Nev. Rev. Stat. § 361.4727 — Increase in rate of tax for payment of obligations secured by proceeds of tax: Prerequisites; effect on partial abatements

NRS  361.4727    Increase in rate of tax for payment of obligations secured by
proceeds of tax: Prerequisites; effect on partial abatements.
1.  A taxing entity may, if otherwise so
authorized by law, increase the rate of an ad valorem tax imposed by or on
behalf of that taxing entity for the payment of any obligations secured by the
proceeds of that tax if:
(a) The taxing entity determines that the
additional tax rate is necessary for the taxing entity to satisfy those
obligations; and
(b) The additional tax rate is stated separately
on the tax bill of each taxpayer, with a separate line that identifies the
portion of the tax liability resulting from the additional levy.
2.  For the purposes of subsection 1, an
additional tax rate shall be deemed to be necessary to satisfy the obligations
secured by the proceeds of an ad valorem tax if the rate of the ad valorem tax
most recently levied for the payment of those obligations will not produce
sufficient revenue, after considering the effect of the partial abatements from
taxation provided pursuant to NRS 361.4722 ,
361.4723 and 361.4724 to satisfy those obligations
during the next fiscal year.
3.  Except as otherwise provided in this
subsection, any increase in the rate of an ad valorem tax authorized pursuant
to this section must be included in the calculation of the partial abatements
from taxation provided pursuant to NRS
361.4722 , 361.4723 and 361.4724 . An increase in the rate of an ad
valorem tax authorized pursuant to this section is exempt from each partial
abatement from taxation provided pursuant to NRS
361.4722 , 361.4723 and 361.4724 if the obligations for which that
increase is imposed are issued:
(a) Before July 1, 2005; or
(b) On or after July 1, 2005, and, before the
issuance of the obligations:
(1) The governing body of the taxing
entity issuing the obligations makes a finding that no increase in the rate of
an ad valorem tax is anticipated to be necessary for the payment of the
obligations during the term thereof; and
(2) The debt management commission of the
county in which the taxing entity is located approves that finding.
4.  For the purposes of this section,
“taxing entity” does not include the State.