Nevada Revised Statutes
Chapter 271 - Local Improvements
NRS 271.428 - Surplus and deficiency fund: Source; uses.

1. When all outstanding bonds, principal, interest and prior redemption premiums, if any, of such a district have been paid and any surplus amounts remain in the fund established pursuant to NRS 271.490 to the credit of the district, the surplus after the payment of valid claims for refund, if any, must be transferred to a surplus and deficiency fund. The governing body may at any time, by resolution or ordinance, authorize the deposit of any money otherwise available to the surplus and deficiency fund.
2. Amounts in the surplus and deficiency fund may be used by the governing body to pay costs incurred in connection with:
(a) The issuance of refunding bonds pursuant to NRS 271.488;
(b) Collecting delinquent assessments pursuant to NRS 271.445 and 271.540 to 271.630, inclusive;
(c) Refunding, pursuant to NRS 271.429, the surplus amounts in the special fund created for the district pursuant to NRS 271.490;
(d) Legal fees or other costs that relate to an improvement district; or
(e) Modifying a project pursuant to NRS 271.640 to 271.646, inclusive.
3. Whenever there is a deficiency in any fund established pursuant to NRS 271.490 for the payment of the bonds and interest thereon for any improvement district created pursuant to former NRS 244A.193 or pursuant to NRS 271.325 or 318.070, the deficiency must first be paid out of the surplus and deficiency fund to the extent of the money available in the fund before any payment is made out of the general fund of the municipality as provided by NRS 271.495.
4. Amounts in the surplus and deficiency fund which exceed 10 percent of the principal amount of outstanding bonds of the municipality for all improvement districts created pursuant to former NRS 244A.193 or pursuant to NRS 271.325 or 318.070 at the end of each fiscal year may be used:
(a) To make up deficiencies in any assessment which proves insufficient to pay for the cost of the project or work for which the assessment has been levied.
(b) To advance amounts for the cost of any project or work in any district created pursuant to any of these sections.
(c) To provide for the payment of assessments levied against, or attributable to, property owned by the municipality or the Federal Government.
5. At the end of each fiscal year any excess amount described in subsection 4 may be transferred to the general fund of the municipality as the governing body directs by resolution.
(Added to NRS by 1981, 956; A 1991, 468; 2005, 1830; 2015, 154)

Structure Nevada Revised Statutes

Nevada Revised Statutes

Chapter 271 - Local Improvements

NRS 271.010 - Short title.

NRS 271.015 - Applicability of chapter.

NRS 271.017 - Issuance of interim warrants and bonds by municipality.

NRS 271.020 - Legislative declaration.

NRS 271.025 - Decision of governing body prima facie evidence of correctness.

NRS 271.030 - Definitions.

NRS 271.035 - "Acquisition" and "acquire" defined.

NRS 271.037 - "Art project" defined.

NRS 271.040 - "Assessable property" defined.

NRS 271.045 - "Assessment" and "assess" defined.

NRS 271.050 - "Assessment lien" defined.

NRS 271.055 - "Assessment unit" defined.

NRS 271.057 - "Association" defined.

NRS 271.060 - "Clerk" defined.

NRS 271.065 - "Condemnation" and "condemn" defined.

NRS 271.070 - "Cost" and "cost of project" defined.

NRS 271.075 - "County" defined.

NRS 271.080 - "County assessor" defined.

NRS 271.085 - "County treasurer" defined.

NRS 271.090 - "Curb and gutter project" defined.

NRS 271.095 - "Drainage project" defined.

NRS 271.097 - "Electrical project" defined.

NRS 271.098 - "Energy efficiency improvement" defined.

NRS 271.099 - "Energy efficiency improvement project" defined.

NRS 271.100 - "Engineer" defined.

NRS 271.105 - "Equipment" and "equip" defined.

NRS 271.110 - "Federal Government" defined.

NRS 271.113 - "Fire protection project" defined.

NRS 271.115 - "Governing body" defined.

NRS 271.120 - "Hereby," "herein," "hereinabove," "hereinafter," "hereinbefore," "hereof," "hereto" and "hereunder" defined.

NRS 271.125 - "Improvement" and "improve" defined.

NRS 271.130 - "Improvement district" defined.

NRS 271.135 - "Mailed notice" and "notice by mail" defined.

NRS 271.140 - "Member" defined.

NRS 271.145 - "Municipality" defined.

NRS 271.147 - "Neighborhood improvement project" defined.

NRS 271.150 - "Off-street parking project" defined.

NRS 271.152 - "Overhead service facilities" defined.

NRS 271.155 - "Overpass project" defined.

NRS 271.160 - "Park project" defined.

NRS 271.170 - "Posting" defined.

NRS 271.175 - "Project" defined.

NRS 271.178 - "Promotional activity" defined.

NRS 271.180 - "Property" defined.

NRS 271.185 - "Public body" defined.

NRS 271.190 - "Publication" and "publish" defined.

NRS 271.193 - "Rail project" defined.

NRS 271.195 - "Real property" defined.

NRS 271.197 - "Renewable energy" defined.

NRS 271.199 - "Renewable energy project" defined.

NRS 271.200 - "Sanitary sewer project" defined.

NRS 271.203 - "Security wall" defined.

NRS 271.204 - "Service facilities" defined.

NRS 271.2045 - "Service provider" defined.

NRS 271.205 - "Sidewalk project" defined.

NRS 271.208 - "Special benefit" defined.

NRS 271.210 - "State" defined.

NRS 271.215 - "Storm sewer project" defined.

NRS 271.220 - "Street" defined.

NRS 271.223 - "Street beautification project" defined.

NRS 271.225 - "Street project" defined.

NRS 271.230 - "Taxes" defined.

NRS 271.232 - "Telephone project" defined.

NRS 271.234 - Tourism and entertainment project" defined.

NRS 271.235 - "Tract" defined.

NRS 271.237 - "Transportation project" defined.

NRS 271.240 - "Treasurer" defined.

NRS 271.242 - "Underground conversion project" defined.

NRS 271.245 - "Underpass project" defined.

NRS 271.250 - "Water project" defined.

NRS 271.252 - "Waterfront maintenance project" defined.

NRS 271.253 - "Waterfront project" defined.

NRS 271.255 - Computation of time.

NRS 271.257 - Circumstances under which majority of property owners may act on behalf of all property owners.

NRS 271.265 - General powers of counties, cities and towns. [Effective through June 30, 2032.] General powers of counties, cities and towns. [Effective July 1, 2032, through June 30, 2036.] General powers of counties, cities and towns. [Effective Jul...

NRS 271.270 - Collateral powers.

NRS 271.275 - Procedure for initiating acquisition or improvement of project.

NRS 271.280 - Procedure for provisional order.

NRS 271.285 - Procedure for petition.

NRS 271.290 - Subsequent procedure after filing of petition.

NRS 271.295 - Combination of projects.

NRS 271.296 - Neighborhood improvement projects: Dissolution of improvement district.

NRS 271.297 - Neighborhood improvement projects: Modification of plan or plat.

NRS 271.300 - Effect of estimates.

NRS 271.305 - Provisional order: Provision and contents of notice of hearing; restrictions on changes after provision of notice.

NRS 271.306 - Apportionment of assessments for irregularly shaped tracts; objections to acquisition or improvement of project.

NRS 271.307 - Preparation of document by engineer without prior direction of governing body.

NRS 271.308 - Emergency ordinance.

NRS 271.310 - Provisional order: Hearing; determination of governing body.

NRS 271.315 - Appeal from adverse order: Pleading with particularity required; judicial review limited.

NRS 271.320 - Procedure after hearing; modification; division into construction units.

NRS 271.325 - Resolution of governing body; adoption and amendment of ordinance creating district; recording list of tracts and estimated assessments; overlapping boundaries of neighborhood improvement projects prohibited.

NRS 271.330 - Methods of acquisition or improvement.

NRS 271.332 - Neighborhood improvement projects: Governing body authorized to contract for provision of improvements with nonprofit association; requirements for association; extension of terms of contract; contract to ensure type and level of servic...

NRS 271.333 - Neighborhood improvement projects: Contract with nonprofit association to provide for internal controls and audits; authority of governing body to take control of certain assets of association.

NRS 271.335 - Construction contracts.

NRS 271.337 - Addition of certain improvements to existing contracts for construction work; waiver of certain requirements by owner.

NRS 271.340 - Construction by municipality: Supplies and materials.

NRS 271.345 - Cooperative construction.

NRS 271.350 - Use of existing improvements.

NRS 271.355 - Interim warrants.

NRS 271.357 - Establishment of procedure for obtaining hardship determination.

NRS 271.360 - Order for proposed assessment roll; form of roll; postponement of assessments on property for which hardship determination has been approved; effect of improper designation.

NRS 271.365 - Method of computing and limitations upon assessments.

NRS 271.366 - Property of school district exempt from assessments unless consented to by board of trustees.

NRS 271.3665 - Limitation on assessments against municipal land.

NRS 271.367 - Apportionment of assessments for security wall.

NRS 271.369 - Transportation project: Estimate of expenditures to maintain, operate, improve and repair project; assessment; use of proceeds.

NRS 271.3695 - Special assessment for extraordinary maintenance, repair and improvement of project located in redevelopment area in certain counties.

NRS 271.370 - Determination of assessable tracts.

NRS 271.375 - Preparation of proposed assessment roll; report to governing body.

NRS 271.377 - Estimate of expenditures and proposed assessment roll for neighborhood improvement projects; public hearing required; levy of assessments; limit on distribution from local government tax distribution account.

NRS 271.378 - Estimate of expenditures and proposed assessment roll for street beautification projects; public hearing required; confirmation of assessments; installment payments authorized.

NRS 271.379 - Estimate of expenditures and proposed assessment roll for waterfront maintenance projects; public hearing required; confirmation of assessments; installment payments authorized; separate fund for proceeds of assessments.

NRS 271.380 - Notice of hearing for assessment.

NRS 271.385 - Hearing for assessment; objections waived unless properly filed in writing.

NRS 271.390 - Levy of assessments; notice; final determination conclusive; roll prima facie evidence of regularity and validity.

NRS 271.392 - Protest by owner or resident of property to be included within assessment plat for neighborhood improvement project; modification of assessment plat by governing body.

NRS 271.395 - Appeal from adverse determination; scope of judicial review.

NRS 271.400 - Assessment for street and alley intersections.

NRS 271.405 - Thirty-day period for payment; deferred payments; notice of levy of assessment and required payment.

NRS 271.407 - Assessments against State and political subdivisions: Ninety-day period of payment; deferred payments.

NRS 271.409 - Date when payment by mail without postmark or with illegible postmark is deemed received.

NRS 271.410 - Acceleration upon delinquency.

NRS 271.415 - Limitations upon deferred payments; rates of interest; notice of required installment; application of credit against payment.

NRS 271.420 - Liens; recording final assessment roll and statement of information.

NRS 271.425 - Division or combination of tracts: Apportionment or combination of assessments authorized; consent of owners; recording of report and statement of information; delegation of duties.

NRS 271.428 - Surplus and deficiency fund: Source; uses.

NRS 271.429 - Refund of surplus; notice of availability of surplus; claim for refund.

NRS 271.430 - Payment of deficiency in assessment.

NRS 271.431 - Pledge of revenues.

NRS 271.4315 - Application of revenues and credits to payment of assessments.

NRS 271.432 - Covenants for securing payment of assessments.

NRS 271.4325 - Lien of pledge of revenues.

NRS 271.433 - Rights and remedies of owners of property assessed.

NRS 271.4335 - Rights and remedies cumulative.

NRS 271.434 - Inaction of owner does not relieve municipal officers and agents of liability for nonperformance.

NRS 271.435 - Reassessments.

NRS 271.440 - Reassessment: Credit for payment of prior assessment.

NRS 271.445 - Collection of assessments; assessment roll and ordinance levying assessment prima facie evidence of right to recover; reduction or waiver of certain penalties and interest.

NRS 271.450 - Procedure to place previously omitted property upon assessment roll.

NRS 271.455 - Validity of assessment for local improvement.

NRS 271.460 - Payment of assessments by joint owner: Recovery from co-owners; lien.

NRS 271.465 - Assessment paid in error: Recovery.

NRS 271.470 - Error in assessment: Judgment for expenses of municipality properly chargeable against owner or tract.

NRS 271.472 - Financial report required of association providing improvements for neighborhood improvement projects.

NRS 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.

NRS 271.477 - Issuance of bonds payable solely from proceeds of assessments.

NRS 271.480 - Recital of compliance in bonds or deed conclusive evidence of facts recited.

NRS 271.485 - Bonds: Sale; rate of interest; proceeds; validity; contract to sell special assessment bonds.

NRS 271.487 - Determination by designated agent of rates of interest on bonds and unpaid installments of assessments.

NRS 271.488 - Issuance of bonds to refund all or portion of outstanding bonds; bonds to be secured by certain assessments; power of governing body to amend assessment ordinance; duties.

NRS 271.489 - Agreements for assurance of payments on bonds.

NRS 271.4895 - Submission of annual financial information to Director of Legislative Counsel Bureau.

NRS 271.490 - Fund for payment of bonds; deposit and use of money collected from penalties, collection costs and interest; payment of administrative costs incurred in connection with district.

NRS 271.495 - Deficiency in bond fund or surplus and deficiency fund: Payment from general fund; levy of tax.

NRS 271.497 - Municipality to prepare final accounting of bond fund; requirements for final accounting; time for completing.

NRS 271.500 - Municipality’s liability on bonds.

NRS 271.502 - Assessments and other revenues pledged for payment of securities: Lien of pledge; priority; validity against third persons.

NRS 271.505 - Incontestable recital in bonds.

NRS 271.515 - Bonds: Form; terms; execution; facsimile signature.

NRS 271.520 - Bonds: Exemption from taxation; exceptions.

NRS 271.525 - Early hearings.

NRS 271.530 - Effect of faulty notice of hearing; proper notice; continuance.

NRS 271.535 - Legal investments in bonds.

NRS 271.536 - Advances of money for certain improvements in lieu of issuance of bonds or interim securities.

NRS 271.537 - Limitation on number of annual installments to repay advancement.

NRS 271.538 - Medium-term obligations.

NRS 271.540 - Procedure for collection and enforcement of assessments by municipal treasurer.

NRS 271.545 - Delinquent assessment or installment marked delinquent on assessment roll; contents of notice of sale of property; ordinance to establish procedures for conducting sale of property.

NRS 271.550 - Notice of sale by publication and mail.

NRS 271.555 - Public sale: Time, place and continuation; order of sale of property.

NRS 271.560 - Sale to person offering to pay amount due; when stricken off to municipality; resale of property.

NRS 271.565 - Report of sale by municipal treasurer.

NRS 271.570 - Certificate of sale: Contents; signature; delivery.

NRS 271.575 - Municipal clerk custodian of certificates for property sold to municipality; sale or transfer of certificate.

NRS 271.580 - Entry of payments and redemptions by treasurer on assessment roll.

NRS 271.585 - Property bid in by or stricken off to municipality held in trust by municipality for special assessment district; when municipality may take and hold property discharged of trust.

NRS 271.590 - Sale of property by municipality after expiration of period of redemption; notice; public auction; disposition of proceeds.

NRS 271.595 - Redemption of property; certificate of redemption; notice to owner of demand of purchaser; execution and delivery of deed to purchaser if redemption not made; date when redemption payment is deemed to have been made; expiration of certi...

NRS 271.600 - Recitals, contents and execution of deed; deed as conclusive evidence.

NRS 271.605 - Fees for issuance of certificate of sale and deed.

NRS 271.610 - Acquisition of lien by purchaser of certificate of sale; interest.

NRS 271.615 - Notice to municipal treasurer of proceeding to foreclose lien for general taxes.

NRS 271.620 - Sale of unsold property after maturity of last unpaid installment of bond issue.

NRS 271.625 - Action by municipality for collection and enforcement of delinquent assessment or installment.

NRS 271.630 - Foreclosure actions and proceedings against municipality by holders of bonds.

NRS 271.6301 - Definitions.

NRS 271.6302 - "Capital provider" defined.

NRS 271.6303 - "Energy efficiency improvement project" defined.

NRS 271.6304 - "Financing agreement" defined.

NRS 271.6305 - "Program guide" defined.

NRS 271.6306 - "Property owner" defined.

NRS 271.6307 - "Qualified improvement project" defined.

NRS 271.6308 - "Renewable energy project" defined.

NRS 271.6309 - "Resiliency project" defined.

NRS 271.631 - "Water efficiency improvement project" defined.

NRS 271.6312 - Power of municipality to create district; ownership of improvements or installations within district; inapplicability of certain provisions related to local improvements.

NRS 271.6315 - Procedure for creation of district.

NRS 271.63155 - Financing or refinancing: Assessment on real property; bonds.

NRS 271.6316 - Voluntary assessment and direct financing agreements.

NRS 271.63165 - Notice of assessment and assessment lien; contents of notice; priority of assessment lien.

NRS 271.6317 - Conditions for lessee of real property to enter into financing agreement with capital provider.

NRS 271.63175 - Municipality immune from liability; municipality prohibited from using or pledging public funds or money to secure obligations; imposition of fee on property owner to recover administrative costs.

NRS 271.6321 - Requirements for construction; laws relating to public bidding, public works and public procurement not applicable.

NRS 271.6325 - Resolution of governing body specifying procedures for the creation and administration of district; program guide.

NRS 271.635 - Administration of certain improvement districts pursuant to economic development financing agreement approved by Office of Economic Development.

NRS 271.640 - Applicability.

NRS 271.6405 - Authorized modifications.

NRS 271.641 - Engineer’s report: Preparation and filing; contents.

NRS 271.6415 - Modification if protest hearing not required: Conditions; adoption of ordinance.

NRS 271.642 - Modification if protest hearing required: Provisional order; contents and provision of notice of hearing.

NRS 271.6425 - Modification if protest hearing required: Prohibited if certain owners of tracts in district object within time specified in notice.

NRS 271.643 - Modification if protest hearing required: Conduct of hearing; consideration and waiver of complaints, protests and objections concerning modification; procedure for termination of proceedings.

NRS 271.6435 - Modification if protest hearing required: Appeal from adverse determination; scope of judicial review.

NRS 271.644 - Modification if protest hearing required: Final determination of modification and assessments.

NRS 271.6445 - Modification if protest hearing required: Adoption of ordinance modifying project and assessments.

NRS 271.645 - Recording of list of tracts, assessments and special benefits.

NRS 271.6455 - Establishment of procedure for providing payment or credit for reduced assessments resulting from modification.

NRS 271.646 - Authority of governing body to require requester of modification to pay expenses incurred in relevant proceedings.

NRS 271.650 - Pledge of sales or use tax proceeds in assessment ordinance for project in certain counties: Amount; required determinations; interlocal agreements; conclusiveness of determinations.

NRS 271.660 - Agreement with Department of Taxation regarding distribution of pledged amounts.

NRS 271.670 - Agreement with owner of property interest in district to defray cost of local governmental services during term of pledge: Contents; determination by governing body of municipality; notice to and hearing by board of trustees of school d...

NRS 271.680 - Limitations on issuance of bonds.

NRS 271.700 - Applicability of NRS 271.700 to 271.730, inclusive.

NRS 271.710 - Exemption from compliance with certain provisions; agreement with owners of all assessable property in district; powers of governing body; applicability of provisions governing payment of prevailing wage for projects.

NRS 271.720 - Requirements, conditions and effect of agreement with owners of all assessable property in district.

NRS 271.730 - Fixing of rates of interest regarding property sold after date of agreement with owners of all property in district.

NRS 271.800 - Procedure for establishing district; combination with another project; requirements for construction of project; applicability of public bidding requirements limited; applicability of provisions governing prevailing wage for projects; p...

NRS 271.850 - Requirements for placement of service facilities underground; calculation of costs for conversion.