Nev. Rev. Stat. § 373.120 — Limitation on repeal, amendment or modification of ordinance imposing tax; dissolution of commission; pledge of faith of State

NRS  373.120    Limitation on repeal, amendment or modification of ordinance
imposing tax; dissolution of commission; pledge of faith of State.
1.  No county fuel tax ordinance may be
repealed or amended or otherwise directly or indirectly modified in such a
manner as to impair adversely any outstanding bonds issued under this chapter
or other obligations incurred under this chapter, until all obligations for
which revenues from such ordinance have been pledged or otherwise made payable
from such revenues pursuant to this chapter have been discharged in full, but
the board, with the approval of the governing body of each participating city,
may at any time dissolve the commission and provide that no further obligations
may be incurred thereafter.
2.  The faith of the State of Nevada is
hereby pledged that this chapter, NRS
365.180 to 365.200 , inclusive, and 365.562 , and any law supplemental thereto,
including without limitation, provisions for the distribution to any county
designated in NRS 373.030 , 373.062 , 373.065 ,
373.066 or 373.0663 , of the proceeds of the fuel
taxes collected thereunder will not be repealed, amended or otherwise directly
or indirectly modified in such a manner as to impair adversely any outstanding
bonds issued under this chapter or other obligations incurred under this
chapter, until all obligations for which any such tax proceeds have been
pledged or otherwise made payable from such tax proceeds pursuant to this
chapter have been discharged in full, but the State of Nevada may at any time
provide by act that no further obligations may be incurred thereafter.
3.  Except as otherwise provided in
subsection 4, any continuing increases in any taxes imposed pursuant to NRS 373.0663 must not be pledged beyond
June 30 of the fiscal year that is 5 full fiscal years after bonds or other
obligations secured by the taxes imposed pursuant to NRS 373.0663 are issued or incurred, but
the taxes imposed pursuant to NRS 373.0663
that are in effect on that June 30 must continue to be pledged to those bonds
or other obligations until they are paid in full.
4.  At any time after bonds are issued or
other obligations incurred with a pledge of the taxes imposed pursuant to NRS 373.0663 , the board may, except as
otherwise provided in subsection 5 of NRS
373.0663 , by ordinance:
(a) Continue the pledge of the increase in taxes
imposed pursuant to NRS 373.0663 beyond
June 30 of the fiscal year that is 5 full fiscal years after bonds or other
obligations secured by the taxes imposed pursuant to NRS 373.0663 are issued or incurred, but
not beyond June 30 of the fiscal year that is 5 full fiscal years after the
adoption of the ordinance pursuant to this paragraph. The process set forth in
this paragraph may be repeated until all bonds or other obligations secured by
the taxes imposed pursuant to NRS 373.0663
have been paid in full.
(b) Amend the ordinance imposing the tax to
specify a different applicable percentage, including an applicable percentage
of zero, but:
(1) The applicable percentage must not
exceed 7.8 percent;
(2) The applicable percentage must not be
reduced with respect to any fiscal year preceding the fiscal year following the
effective date of an ordinance adopted pursuant to this subsection; and
(3) The effective date of any ordinance
reducing the applicable percentage must not be sooner than the later of:
(I) June 30 of the fiscal year that
is 5 full fiscal years after bonds or other obligations secured by the taxes
imposed pursuant to NRS 373.0663 are
issued or incurred; or
(II) June 30 of the fiscal year that
is 5 full fiscal years after the date of adoption of any ordinance pursuant to
paragraph (a).
5.  As used in this section, “applicable percentage”
has the meaning ascribed to it in paragraph (b) of subsection 6 of NRS 373.0663 .