NRS 539.577
Cancellation of authorized bond issue

  • levy of assessments in lieu of bonds
  • limitations.

1.

If for any reason the bonds of a district cannot be sold, or if at any time it shall be deemed in the best interests of the district to withdraw from sale all or any portion of an authorized bond issue, the board of directors may cancel the bonds and levy assessments in the amount of the bonds cancelled. The revenue derived from the assessments must be employed for the same purpose as was contemplated by the bond authorization, but no levy may be made to pay for work or material, payment for which was contemplated by bonds which have been authorized, until bonds to the amount of the assessments have been cancelled.

2.

Assessments made in lieu of bonds cancelled must be collected in the same manner and have the same effect as other assessments levied pursuant to the provisions of this chapter. The assessments must not during any 1 year exceed 10 percent of the total bond issue authorized by the district, unless a greater assessment is authorized by a majority vote of the qualified electors of the district voting at a special election or district election or primary or general state election.

Source: Section 539.577 — Cancellation of authorized bond issue; levy of assessments in lieu of bonds; limitations., https://www.­leg.­state.­nv.­us/NRS/NRS-539.­html#NRS539Sec577.

539.540
Resolution of directors: General plan of proposed operations. 539.543
Surveys and examinations 539.545
Estimate of amount of money necessary to be raised 539.547
Notice of election: Posting 539.550
Ballots: Form. 539.553
Conduct of election 539.557
Additional bond issues: Election required. 539.560
Determination of benefits: Apportionment 539.563
Meeting to review apportionment of benefits: Notice 539.565
Confirmation proceedings in district court: Petition 539.567
Confirmation proceedings: Confirmation of apportionment 539.570
Sale of bonds authorized 539.573
Bonds not to be sold for less than 90 percent of par value and accrued interest. 539.575
Use of unsold bonds in payment of construction 539.577
Cancellation of authorized bond issue 539.580
Payment of bonds and interest from revenue derived from annual assessments. 539.583
Payment of interest from bond fund. 539.585
Payment before issuance of bonds, notes or certificates of indebtedness. 539.587
Insufficient money to complete improvement: Levy of assessment 539.590
Prior liens. 539.593
Power of directors to levy assessments to spread redemption of bonds. 539.595
Directors may execute agreement with bond purchasers guaranteeing tax levy for bond redemption 539.597
County auditor to spread minimum sinking fund tax on assessment books. 539.600
Agreement binding on subsequent boards of directors 539.603
Proceedings if county officers fail to perform duties pertaining to sinking fund tax. 539.605
Faith and credit of State pledged. 539.607
Issuance of notes authorized to meet obligations of district after levy of tax 539.610
Redemption of bonds before maturity: Procedure.
Last Updated

Feb. 5, 2021

§ 539.577’s source at nv​.us