Nevada Revised Statutes 271.475 – Bonds: Power to issue; adoption and effective date of ordinance; payment of proceeds used to pay costs of energy efficiency improvement project or renewable energy project
1. The governing body shall likewise have power to issue negotiable bonds in an amount not exceeding the total unpaid assessments levied to pay the cost of any project, howsoever acquired, as hereinafter provided.
Terms Used In Nevada Revised Statutes 271.475
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fraud: Intentional deception resulting in injury to another.
- Lien: A claim against real or personal property in satisfaction of a debt.
2. Any ordinance pertaining to the sale, issuance or payment of bonds or other securities of the municipality, or any combination thereof, may:
(a) Be adopted as if an emergency existed. The declaration of the governing body, if any, is conclusive in the absence of fraud or gross abuse of discretion.
(b) Become effective at any time when an emergency ordinance of the municipality may go into effect.
(c) Be adopted by not less than two-thirds of all of the voting members of the governing body, excluding from any such computation any vacancy on the governing body and any member thereon who may vote only to break a tie vote.
3. The proceeds of bonds which are to be used to pay the costs of construction, acquisition or installation of an energy efficiency improvement project or renewable energy project within a district created pursuant to subsection 1 of NRS 271.6312 must be paid to the contractor as directed in writing by the owner of the tract on which the project is located or, if the owner has paid the contractor, must be paid to reimburse the owner, but in either case, only upon receipt of:
(a) Written evidence that the installation or improvement is complete, or verification through an inspection if so authorized in the resolution adopted pursuant to NRS 271.6325 or if the municipality otherwise determines to make an inspection;
(b) A waiver of any mechanic’s or materialman’s lien if so authorized in the resolution adopted pursuant to NRS 271.6325; and
(c) Written evidence that the total contract price has been paid, unless the price is to be paid by the municipality to or at the direction of the contractor. No such inspection or review or receipt of a waiver imposes any liability on the municipality for any constructed, acquired or installed energy efficiency improvement project or renewable energy project or any unconstructed, unacquired or uninstalled item, any defect in any such item, any failure of any party to pay for any item, or any lien, including, without limitation, any mechanic’s or materialman’s lien.