NRS 360.989 Submittal and contents of economic development financing proposal.

209 words·~1 min read·/nv/chapter-360-general-provisions/360-989

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. If the governing body of a local government:

(a)Receives notice that a qualified project is or will be located within the jurisdiction of the local government; and

(b)Determines that there is a need to finance infrastructure projects within the jurisdiction of the local government to support the development of the qualified project,

Ê the governing body may prepare and submit to the Office for approval an economic development financing proposal pursuant to which the infrastructure projects identified in the proposal would be financed from the proceeds of bonds, securities or other indebtedness issued by the State of Nevada.

2. An economic development financing proposal submitted pursuant to subsection 1:

(a)May include, without limitation, provisions for the financing of one or more infrastructure projects;

(b)Must include the creation of one or more districts or areas by the local government pursuant to chapters 271 , 271A and 278C of NRS and the pledge of revenue from such districts or areas for the repayment of any bonds, securities or other indebtedness issued by the State of Nevada to finance the projects; and

(c)Must include such other provisions and information as may be required by the Office.