Nevada Revised Statutes
Chapter 350A - Purchase of Municipal and Revenue Securities by State
NRS 350A.152 - Conditions upon issuance of state securities to acquire bonds issued by certain water authorities; acquisition of bonds of certain water authorities does not constitute indebtedness of members; property tax levied by member to pay memb...


1. Before state securities may be issued pursuant to this chapter for the purpose of acquiring bonds which are issued by a water authority organized as a political subdivision created by cooperative agreement that operates in all or a portion of a county whose population is 700,000 or more:
(a) The water authority must obtain approval for the bonds from the debt management commission of each county in which any member of the water authority that is obligated to make payments on the bonds of the water authority is located; and
(b) The members of the water authority must contract with the water authority to make payments from the revenues of the members’ water systems that, in the aggregate, are fully sufficient to pay those bonds as they become due. If the water revenues of any such member are insufficient to pay that member’s share of the amount due on the bonds, the member shall pay the deficiency out of money available for that purpose in the general fund of the member. If the money in the general fund of the member is insufficient to pay fully any such deficiency promptly, the member shall levy a general ad valorem tax on all taxable property within the member’s boundaries at a rate necessary to produce revenue in an amount sufficient to pay that member’s share of the payments due on the bonds.
2. Notwithstanding the provisions of paragraph (a) of subsection 1, the obligations of the members of the water authority to the water authority and the State of Nevada as a result of the acquisition of bonds of the water authority pursuant to this chapter do not constitute indebtedness of the members within the meaning of any constitutional, charter or statutory limitation or other provisions restricting the incurrence of any debt.
3. A property tax levied pursuant to this section:
(a) Shall be considered to have been levied for the payment of bonded indebtedness for the purposes of NRS 361.463.
(b) Is exempt from the limitations on property taxes contained in chapter 354 of NRS.
(Added to NRS by 1997, 164; A 2003, 822; 2011, 1218)

Structure Nevada Revised Statutes

Nevada Revised Statutes

Chapter 350A - Purchase of Municipal and Revenue Securities by State

NRS 350A.010 - Legislative findings.

NRS 350A.020 - Definitions.

NRS 350A.025 - "Allocable local revenues" defined.

NRS 350A.030 - "Board" defined.

NRS 350A.040 - "Cost of a lending project" defined.

NRS 350A.050 - "Expense of operation and maintenance" defined.

NRS 350A.055 - "Flood management authority" defined.

NRS 350A.060 - "Lending project" defined.

NRS 350A.070 - "Municipal securities" defined.

NRS 350A.080 - "Municipality" defined.

NRS 350A.090 - "Purpose related to natural resources" defined.

NRS 350A.095 - "Revenue securities" defined.

NRS 350A.100 - "Revenues of a lending project" defined.

NRS 350A.110 - "State securities" defined.

NRS 350A.120 - "Tax" defined.

NRS 350A.125 - "Wastewater authority" defined.

NRS 350A.130 - Loans to municipalities by state purchase of municipal securities authorized.

NRS 350A.140 - Powers of State Treasurer as Administrator of Municipal Bond Bank.

NRS 350A.150 - Limitations and conditions on issuance of certain state securities; applicability of State Securities Law.

NRS 350A.152 - Conditions upon issuance of state securities to acquire bonds issued by certain water authorities; acquisition of bonds of certain water authorities does not constitute indebtedness of members; property tax levied by member to pay memb...

NRS 350A.153 - Limitations and conditions upon issuance of state securities to acquire revenue securities; exceptions.

NRS 350A.154 - Revenue security pledged by allocable local revenues not debt of State.

NRS 350A.155 - Issuance of state securities to refund state securities.

NRS 350A.160 - Judicial confirmation of exemption of specific obligation from State’s debt limit required; legislative declaration.

NRS 350A.170 - State securities: Interest; discount.

NRS 350A.180 - Private sale of municipal or revenue securities to State; fees and charges.

NRS 350A.190 - Fund for the Municipal Bond Bank: Creation; disposition of revenue.

NRS 350A.200 - Powers additional; applicable procedures for issuing securities; issuance of securities by municipality not authorized.

NRS 350A.210 - Liberal construction.