securities350.030Election on proposal to issue general obligations: Expenses; ballots; validity of proposal; applicability of general election laws350.070Approval or disapproval by electors of proposal to issue general obligations: Procedure; validity of result350.087Resolution authorizing medium-term obligation or installment-purchase agreement: Adoption; contents; notice350.089Approval of resolution for medium-term obligation or installment-purchase agreement by Executive Director of Department of Taxation; appeal to Nevada Tax Commission350.091Governing body to update plan for capital improvement under certain circumstances; issuance and terms of evidence of medium-term obligation or installment-purchase agreement; regulations; applicability of prevailing wage requirements to certain lease-purchase or installment-purchase agreements350.093Limitations on transfer of money for medium-term obligation; refund of transfer350.095Levy of special tax; transfer of money remaining in fund350.105Definitions350.115“Bond” defined350.125“Competitive bid” defined350.135“Financial adviser” defined350.145“Negotiated sale” defined350.155Sale by competitive bid: Requirements; exceptions; contents of certificate required for certain bonds; filing and approval of certificate; publication of invitation for competitive bids350.165Delegation of authority to sign contract to purchase or accept binding bid for bonds; approval of certain terms by governing body required350.175Negotiated 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 underwriter350.185Negotiated sale: Procedure for selection of proposal for sale of bonds; certification of procedure350.195Financial adviser: Prohibited acts350.201Definitions350.2011Maximum rate of interest on securities of political subdivisions350.2012Discounts350.2013Issuance or sale more than 6 years after date of election prohibited; exception350.202County ordinance may provide for service of bonded indebtedness for general obligations through single debt service fund; consolidated levy of taxes350.204Merger of sinking and other debt service funds into single fund350.206Sufficiency of levy of taxes350.208Obligation of bond not impaired350.350Short title350.360Definitions350.370Additional powers of municipality under NRS 350.350 to 350.490, inclusive350.373Supplemental powers of municipality to prescribe, revise and collect charges; expenses of collection350.375Use of revenues derived from undertaking of municipality350.380Undertaking and issuance of bonds: Procedure350.400Sale of bonds350.490Powers conferred in NRS 350.350 to 350.490, inclusive, additional and supplemental; controlling provisions350.495Willful violation of covenant in securities by member of governing body, officer or agent of municipality unlawful; penalty350.500Short title350.502Purpose; supplemental nature350.504Definitions350.506“Acquisition” and “acquire” defined350.508“Chair” and “chair of the municipality” defined350.510“Clerk” defined350.512“Commercial bank” defined350.514“Condemnation” and “condemn” defined350.516“Cost of any project” defined350.517“Disposal” and “dispose” defined350.5175“Equip” and “equipment” defined350.518“Facilities” defined350.520“Federal Government” defined350.522“Federal securities” defined350.524“Governing body” defined350.526“Gross revenues” and “gross pledged revenues” defined350.528“Hereby,” “herein,” “hereinabove,” “hereinafter,” “hereinbefore,” “hereof,” “hereto,” “hereunder,” “heretofore” and “hereafter” defined350.530“Holder” defined350.532“Improvement” and “improve” defined350.534“Municipal” defined350.536“Municipal securities” and “securities” defined350.538“Municipality” defined350.540“Net revenues” and “net pledged revenues” defined350.542“Operation and maintenance expenses” defined350.546“Ordinance” defined350.550“Pledged revenues” defined350.552“Project” defined350.554“Public body” defined350.556“State” defined350.558“Taxation” defined350.560“Taxes” defined350.562“Treasurer” defined350.564“Trust bank” defined350.566“United States” defined350.568Powers of municipality in connection with projects350.569Power of eminent domain; reimbursement of public utility for removal and relocation350.570Power of municipality to become obligated and issue securities for project350.572Types of securities which may be issued; series350.573Sale of right to call for purchase of securities350.574Notes and warrants: Maturity; extension or funding350.575Resolution to finance preservation or restoration of historic structure; approval of Executive Director of Department of Taxation; appeal to Nevada Tax Commission350.5755Issuance of negotiable notes or bonds to finance restoration of historic structure; maturity; interest350.576Temporary bonds: Conditions, terms and provisions; holder’s rights and remedies350.578Ordinance authorizing issuance of securities: Description of purposes350.579Emergency ordinances: Adoption; effective date350.580General obligations: Types of securities350.582Special obligations: Types of securities350.583Variable rates of interest for securities; agreement with third party for assurance of payment for securities; reimbursement for advances made pursuant to agreement; issuance of securities as commercial paper350.5835Variable rates of interest: Exemption from limitations; conclusive findings of governing body that procedure for determination of rates is reasonable350.584Municipal securities payable from gross revenues: Covenant requiring appropriations to pay operation and maintenance expenses350.586Securities issued as general obligations constitute outstanding indebtedness350.588Securities issued as special obligations do not constitute outstanding indebtedness350.590Recitals required in municipal securities350.592Annual levy of special tax to pay interest on and retire securities issued as general obligations; proceeds of tax kept in two special funds; consolidated debt service fund350.594Time and duration of levy of special tax350.596Payment from general fund when taxes insufficient to pay amount due on securities issued as general obligations; reimbursement of general fund350.598Application of other available money to payment of interest on and principal of securities issued as general obligations350.602Proceeds of taxes specially appropriated to payment of principal and interest350.604Payment of municipal securities not to be secured by encumbrance, mortgage or pledge of municipality’s property; exception350.606Recourse against officers and agents of municipality: Acceptance of securities constitutes waiver and release350.608Covenants in ordinance authorizing issuance of special obligations impose no liability against municipality or its general credit350.610Faith of State pledged against repeal, amendment or modification of Local Government Securities Law350.614Details of municipal securities provided by ordinance350.616Sale or issuance of municipal securities350.628Recital in securities conclusive evidence of validity and regularity of issuance350.630Denomination, negotiability and maturity of municipal securities; rate of interest350.632Payment of principal, interest and premium when due without further order350.634Interest coupons350.636Execution, signing and authentication of municipal securities and coupons350.638Facsimile signatures and seals350.640Securities not invalid because signatories cease to fill offices350.642Adoption of facsimile signature of predecessor in office350.644Redemption before maturity350.646Repurchase of municipal securities350.648Use of money received from issuance of municipal securities350.650Disposition of unexpended balance of proceeds after completion of project350.652Validity of securities not dependent on proceedings relating to project or completion of purpose; purchasers not responsible for application of proceeds350.654Special funds and accounts: Creation; purposes350.656Employment of legal and other expert services; contracts for sale and other purposes350.658Investment and reinvestment of revenues and proceeds of taxes and securities in federal securities and certain money market mutual funds350.659Investment and reinvestment of revenues and proceeds of taxes and certain securities in investment contract collateralized with federal securities by governing body in county whose population is 20,000 or more350.660Covenants and other provisions in municipal securities350.662Pledged revenues received or credited subject to immediate lien; priority and validity of lien350.664Rights and powers of holders of municipal securities and trustees350.666Receivers: Appointment; powers and duties350.668Rights and remedies cumulative350.670Failure of holder to proceed does not relieve municipality, governing body and officers, agents and employees of municipality of liability for nonperformance of duties350.672Interim debentures: Issuance for general or special obligations350.674Issuance of municipal securities constituting debt to fund or refund special obligations not constituting indebtedness: Conditions; restrictions350.676Interim debentures: Maturity; use of proceeds; issuance350.678Interim debentures: Security for payment350.680Interim debentures: Extension and funding350.682Interim debentures: Funding by reissuance of bonds pledged as collateral security; issuance of other bonds350.684Refunding of general and special obligation bonds: Ordinance; trust indenture350.686Calls for prior redemption: Limitations350.688Exchange of outstanding securities held by State or its agencies for funding or refunding350.690Refunding of outstanding securities evidencing long-term loans350.692Refunding bonds: Sale or exchange for outstanding bonds; exchange for federal securities350.694Conditions for refunding bonds350.696Refunding bonds: Disposition of proceeds, accrued interest and premium; costs; escrow; trusts350.698Proceeds of refunding bonds in escrow or trust: Investment; security; sufficient amount; purchaser not responsible for application of proceeds350.700Refunding bonds payable from taxes or pledged revenues350.702Issuance of bonds separately or in combination350.704Bonds of abolished municipalities may be refunded350.706Other statutory provisions applicable to refunding bonds350.708Conclusive determination of governing body that statutory limitations have been met350.710Bonds and other securities exempt from taxation; exception350.712Securities issued as general obligations are legal investments for state money350.714Legal investments for other persons350.718Sufficiency of Local Government Securities Law350.720Liberal construction350.800Transactions whereby municipality acquires property and another person acquires or retains security interest in that or other property350.810Purchase of municipal obligations by financial adviser of municipality limited350.820Agreements for exchange of interest rates