NRS387.195. Levy of tax for county school district; deferred use of money attributable to net proceeds from mineral extraction and royalties. [Effective November 25, 2014, if the provisions of Senate Joint Resolution No. 15 (2011) are approved and ratified by the voters at the 2014 General Election.]

      1.  Each board of county commissioners shall levy a tax of 75 cents on each $100 of assessed valuation of taxable property within the county for the support of the public schools within the county school district.

      2.  The amount of the tax collected pursuant to subsection 1 that is based on any assessed valuation attributable to the net proceeds from mineral extraction and royalties subject to the excise tax pursuant to the provisions of NRS 362.100 to 362.240, inclusive, must not be considered as available to pay liabilities of the fiscal year in which the tax is collected but must be deferred for use in the subsequent fiscal year. The annual budget for the school district must only consider as an available source the amount of the tax collected in the prior fiscal year that is based on any assessed valuation attributable to the net proceeds from mineral extraction and royalties subject to the excise tax pursuant to the provisions of NRS 362.100 to 362.240, inclusive.

      3.  In addition to any tax levied in accordance with subsection 1, each board of county commissioners shall levy a tax for the payment of interest and redemption of outstanding bonds of the county school district.

      4.  The tax collected pursuant to subsection 1 and any interest earned from the investment of the proceeds of that tax must be credited to the county’s school district fund.

      5.  The tax collected pursuant to subsection 3 and any interest earned from the investment of the proceeds of that tax must be credited to the county school district’s debt service fund.

      [127:32:1956]—(NRS A 1979, 1244; 1981, 301; 1983, 1635, 1950; 1987, 639; 1999, 2925; 2013, 3139, effective November 25, 2014, if the provisions of Senate Joint Resolution No. 15 (2011) are approved and ratified by the voters at the 2014 General Election)