NRS353.2765. Repayment of loans by local governments: Schedule; use of money received from Federal Government.

      1.  In addition to any applicable requirements set forth in NRS 353.2751, if the Interim Finance Committee approves a loan to a local government pursuant to the provisions of NRS 353.2705 to 353.2771, inclusive, the approval must include a schedule for the repayment of the loan. The schedule must specify:

      (a) A period of not more than 10 years for the repayment of the loan; and

      (b) The rate of interest, if any, for the loan.

      2.  Except as otherwise provided in subsection 3, if a local government receives a loan from the Account and, before the loan is repaid, the local government receives money from the Federal Government for a grant match or any of the expenses set forth in subsection 1 of NRS 353.2751 for which the local government received the loan, the local government shall deposit with the State Treasurer for credit to the Account an amount of money equal to the money it received from the Federal Government for the grant match or the expenses.

      3.  Any money deposited with the State Treasurer for credit to the Account pursuant to subsection 2 must be used to pay the unpaid balance of the loan specified in subsection 2. If any money remains after that payment is made, the remaining money must be paid to the local government to whom the loan was made.

      (Added to NRS by 1997, 2541; A 2003, 20th Special Session, 200)