Nevada § 539.607 Issuance of notes authorized to meet obligations of district after levy of tax; levy and collection of special tax

Nevada Statutes

§ 539.607 — Issuance of notes authorized to meet obligations of district after levy of tax; levy and collection of special tax

Nevada § 539.607

Title 48WATER

Ch. 539Irrigation

Bonds for Purchase and Construction

This text of Nevada § 539.607 (Issuance of notes authorized to meet obligations of district after levy of tax; levy and collection of special tax) is published on Counsel Stack Legal Research, covering Nevada primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Nev. Rev. Stat. § 539.607 (2026).

Text

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

Free access — add to your briefcase to read the full text and ask questions with AI

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.