280.264 - Issuance of general obligations to finance capital improvements; levy of tax on property within taxing district; proportionality of obligations for purposes of debt limitation; liability for
280.264 Issuance of general obligations to finance capital improvements; levy of tax on property within taxing district; proportionality of obligations for purposes of debt limitation; liability for indebtedness upon withdrawal or dissolution.
1. The committee may, with the consent of the governing body of the county and each participating city, borrow money from time to time as general obligations to construct buildings or improve property used by the department, except a county or city jail or detention facility. For this purpose, the committee is a “governing body” within the meaning of NRS 350.524.
2. If general obligations are issued pursuant to this section, the committee shall determine the amount required in each fiscal year to pay the interest and required installments of principal, and report this amount to the Nevada Tax Commission as the budgets of local governments are reported, for the levy of the requisite tax on all taxable property within the taxing district.
3. For the purposes of any debt limitation of a county or city, obligations issued pursuant to this section shall be deemed to be the respective general obligations of the county and each of the cities in the same proportion as the percentage of the department’s expenses paid by the county and each of the cities pursuant to the formula in effect at the time the obligations are issued.
4. If a participating political subdivision withdraws from the department, the withdrawing political subdivision becomes liable for the proportion of the indebtedness for the general obligations issued pursuant to this section that is attributable to the withdrawing political subdivision based on the percentage of the department’s expenses paid by the withdrawing political subdivision pursuant to the formula in effect at the time the general obligations were issued.
5. Each participating political subdivision at the time of dissolution becomes liable for the proportion of the indebtedness for the general obligations issued pursuant to this section that is attributable to each participating political subdivision based on the percentage of the department’s expenses paid by each participating political subdivision pursuant to the formula in effect at the time the general obligations were issued.
(Added to NRS by 1991, 1061; A 2001, 1659)