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Current as of January 01, 2025 | Updated by Findlaw Staff
1. Except as otherwise provided in this section, a qualified improvement project must be financed or refinanced only through an assessment on the real property that secures the direct financing or refinancing obtained from a capital provider pursuant to a financing agreement.
2. In addition to, but not in lieu of the direct financing or refinancing described in subsection 1, a qualified improvement project may be financed or refinanced through an assessment on the real property to secure bonds issued pursuant to NRS 271.475. Any bonds issued for a qualified improvement project:
(a) Shall not constitute the debt or indebtedness of the municipality within the meaning of any provision or limitation of the Constitution of the State of Nevada or statute;
(b) Shall not be secured by a pledge of the general credit or taxing power of the municipality or by the surplus and deficiency fund established pursuant to NRS 271.428; and
(c) Shall not be used in furtherance of or in support of direct financing or refinancing from a capital provider.
Cite this article: FindLaw.com - Nevada Revised Statutes Title 22. Cooperative Agreements by Public Agencies; Regional Transportation Commissions; Planning and Zoning; Development and Redevelopment § 271.63155. Financing or refinancing: Assessment on real property; bonds - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-22-cooperative-agreements-by-public-agencies-regional-transportation-commissions-planning-and-zoning-development-and-redevelopment/nv-rev-st-271-63155/
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