Payment of cost of project by issuance of revenue bonds and other securities and direct distribution from regional street and highway fund.
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 373.1161 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, 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 may, after the enactment of an ordinance as authorized by paragraph (b) of subsection 1 of NRS 373.030 or paragraph (d) of subsection 1 of NRS 373.065, issue revenue bonds and other revenue securities, on the behalf and in the name of the county:
(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 paragraph (b) of subsection 1 of NRS 373.030 and paragraph (d) of subsection 1 of NRS 373.065;
(b) Which must not be general obligations of the county or a charge on any real estate therein; and
(c) Which may be secured as to principal and interest by a pledge authorized by this chapter of the receipts from the motor vehicle 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 is authorized to issue bonds 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, for any project authorized therein the board of any county may, on the behalf and in the name of the county, borrow money, otherwise become obligated, and evidence obligations by the issuance of bonds and other county securities, and in connection with the undertaking or project, the board 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 motor vehicle 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,
Êall bonds and other securities issued pursuant to the provisions of this chapter must be payable solely from the proceeds of motor vehicle 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 paragraphs (a) and (b) of subsection 1 of NRS 373.065 may be used by the county for the payment of securities issued pursuant to the provisions of this chapter and may be pledged therefor. 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 authorizing their issuance and any other instrument appertaining to the securities.
7. The ordinance authorizing the issuance of any bond or other revenue security hereunder 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 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.
Last modified: February 27, 2006