Nev. Rev. Stat. § 354.743

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1

Section 354.743 - Use of leases and lease-purchase and installment-purchase agreements: "Agreement" defined

As used in NRS 354.740 and 354.745, "agreement" means an agreement to purchase property in the form of a lease or an agreement to pay in installments, pursuant to which a local government may pay the purchase price of real or personal property over a period of time which extends beyond the biennium in which the agreement is executed, including, without limitation:

1. An agreement pursuant to which a local government may acquire the property that is the subject of the agreement at the end of the term of the agreement or at the end of the term of a renewal of the agreement upon payment of no additional consideration or nominal additional consideration; and

2. An agreement that, for the purposes of federal income tax, is treated as an agreement for conditional sale.

NRS 354.743

Added to NRS by 2023, 3379)

Added by 2023, Ch. 520,§12.5, eff. 6/15/2023.