710.550 - Contingent Funds: Creation; use; surplus assigned as redemption fund for bonds.
710.550 Contingent Funds: Creation; use; surplus assigned as redemption fund for bonds.
1. All money acquired by the sale of services provided for in NRS 710.400 to 710.590, inclusive, must be paid to the county treasurer and assigned by the county treasurer to a fund to be known as the ................ Contingent Light Fund, Contingent Water Fund, Contingent Sewerage Fund, Contingent Water and Light Fund, or Contingent Sewerage, Water and Light Fund, inserting before the word “contingent” the name of the town to which the Fund is credited.
2. The contingent expense necessary to the installment, management and control of any system acquired under the provisions of NRS 710.400 to 710.590, inclusive, must first be paid out of that Fund.
3. The surplus money remaining after the payment of the contingent expenses must annually thereafter and at the first meeting of the board of county commissioners in January of each year thereafter be assigned by the board of county commissioners to the town as a redemption fund for the payment of the bonds issued under the provisions of NRS 710.400 to 710.590, inclusive.
[Part 9:169:1911; RL § 948; NCL § 1335]—(NRS A 1985, 326)