350.544 - “Operation and maintenance expenses” limited.
350.544 “Operation and maintenance expenses” limited. The term “operation and maintenance expenses” does not include:
1. Any allowance for depreciation;
2. Any costs of improvements;
3. Any accumulation of reserves for major capital replacements (other than normal repairs);
4. Any reserves for operation, maintenance or repair of any facilities;
5. Any allowance for the redemption of any bond or other municipal security evidencing a loan or other obligation or for the payment of any interest thereon;
6. Any liabilities incurred in the acquisition or improvement of any properties comprising any project or of any existing facilities, or any combination thereof; and
7. Any other ground of legal liability not based on contract.
(Added to NRS by 1967, 425)