NRS 474.515 Levy and collection of tax to pay principal and interest on general obligations; applicability of Local Government Securities Law.
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NRS 474.515 Levy and collection of tax to pay principal and interest on general obligations; applicability of Local Government Securities Law.
1. An annual general (ad valorem) tax must be levied upon all property, both real and personal, subject to taxation within the district and collected by the district sufficient to pay the interest on and the principal of the general obligation securities of the district as the same become due.
2. The proceeds of the taxes are specially appropriated to the payment of principal and interest.
3. Such appropriation must not be repealed nor the taxes postponed or diminished until the principal and interest have been wholly paid.
4. The payment of securities, the levy of taxes, and the appropriation of the proceeds thereof must be in the manner delineated in NRS 350.592 to 350.602 , inclusive, and other provisions of the Local Government Securities Law supplemental thereto.