NRS 539.607
Issuance of notes authorized to meet obligations of district after levy of tax

  • levy and collection of special tax.

1.

If any installment of taxes has been levied for the payment of any outstanding bonds or interest of any irrigation district, the board of directors may issue notes bearing a rate of interest which must not exceed by more than 5 percent the Index of Revenue Bonds which was most recently published before the bids are received or a negotiated offer is accepted. The notes must be payable out of the installment of taxes so levied and must not be in excess of 75 percent of the levy. The proceeds derived from those notes may be used only for the purpose of meeting the obligation of the district for which the tax was levied.

2.

If the proceeds of the taxes are insufficient, through delinquency, uncollectibility of taxes or other cause, to pay, when due, all the lawful debts for which the taxes were levied, the board of directors shall levy and collect in the next succeeding year a special tax in addition to all other taxes in an amount sufficient to pay all of such lawfully contracted indebtedness, and may borrow as provided in this section in anticipation of that tax to pay off any such lawfully contracted indebtedness.

Source: Section 539.607 — Issuance of notes authorized to meet obligations of district after levy of tax; levy and collection of special tax., https://www.­leg.­state.­nv.­us/NRS/NRS-539.­html#NRS539Sec607.

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

§ 539.607’s source at nv​.us