Nev. Rev. Stat. § 362.171 — Establishment and use of county fund for mitigation; certain school districts authorized to use money apportioned to school district to retire bonds or other obligations of school district

NRS  362.171    Establishment and use of county fund for mitigation; certain
school districts authorized to use money apportioned to school district to
retire bonds or other obligations of school district.
1.  Each county to which money is
appropriated by subsection 1 of NRS 362.170
may set aside a percentage of that appropriation to establish a county fund for
mitigation. Money from the fund may be appropriated by the board of county
commissioners only to mitigate adverse effects upon the county, or the school
district located in the county, which result from:
(a) A decline in the revenue received by the
county from the tax on the net proceeds of minerals during the 2 fiscal years
immediately preceding the current fiscal year; or
(b) The opening or closing of an extractive
operation from the net proceeds of which revenue has been or is reasonably
expected to be derived pursuant to this chapter.
2.  A school district in a county whose
population is less than 4,500 may, as the board of trustees of the school
district determines is necessary, use a portion of the money apportioned to the
school district pursuant to subsection 2 of NRS
362.170 to retire bonds issued by the school district or any other
outstanding obligations of the school district. Before authorizing the
expenditure of money pursuant to this subsection, the board of trustees shall
hold at least one public hearing on the matter.