Section 350.151 - Conversion of temporary interfund loan into medium-term obligation1. Unless otherwise prohibited by law, the terms of a temporary interfund loan may be revised in such a manner as to convert the temporary interfund loan into a medium-term obligation if:(a) The borrowing local government:(1) Requests the revision at least 61 days before the date upon which the term of that temporary interfund loan expires;(2) Complies with the provisions of NRS 350.087 to 350.095, inclusive, and NAC 350.100 to 350.170, inclusive, regarding that medium-term obligation; and(3) Provides for the repayment of that medium-term obligation without adopting a budget that includes a negative fund balance in violation of subsection 5 of NRS 354.598;(b) The accounting procedures of the borrowing local government comply with generally accepted accounting principles for government as prescribed by the Governmental Accounting Standards Board; and(c) The lending local government agrees to the revision.2. As used in this section:(a) "Borrowing local government" means a local government or component unit of a local government which has obtained a temporary interfund loan.(b) "Component unit" means a separate legal entity from a local government whose financial statements must be included in the annual audit of that local government conducted pursuant to NRS 354.624.(c) "Lending local government" means a local government or component unit of a local government which has made a temporary interfund loan.(d) "Temporary interfund loan" has the meaning ascribed to it in NAC 354.290.Nev. Admin. Code § 350.151
Added to NAC by Com. on Local Gov't Finance by R135-10, eff. 12-16-2010