NRS 278C.157
Creation for purpose of certain rail projects or natural resources project

  • provisions for allocation of proceeds of certain taxes, issuance of certain securities or contracting with property owner
  • approval by Interim Finance Committee.

1.

A municipality may adopt an ordinance ordering an undertaking and creating the tax increment area and the tax increment account pertaining thereto pursuant to NRS 278C.220 which includes provisions for:

(a)

The allocation of the proceeds of any tax on the sale or use of tangible personal property to the tax increment account of the proposed tax increment area pursuant to paragraph (b) of subsection 1 of NRS 278C.250;

(b)

The allocation of the proceeds of any tax imposed pursuant to NRS 363A.130 and 363B.110 to the tax increment account of the proposed tax increment area pursuant to paragraph (c) of subsection 1 of NRS 278C.250;

(c)

The issuance of municipal securities and revenue securities described in paragraph (f) of subsection 1 of NRS 278C.280; or

(d)

Making a contract with any property owner in a tax increment area agreeing to pay tax increment revenues from the tax increment account created by NRS 278C.250 to the property owner to reimburse the owner for costs incurred by the owner in connection with an undertaking, which contract constitutes an indebtedness of the municipality for the purposes of this chapter but is not a security for the purposes of NRS 278C.280,
Ê only for an undertaking that is a rail project in relation to a qualified project or a natural resources project, and only after approval by the Interim Finance Committee of a written request submitted by the municipality.

2.

The Interim Finance Committee may approve a request submitted pursuant to this section only if the Interim Finance Committee determines that approval of the request:

(a)

Will not impede the ability of the Legislature to carry out its duty to provide for an annual tax sufficient to defray the estimated expenses of the State for each fiscal year as set forth in Article 9, Section 2 of the Nevada Constitution; and

(b)

Will not threaten the protection and preservation of the property and natural resources of the State of Nevada.

3.

A request submitted pursuant to this section must include any information required by the Interim Finance Committee.

4.

As used in this section, “qualified project” has the meaning ascribed to it in NRS 360.888 or 360.940.

Source: Section 278C.157 — Creation for purpose of certain rail projects or natural resources project; provisions for allocation of proceeds of certain taxes, issuance of certain securities or contracting with property owner; approval by Interim Finance Committee., https://www.­leg.­state.­nv.­us/NRS/NRS-278C.­html#NRS278CSec157.

278C.010
Definitions. 278C.015
“Bond requirements” defined. 278C.020
“Clerk” defined. 278C.030
“Cost of the undertaking” defined. 278C.040
“County” defined. 278C.050
“Engineer” defined. 278C.060
“Governing body” defined. 278C.070
“Municipality” defined. 278C.075
“Natural resources project” defined. 278C.080
“Newspaper” defined. 278C.090
“Posting” defined. 278C.100
“Publication” and “publish” defined. 278C.105
“Rail project” defined. 278C.110
“Specially benefited zone” defined. 278C.120
“Tax increment account” defined. 278C.130
“Tax increment area” defined. 278C.140
“Undertaking” defined. 278C.150
Designation of area 278C.155
Creation by cooperative agreement between Nevada System of Higher Education and city in which principal campus of Nevada State College is located or intended to be located. 278C.157
Creation for purpose of certain rail projects or natural resources project 278C.159
Agreement between municipalities for ordering undertaking and creating tax increment area 278C.160
Provisional order: Procedure. 278C.170
Provisional order: Meeting 278C.180
List of residents, retailers and employers within proposed area 278C.190
Verification of posting of notice. 278C.200
Publication of notice 278C.210
Actions at hearing 278C.220
Procedure after hearing 278C.230
Amendment of ordinance creating area 278C.240
Applicability to undertaking of provisions governing payment of prevailing wage. 278C.250
Allocation, division and disposition of money from taxes 278C.260
Limitation upon revenue from taxes ad valorem not applicable. 278C.270
Appeal from adverse order. 278C.280
Securities: Issuance 278C.290
Maturation and payment of securities. 278C.300
Expiration of area. 278C.305
Administration of area created for purpose of carrying out undertaking identified in economic development financing agreement: Authority of Office of Economic Development and Director of Office 278C.310
Effect of chapter.
Last Updated

Jun. 24, 2021

§ 278C.157’s source at nv​.us