NRS 279.685
Certain cities to set aside revenue for affordable housing and public educational activities, programs and facilities

  • limitations
  • uses.

1.

Except as otherwise provided in this section or subsections 6 and 7 of NRS 279.676, an agency of a city whose population is 500,000 or more that receives revenue from taxes pursuant to paragraph (b) of subsection 1 of NRS 279.676 shall set aside:

(a)

Not less than 15 percent of that revenue received on or before October 1, 1999, and 18 percent of that revenue received after October 1, 1999, but before October 1, 2011, to increase, improve and preserve the amount of affordable housing in the community;

(b)

Not less than 18 percent of that revenue received on or after October 1, 2011, but before July 1, 2017, to:

(1)

Increase, improve, preserve or enhance the operating viability of affordable housing in the community; and

(2)

Improve existing public educational facilities located within a redevelopment area or within 1 mile of a redevelopment area; and

(c)

Eighteen percent of that revenue received on or after July 1, 2017, but before March 6, 2031, to increase, improve, preserve or enhance the operating viability of affordable housing in the community and:

(1)

Increase, improve, preserve or enhance public educational facilities;

(2)

Support public educational activities and programs; or

(3)

Increase, improve, preserve or enhance public educational facilities and support public educational activities and programs,
Ê which are located in or within 1 mile of a redevelopment area or which serve pupils who reside in or within 1 mile of a redevelopment area; and

(d)

Eighteen percent of that revenue received on or after March 6, 2031, to:

(1)

Increase, improve, preserve or enhance public educational facilities;

(2)

Support public educational activities and programs; or

(3)

Increase, improve, preserve or enhance public educational facilities and support public educational activities and programs,
Ê described in paragraph (c).

2.

For each fiscal year, the agency shall prepare a written report concerning the amount of money expended for the purposes set forth in paragraph (b), (c) or (d) of subsection 1, as applicable, and shall, on or before November 30 of each year, submit a copy of the report to the Director of the Legislative Counsel Bureau for transmittal to the Legislative Commission, if the report is received during an odd-numbered year, or to the next session of the Legislature, if the report is received during an even-numbered year.

3.

The obligation of an agency to set aside not less than 15 percent of the revenue from taxes allocated to and received by the agency pursuant to paragraph (b) of subsection 1 of NRS 279.676 is subordinate to any existing obligations of the agency. As used in this subsection, “existing obligations” means the principal and interest, when due, on any bonds, notes or other indebtedness whether funded, refunded, assumed or otherwise incurred by the agency before July 1, 1993, to finance or refinance in whole or in part, the redevelopment of a redevelopment area. For the purposes of this subsection, obligations incurred by an agency after July 1, 1993, shall be deemed existing obligations if the net proceeds are used to refinance existing obligations of the agency.

4.

The obligation of an agency to set aside an additional 3 percent of the revenue from taxes allocated to and received by the agency pursuant to paragraph (b) of subsection 1 of NRS 279.676 is subordinate to any existing obligations of the agency. As used in this subsection, “existing obligations” means the principal and interest, when due, on any bonds, notes or other indebtedness whether funded, refunded, assumed or otherwise incurred by the agency before October 1, 1999, to finance or refinance in whole or in part, the redevelopment of a redevelopment area. For the purposes of this subsection, obligations incurred by an agency after October 1, 1999, shall be deemed existing obligations if the net proceeds are used to refinance existing obligations of the agency.

5.

From the revenue set aside by an agency pursuant to paragraph (b) or (c) of subsection 1, not more than 50 percent of that amount may be used to:

(a)

Increase, improve, preserve or enhance the operating viability of affordable housing in the community; or

(b)

Increase, improve, preserve or enhance public educational facilities, support public educational activities and programs or increase, improve, preserve or enhance public educational facilities and support public educational activities and programs which are located in or within 1 mile of a redevelopment area or which serve pupils who reside in or within 1 mile of a redevelopment area,
Ê unless the agency establishes that such an amount is insufficient to pay the cost of a project identified in the redevelopment plan for the redevelopment area.

6.

Except as otherwise provided in paragraphs (b), (c) and (d) of subsection 1 and subsection 5, the agency may expend or otherwise commit money for the purposes of subsection 1 outside the boundaries of the redevelopment area.

Source: Section 279.685 — Certain cities to set aside revenue for affordable housing and public educational activities, programs and facilities; limitations; uses., https://www.­leg.­state.­nv.­us/NRS/NRS-279.­html#NRS279Sec685.

279.610
Appropriations.
279.612
Annual budget.
279.614
Agency’s administrative fund.
279.616
Money appropriated to defray administrative expenses
279.618
Agency’s reports to legislative body.
279.619
Limitation on issuing securities or incurring indebtedness.
279.620
Revolving fund: Establishment
279.622
Issuance and sale of general obligation bonds: Purposes
279.625
Special election may be held only if emergency exists.
279.626
Issuance of general obligation bonds: Manner
279.628
Expenditures from revolving fund.
279.630
Sale or lease of property acquired from revolving fund: Minimum amount
279.632
Abolition of revolving fund
279.634
Bonds: Issuance for corporate or refunding purposes.
279.636
Types of bonds which agency may issue
279.638
Liability on bonds
279.640
Authorization of bonds
279.642
Validity of bonds: Termination of office.
279.644
Negotiability of bonds.
279.646
Validity of bonds: Presumptions.
279.648
Issuance of bonds: Pledge of revenues
279.650
Issuance of bonds: Limitations on further indebtedness and transactions.
279.652
Issuance of bonds: Use of proceeds
279.654
Issuance of bonds: Rentals and revenues
279.656
Issuance of bonds: Abrogation or amendment of contracts with bondholders.
279.658
Issuance of bonds: Use and maintenance of property
279.660
Issuance of bonds: Effects of breach of covenants
279.662
Power of agency to provide for powers and duties of bondholders’ trustee or bondholders.
279.664
Power of agency to make additional covenants
279.666
Rights of agency’s obligee.
279.668
Rights of agency’s obligee upon default.
279.670
Bonds, interest and income exempted from taxes
279.672
Bonds of agency as legal investments.
279.674
“Taxes” defined.
279.676
Allocation, division and disposition of money from taxes
279.678
Assessment and taxation of leased redeveloped property
279.680
Pledging portion of taxes for payment of principal and interest on loans, advances or indebtedness.
279.683
Faith of State pledged not to impair securities.
279.685
Certain cities to set aside revenue for affordable housing and public educational activities, programs and facilities
279.687
Limitations on use of money set aside for public educational activities, programs and facilities.
279.6855
Certain cities to set aside revenue for public educational activities, programs and facilities
Last Updated

Jun. 24, 2021

§ 279.685’s source at nv​.us