As used in NRS 354.740 and 354.745, “agreement” means an agreement to purchase property in the form of a lease or an agreement to pay in installments, pursuant to which a local government may pay the purchase price of real or personal property over a period of time which extends beyond the biennium in which the agreement is executed, including, without limitation:

1. 1. An agreement pursuant to which a local government may acquire the property that is the subject of the agreement at the end of the term of the agreement or at the end of the term of a renewal of the agreement upon payment of no additional consideration or nominal additional consideration; and
2. 2. An agreement that, for the purposes of federal income tax, is treated as an agreement for conditional sale.

(Added to NRS by 2023, 3379)