Nevada Revised Statutes 496.155 – Issuance of municipal securities pursuant to Local Government Securities Law; entry into contracts of purchase, medium-term obligations and installment-purchase agreements
1. Subject to the provisions of subsections 2 and 3 and NRS 496.150, for any undertaking authorized in NRS 496.150, the governing body of a municipality, as it determines from time to time, may, on the behalf and in the name of the municipality, borrow money, otherwise become obligated, and evidence the obligations by the issuance of bonds and other municipal securities, and in connection with the undertaking or the municipal airport, including, without limitation, air navigation facilities and other facilities appertaining to the airport, the governing body may otherwise proceed as provided in the Local Government Securities Law or as provided in subsections 4 and 5.
Terms Used In Nevada Revised Statutes 496.155
- Airport: means any area of land or water which is used for the landing and takeoff of aircraft, and any appurtenant areas which are used for airport buildings or other airport facilities or rights-of-way, together with all airport buildings and facilities located thereon. See Nevada Revised Statutes 496.020
- 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.
- Municipal: means pertaining to a municipality as defined in this section. See Nevada Revised Statutes 496.020
- Municipality: means any county, city or town of this state. See Nevada Revised Statutes 496.020
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
2. General obligation bonds, whether or not their payment is additionally secured by a pledge of net revenues, must be sold as provided in the Local Government Securities Law.
3. Revenue bonds may be sold at a public sale as provided in the Local Government Securities Law or at a private sale.
4. The governing body may by resolution acquire real property for the expansion of airport or air navigation facilities by entering into contracts of purchase, of a type and duration and on such terms as the governing body determines, including, without limitation, contracts secured by a mortgage or other security interest in the real property. The governing body may not use any revenue derived from taxes ad valorem to pay for the acquisition, and the obligation under the contract does not constitute a general obligation of the municipality or apply against any debt limitation pertaining to the municipality.
5. The governing body may by resolution enter into a medium-term obligation or installment-purchase agreement for any undertaking authorized in NRS 496.150 and issue negotiable instruments without regard to the requirements specified in:
(a) Paragraphs (a) and (b) of subsection 2 of NRS 350.091; and
(b) Subsections 1 and 2 of NRS 350.089, unless the financing is to be repaid from the proceeds of a special tax exempt from limitations on taxes ad valorem.