Nev. Rev. Stat. § 539.6362

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

Section 539.6362 - Payment of deficiency from general fund, reserve fund or other available revenue; levy of ad valorem tax

1. If the special fund created by the proceeds of the annual assessments levied and collected pursuant to the provisions of this chapter is insufficient to pay the principal of and the interest on the bonds as they become due, the deficiency shall be paid out of any general fund, reserve fund or any other available revenues of the district.

2. If any general fund, reserve fund and other available revenues of the district are insufficient to pay any such deficiency promptly, the board of directors shall then levy and it shall be its duty to levy general (ad valorem) taxes.

NRS 539.6362

Added to NRS by 1963, 1005