NRS 271.495 Deficiency in bond fund or surplus and deficiency fund: Payment from general fund; levy of tax.
192 words·~1 min read·
/nv/chapter-271-local-improvements/271-495A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
NRS 271.495 Deficiency in bond fund or surplus and deficiency fund: Payment from general fund; levy of tax.
1. If the special fund created by the proceeds of the assessments is insufficient to pay such bonds and interest thereon as they become due and the amounts in the surplus and deficiency fund are not sufficient for that purpose, the deficiency must be paid out of any assets in the general fund of the municipality, regardless of source, which are otherwise legally available therefor.
2. If the general fund is insufficient to pay any such deficiency promptly, the governing body shall levy general (ad valorem) taxes upon all property in the municipality which is by law taxable for state, county and municipal purposes, without regard to any statutory or charter tax limitation existing on or after May 14, 1965, and without limitation as to rate or amount, fully sufficient, after making due allowance for probable delinquencies, to provide for the prompt payment of such bonds as they become due, both principal and interest, but subject to the limitations set forth in NRS 361.453 and Section 2 of Article 10 of the Nevada Constitution.