539.6362 - Payment of deficiency from general fund, reserve fund or other available revenue; levy of ad valorem tax.
539.6362 Payment of deficiency from general fund, reserve fund or other available revenue; levy of ad valorem tax.
1. If the special fund created by the proceeds of the annual assessments levied and collected pursuant to the provisions of this chapter is insufficient to pay the principal of and the interest on the bonds as they become due, the deficiency shall be paid out of any general fund, reserve fund or any other available revenues of the district.
2. If any general fund, reserve fund and other available revenues of the district are insufficient to pay any such deficiency promptly, the board of directors shall then levy and it shall be its duty to levy general (ad valorem) taxes.
(Added to NRS by 1963, 1005)