Nevada Revised Statutes 244A.0587 – Power of board of county commissioners of county to acquire, improve and equip sewerage project or water project; issuance of special obligation bonds
1. Subject to the provisions of chapter 350 of NRS, any board, upon behalf of the county and in its name, may issue the county’s special obligation bonds to acquire, improve and equip, or any combination thereof, any sewerage project or water project herein authorized, or any part thereof, and thereby to defray the cost of the sewerage project or water project wholly or in part.
Terms Used In Nevada Revised Statutes 244A.0587
- county: includes Carson City. See Nevada Revised Statutes 0.033
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
2. Special obligation bonds issued pursuant to this section may be payable from and secured by the revenues of the sewerage project or water project for which the bonds are issued or the system of which the sewerage project or water project is a part or, except as otherwise provided in this section, by any other revenues that the county is authorized to pledge for the payment of special obligations. The special obligation bonds may not be payable from or secured by revenue from general ad valorem taxes.
3. Special obligation bonds issued by a county pursuant to this section do not constitute indebtedness of the county for the purposes of the debt limitations set forth in NRS 244A.059.