Money for public transit system, public roads, air quality or any combination thereof: Sources; authority of board of county commissioners.
1. Money for the payment of the cost of establishing and maintaining a public transit system, for the construction, maintenance and repair of public roads, for the improvement of air quality or for any combination of those purposes may be obtained by the issuance of bonds and other securities as provided in subsection 2 or, subject to any pledges, liens and other contractual limitations made pursuant to this chapter, may be obtained by direct distribution from the public transit fund, or may be obtained both by the issuance of such securities and by such direct distribution as the board may determine.
2. The board may, after the enactment of an ordinance authorized by paragraph (a) of subsection 1 of NRS 377A.020, from time to time issue bonds and other securities, which are general or special obligations of the county and which may be secured as to principal and interest by a pledge authorized by this chapter of the receipts from the tax imposed by that ordinance.
3. The ordinance authorizing the issuance of any bond or other security must describe the purpose for which it is issued.
Last modified: February 27, 2006