NRS 318.235 Levies to cover deficiencies.
141 words·~1 min read·
/nv/chapter-318-general-improvement-districts/318-235·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
NRS 318.235 Levies to cover deficiencies.
1. The board, in certifying annual levies, shall take into account the maturing general obligation indebtedness for the ensuing year as provided in its contracts, maturing general obligation bonds and interest on such bonds, and deficiencies and defaults of prior years, and shall make ample provision for the payment thereof.
2. In case the money produced from such levies, together with other revenues of the district, is not sufficient punctually to pay the annual installments on such obligations, and interest thereon, and to pay defaults and deficiencies, the board shall make such additional levies of taxes as may be necessary for such purposes, and, notwithstanding any limitations, such taxes must be made and continue to be levied until the general obligation indebtedness of the district is fully paid but must not continue after that date.