Nevada Revised Statutes 350.0045 – ‘General obligation debt’ defined
‘General obligation debt’ means debt that is legally payable from general revenues, as a primary or secondary source of repayment, and is backed by the full faith and credit of a governmental entity, and if the governmental entity is authorized to levy taxes, by those taxes. The term includes, without limitation, debt represented by local government securities issued pursuant to this chapter and installment-purchase agreements described in subsection 1 of NRS 350.0055. The term does not include, without limitation:
Terms Used In Nevada Revised Statutes 350.0045
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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.
1. Installment-purchase agreements described in subsection 2 of NRS 350.0055;
2. Special obligations; and
3. Obligations with a term of less than 1 year that are payable in full from money appropriated for the same fiscal year in which the obligations are incurred.