NRS350.089. Approval of resolution for medium-term obligation or installment-purchase agreement by Executive Director of Department of Taxation; appeal to Nevada Tax Commission.

  Except as otherwise provided in NRS 280.266 and 496.155:

      1.  Upon the adoption by a local government of a resolution for a medium-term obligation or installment-purchase agreement, as provided in NRS 350.087, a certified copy thereof must be forwarded to the Executive Director of the Department of Taxation. As soon as is practicable, the Executive Director of the Department of Taxation shall, after consideration of the tax structure of the local government concerned, the probable ability of the local government to repay the requested medium-term obligation or installment-purchase agreement and the compliance of the local government with the applicable provisions of law, including, without limitation, the provisions of chapter 354 of NRS, approve or disapprove the resolution in writing to the governing board. No such resolution is effective until approved by the Executive Director of the Department of Taxation. The written approval of the Executive Director of the Department of Taxation must be recorded in the minutes of the governing board.

      2.  If the Executive Director of the Department of Taxation does not approve the resolution for the medium-term obligation or installment-purchase agreement, the governing board of the local government may appeal the Executive Director’s decision to the Nevada Tax Commission.

      (Added to NRS by 1995, 1810; A 1997, 1295; 1999, 276; 2001, 2312)