539.587 - Insufficient money to complete improvement: Levy of assessment; issuance of additional bonds.
539.587 Insufficient money to complete improvement: Levy of assessment; issuance of additional bonds.
1. In case the money raised by the sale of all the bonds is insufficient for the completion of the plans and works adopted, and additional bonds are not voted, the board of directors shall provide for the completion of the plans by levy of assessment therefor.
2. When the money obtained by any previous issue of bonds has become exhausted by expenditures authorized in this chapter, and it becomes necessary to raise additional money to carry out the adopted plan, additional bonds may be issued if authorized at a special election or district election or primary or general state election. The election must be conducted in accordance with the provisions of this chapter with respect to an original issue of bonds.
[Part 16:64:1919; A 1921, 118; 1929, 286; 1933, 271; 1955, 27]—(NRS A 1993, 1088)