Nevada Administrative Code
Chapter 350 - Municipal Obligations
MEDIUM-TERM OBLIGATIONS
Section 350.120 - Forwarding of documents to Department of Taxation following authorization

Universal Citation: NV Admin Code 350.120

Current through September 16, 2024

After the adoption of a resolution which authorizes a medium-term obligation, the governing body of the local government shall forward to the Department of Taxation:

1. A copy of the final resolution;

2. Excerpts from the minutes of the meeting of the governing body during which the resolution was adopted, which include, without limitation, the vote on the resolution and any comments made by the governing body or a member of the public at the meeting;

3. Proof of the publication of the notice to act on the resolution which authorizes a medium-term obligation as required pursuant to NRS 350.087;

4. A written statement specifying:

(a) The source of the money to be used to repay the debt incurred by the medium-term obligation; and

(b) All pertinent data supporting the ability of the local government to repay the debt without affecting its tax rate, including, without limitation, and only if applicable:
(1) Anticipated increases in revenues available for repayment after determining anticipated reductions in revenues;

(2) Anticipated reductions in expenditures available for repayment after determining anticipated increases in expenditures; and

(3) Any amount of money which may be available for repayment from the balance of a fund, reserve or contingency account;

5. The anticipated time required to enter into the medium-term obligation;

6. The proposed amortization schedule for repayment of the debt incurred by the medium-term obligation; and

7. Any other supporting data which the governing body of the local government deems pertinent.

Added to NAC by Tax Comm'n, eff. 7-9-96

NRS 350.089, 360.090

Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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