309.160 - Power to incur debts and liabilities: Limitations and exceptions.
309.160 Power to incur debts and liabilities: Limitations and exceptions. For the purpose of organization, the board of directors (in this chapter sometimes merely designated “the board”) may at any time incur an indebtedness not exceeding in the aggregate the sum of $5,000, nor in any event to exceed $1 per acre, and may cause warrants of the district to issue therefor, bearing interest at a rate or rates which do not exceed by more than 3 percent the Index of Twenty Bonds which was most recently published before the bids are received or a negotiated offer is accepted, and the board may levy an assessment of not more than $1 per acre on all lands in the district for the payment of such expenses. Thereafter, the board may levy an assessment, annually, in the absence of assessments therefor under any of the other provisions of this chapter, of not more than 20 cents per acre on all lands in the district for the payment of the ordinary and current expenses of the district, including the salaries of officers and other incidental expenses. Such assessments must be collected as provided in this chapter for the collection of other assessments.
[14:24:1928; NCL § 3468]—(NRS A 1959, 98; 1964, 12; 1971, 2106; 1975, 852; 1981, 492, 1413; 1983, 582)