NRS 539.595
Directors may execute agreement with bond purchasers guaranteeing tax levy for bond redemption

  • approval of Department of Taxation
  • recording of agreement.

1.

Whenever an election has been held in any irrigation district and bonds have been authorized to be issued having the maturities prescribed in NRS 539.615 to 539.635, inclusive, which bonds have likewise been authorized to be issued by the board of directors of such district but have not been delivered, the board of directors, subject to the approval of the Department of Taxation, may agree with any prospective purchaser of such bonds prior to delivery and payment of the purchase price, that the irrigation district will, during the life of the bonds, levy a minimum tax in each year prior to the fixed maturity date of such bonds, or any of them, which agreement shall be in writing signed by the president and secretary of the district, and bearing upon its face the approval of the Department of Taxation, and shall be filed in the office of the county recorder of each county in which the district is located.

2.

When so filed for record, the agreement constitutes a binding and irrevocable agreement on the part of the district that such taxes will be levied, and the agreement inures to the benefit of the holders or owners of each of the bonds at any time outstanding, so as to give to them, or either of them, a right of action against the district to compel the levy of such taxes as provided in the agreement.

3.

A copy of the agreement, certified by each of the county recorders in whose office the agreement is recorded, shall be filed with the county auditor of each county in which the agreement is recorded.

Source: Section 539.595 — Directors may execute agreement with bond purchasers guaranteeing tax levy for bond redemption; approval of Department of Taxation; recording of agreement., https://www.­leg.­state.­nv.­us/NRS/NRS-539.­html#NRS539Sec595.

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

§ 539.595’s source at nv​.us