Nevada § 271B.080 - Agreement with Department of Taxation regarding distribution of pledged amounts

into an agreement specifying the dates and procedure for distribution to the municipality

of any money pledged pursuant to NRS 271B.070 . (b) If the qualified project is a qualified project described in NRS 360.888 and the Executive Director of the Office of Economic Development has required the

lead participant to make payments to a trust fund in the State Treasury pursuant to

subsection 4 of NRS 360.893 , the Department of Taxation shall deposit in that trust fund the proceeds of any

taxes conditionally pledged pursuant to subsection 3 of NRS 271B.070 until: (1) The lead participant qualifies for a return of the money paid into the trust fund

pursuant to subsection 6 of NRS 360.893 , in which case the taxes conditionally pledged, including any interest and income

earned on those taxes, must be distributed pursuant to the agreement described in

paragraph (a); or (2) The Executive Director determines that the requirements for the partial abatement

set forth in NRS 360.893 have not been met, in which case any taxes conditionally pledged and deposited in

the trust fund must be transferred to the entity that would have received those taxes

if the taxes had not been conditionally pledged, as determined by the Department of

Taxation. The interest and income earned on those taxes during the time the taxes were in

the trust fund must be distributed to an entity receiving a distribution pursuant

to this subparagraph in the proportion that the taxes distributed to the entity pursuant

to this subparagraph bears to the total taxes distributed pursuant to this subparagraph. 2. If the qualified project is a qualified project described in NRS 360.940 , the distributions pursuant to the agreement described in paragraph (a) of subsection

1 must: (a) Be made not less frequently than monthly; and (b) Cease at the end of the fiscal year in which the 20th anniversary of the adoption

of the ordinance creating the district occurs. 3. If the qualified project is a qualified project described in NRS 360.888 , the distributions pursuant to the agreement described in paragraph (a) of subsection

1 must: (a) Be made not less frequently than monthly; (b) Cease at the end of the fiscal year in which the 15th anniversary of the adoption

of the ordinance creating the district occurs; and (c) If the Executive Director of the Office of Economic Development has required the

lead participant to make payments to a trust fund in the State Treasury pursuant to

subsection 4 of NRS 360.893 , not commence until the lead participant qualifies for a return of the money paid

into the trust fund pursuant to subsection 6 of NRS 360.893 .