Nevada Administrative Code
Chapter 354 - Local Financial Administration
LETTER OF CREDIT; ADVANCE APPORTIONMENT OF TAX
Section 354.270 - Letter of credit issued to local government
Universal Citation: NV Admin Code 354.270
Current through September 16, 2024
1. As used in this section, "letter of credit" means an authorization from a county treasurer to a county auditor to honor warrants of a local government prior to the distribution of tax receipts to the account of the local government.
2. A letter of credit may be issued on behalf of an entity at the option of the county treasurer if the following conditions are met:
(a) The
letter of credit must be requested of the county treasurer by the governing
body.
(b) A letter of credit cannot
be issued to cover more than 75 percent of the undistributed tax receipts on
hand in the county treasury to be distributed to the entity.
(c) The county treasurer shall make a
distribution of taxes to cover any outstanding letters of credit prior to the
end of each fiscal year.
Tax Comm'n, Local Gov't Reg. part No. 2, eff. 11-7-69
NRS 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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