NRS350.0045. “General obligation debt” defined.

Latest version.

“General obligation debt” means debt that is legally payable from general revenues, as a primary or secondary source of repayment, and is backed by the full faith and credit of a governmental entity, and if the governmental entity is authorized to levy taxes, by those taxes. The term includes, without limitation, debt represented by local government securities issued pursuant to this chapter and installment-purchase agreements described in subsection 1 of NRS 350.0055. The term does not include, without limitation:

      1. Installment-purchase agreements described in subsection 2 of NRS 350.0055;

      2. Special obligations; and

      3. Obligations with a term of less than 1 year that are payable in full from money appropriated for the same fiscal year in which the obligations are incurred.

(Added to NRS by 2001, 2303)

                    
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