NRS 279.6855
Certain cities to set aside revenue for public educational activities, programs and facilities

  • limitations.

1.

Except as otherwise provided in this section, an agency of a city whose population is 220,000 or more but less than 500,000 that adopts an ordinance pursuant to paragraph (a) of subsection 1 of NRS 279.438 or subsection 4 of NRS 279.439 and which receives revenue pursuant to paragraph (b) of subsection 1 of NRS 279.676 from taxes on the taxable property located in the redevelopment area affected by the ordinance shall set aside 18 percent of such revenue received on or after the effective date of the ordinance to:

(a)

Increase, improve, preserve or enhance public educational facilities;

(b)

Support public educational activities and programs; or

(c)

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 the redevelopment area or which serve pupils who reside in or within 1 mile of the redevelopment area. The provisions of this subsection do not apply if such an agency is required pursuant to subsection 6 of NRS 279.676 to set aside 18 percent of revenue received pursuant to paragraph (b) of subsection 1 of NRS 279.676 from taxes on the taxable property located in the redevelopment area affected by the ordinance adopted by the agency pursuant to subsection 5 of NRS 279.676 on or after the effective date of that ordinance to increase, improve, preserve or enhance public educational facilities, support public educational activities and programs or increase, improve, preserve or enhance public educational activities and support public educational activities and programs which are located in or within 1 mile of the redevelopment area or which serve pupils who reside in or within 1 mile of the redevelopment area. For each fiscal year, the agency shall prepare a written report concerning the amount of money expended for the purposes set forth in this subsection 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.

2.

The obligation of an agency pursuant to subsection 1 to set aside 18 percent of the revenue allocated to and received by the agency pursuant to paragraph (b) of subsection 1 of NRS 279.676 from taxes on the taxable property located in the redevelopment area affected by the ordinance adopted by the agency pursuant to paragraph (a) of subsection 1 of NRS 279.438 or subsection 4 of NRS 279.439 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 the effective date of the ordinance adopted by the agency pursuant to paragraph (a) of subsection 1 of NRS 279.438 or subsection 4 of NRS 279.439, 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 on or after the effective date of the ordinance adopted by the agency pursuant to paragraph (a) of subsection 1 of NRS 279.438 or subsection 4 of NRS 279.439 shall be deemed existing obligations if the net proceeds are used to refinance existing obligations of the agency.

Source: Section 279.6855 — Certain cities to set aside revenue for public educational activities, programs and facilities; limitations., https://www.­leg.­state.­nv.­us/NRS/NRS-279.­html#NRS279Sec6855.

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

§ 279.6855’s source at nv​.us