Nev. Rev. Stat. § 373.131 — Payment of cost of project by issuance of revenue bonds and other securities and direct distribution from regional street and highway fund; interlocal agreement authorizing commission to issue securities

NRS  373.131    Payment of cost of project by issuance of revenue bonds and
other securities and direct distribution from regional street and highway fund;
interlocal agreement authorizing commission to issue securities.
1.  Money for the payment of the cost of a
project within the area embraced by a regional plan for transportation
established pursuant to NRS 277A.210
may be obtained by the issuance of revenue bonds and other revenue securities
as provided in subsection 2 or, subject to any pledges, liens and other
contractual limitations made pursuant to the provisions of this chapter and chapter 277A of NRS, may be obtained by direct
distribution from the regional street and highway fund, except to the extent
any such use is prevented by the provisions of NRS 373.150 , or may be obtained both by the
issuance of such securities and by such direct distribution, as the board may
determine. Money for street and highway construction outside the area embraced
by the plan may be distributed directly from the regional street and highway
fund as provided in NRS 373.150 .
2.  The board or, in a county whose
population is 100,000 or more, a commission, may, after the enactment of any
ordinance authorized or required by the provisions of NRS 373.030 or 373.062 , paragraph (d) of subsection 1 of NRS 373.065 , paragraphs (d) to (m),
inclusive, of subsection 1 of NRS 373.066
or paragraphs (d) to (m), inclusive, of subsection 1 of NRS 373.0663 , issue revenue bonds and
other revenue securities, on the behalf and in the name of the county or the
commission, as the case may be:
(a) The total of all of which, issued and
outstanding at any one time, must not be in an amount requiring a total debt
service in excess of the estimated receipts to be derived from the taxes
imposed pursuant to the provisions of NRS
373.030 or 373.062 , paragraph (d) of
subsection 1 of NRS 373.065 , paragraphs
(d) to (m), inclusive, of subsection 1 of NRS
373.066 and paragraphs (d) to (m), inclusive, of subsection 1 of NRS 373.0663 and, with respect to notes,
warrants or interim debentures described in paragraphs (a) and (b) of
subsection 6, the proceeds of bonds or interim debentures;
(b) Which must not be general obligations of the
county or the commission or a charge on any real estate within the county; and
(c) Which may be secured as to principal and
interest by a pledge authorized by this chapter of the receipts from the fuel
taxes designated in this chapter, except such portion of the receipts as may be
required for the direct distributions authorized by NRS 373.150 .
3.  A county or a commission as provided in
subsection 2 is authorized to issue bonds or other securities without the
necessity of their being authorized at any election in such manner and with
such terms as provided in this chapter.
4.  Subject to the provisions of this chapter
and chapter 277A of NRS, for any project
authorized therein, the board of any county may, on the behalf and in the name
of the county, or, in a county whose population is 100,000 or more, a
commission may, on behalf and in the name of the commission, borrow money,
otherwise become obligated, and evidence obligations by the issuance of bonds
and other county or commission securities, and in connection with the
undertaking or project, the board or the commission, as the case may be, may
otherwise proceed as provided in the Local Government Securities Law.
5.  All such securities constitute special
obligations payable from the net receipts of the fuel taxes designated in this
chapter except as otherwise provided in NRS
373.150 , and the pledge of revenues to secure the payment of the securities
must be limited to those net receipts.
6.  Except for:
(a) Any notes or warrants which are funded with
the proceeds of interim debentures or bonds;
(b) Any interim debentures which are funded with
the proceeds of bonds;
(c) Any temporary bonds which are exchanged for
definitive bonds;
(d) Any bonds which are reissued or which are
refunded; and
(e) The use of any profit from any investment and
reinvestment for the payment of any bonds or other securities issued pursuant
to the provisions of this chapter,
Ê all bonds
and other securities issued pursuant to the provisions of this chapter must be
payable solely from the proceeds of fuel taxes collected by or remitted to the
county pursuant to chapter 365 of NRS, as
supplemented by this chapter. Receipts of the taxes levied in NRS 365.180 and 365.190 and pursuant to the provisions of
paragraphs (a) and (b) of subsection 1 of NRS
373.065 , paragraphs (a) and (b) of subsection 1 of NRS 373.066 and paragraphs (a) and (b) of
subsection 1 of NRS 373.0663 may be
used by the county for the payment of securities issued pursuant to the
provisions of this chapter and may be pledged therefor. Such taxes may also be
used by a commission in a county whose population is 100,000 or more for the
payment of bonds or other securities issued pursuant to the provisions of this
chapter and may be pledged therefor if the board of the county consents to such
use. If during any period any securities payable from these tax proceeds are outstanding,
the tax receipts must not be used directly for the construction, maintenance
and repair of any streets, roads or other highways nor for any purchase of
equipment therefor, and the receipts of the tax levied in NRS 365.190 must not be apportioned
pursuant to subsection 2 of NRS 365.560
unless, at any time the tax receipts are so apportioned, provision has been
made in a timely manner for the payment of such outstanding securities as to
the principal of, any prior redemption premiums due in connection with, and the
interest on the securities as they become due, as provided in the securities,
the ordinance, in the case of securities issued by a county, or the resolution,
in the case of securities issued by a commission, authorizing their issuance
and any other instrument appertaining to the securities.
7.  The ordinance, in the case of
securities issued by a county, or the resolution, in the case of securities
issued by a commission, authorizing the issuance of any bond or other revenue
security under this section must describe the purpose for which it is issued at
least in general terms and may describe the purpose in detail. This section
does not require the purpose so stated to be set forth in the detail in which
the project approved by the commission pursuant to subsection 2 of NRS 373.140 is stated, or prevent the
modification by the board or commission, as the case may be, of details as to
the purpose stated in the ordinance authorizing the issuance of any bond or
other security after its issuance, subject to approval by the commission of the
project as so modified, if such bond or other security is issued by the county
and not the commission.
8.  Notwithstanding any other provision of
this chapter, no commission has authority to issue bonds or other securities
pursuant to this chapter unless the commission has executed an interlocal
agreement with the county relating to the issuance of bonds or other securities
by the commission. Any such interlocal agreement must include an acknowledgment
of the authority of the commission to issue bonds and other securities and
contain provisions relating to the pledge of revenues for the repayment of the
bonds or other securities, the lien priority of the pledge of revenues securing
the bonds or other securities, and related matters.