Nevada § 271B.090 - Agreement to distribute pledged amounts to lead participant of qualified project located within district; restrictions; automatic termination of agreement

adopts an ordinance pursuant to NRS 271B.070 , the municipality may enter into an agreement with the lead participant in the qualified

project for the cost of acquiring, improving or equipping, or any combination thereof,

the qualified project, which may contain such terms as are determined to be desirable

by the governing body of the municipality, including the payment of reasonable interest

and other financing costs for the qualified project. Any such reimbursements may be secured by a pledge of, and be payable from, any

money pledged pursuant to NRS 271B.070 and received by the municipality with respect to the district. If such an agreement is entered into, the agreement must provide for the payment

to the lead participant of the money pledged pursuant to NRS 271B.070 and received by the municipality not later than 15 days after the date on which such

money is distributed to the municipality pursuant to NRS 271B.080 . An agreement entered into pursuant to this section is not subject to the limitations

of subsection 1 of NRS 354.626 and may, at the option of the governing body, be binding on the municipality beyond

the fiscal year in which it was made, only if the agreement pertains solely to one

or more participants in the qualified project. 2. No agreement entered into pursuant to this section may be secured by or payable

from the general fund of the municipality, the power of the municipality to levy ad

valorem property taxes, or any source other than any money pledged pursuant to NRS 271B.070 and received by the municipality with respect to the district, or any combination

thereof. No bond, note or other agreement issued or entered into pursuant to this section

may ever become a general obligation of the municipality or a charge against its general

credit or taxing powers, nor may any such bond, note or other agreement become a debt

of the municipality for purposes of any limitation on indebtedness. 3. Any agreement entered pursuant to this section must automatically terminate on

or before the end of the fiscal year in which the 20th anniversary of the adoption

of the ordinance creating the district occurs.