Before making an interfund loan or loaning money to another local government, the governing body of the local government that wishes to make the loan must:

1. 1. Determine at a public hearing that:

   1. (a) A sufficient amount of money is available for the loan and that money is not restricted as to its use; and
   2. (b) The loan of the money will not compromise the economic viability of the fund from which the money is loaned; and

2. 2. Establish at the public hearing conducted pursuant to subsection 1:

   1. (a) The amount of time the money will be on loan from the fund;
   2. (b) The terms and conditions for repaying the loan; and
   3. (c) The rate of interest, if any, to be charged for the loan.

(Added to NRS by 2001, 1497; A 2003, 52)