Nevada § 271.497 - Municipality to prepare final accounting of bond fund; requirements for final accounting; time for completing

§ 271.497. Municipality to prepare final accounting of bond fund; requirements for final accounting; time for completing

1. The municipality shall prepare a final accounting for each special fund created

for an improvement district pursuant to NRS 271.490 upon a determination by the treasurer that all of the following have occurred: (a) All outstanding bonds, including, without limitation, principal, interest and

prior redemption premiums, if any, of the district have been paid; (b) All installments of assessments and interest thereon have been paid; (c) There are no remaining liens on tracts in the district for unpaid installments

of assessments, including, without limitation, liens for penalties and interest; (d) The project has been completed; and (e) All costs of the project have been paid, as determined by the chief financial

officer of the municipality. 2. Each final accounting prepared pursuant to subsection 1 must: (a) Be prepared in such detail as the chief financial officer of the municipality

may require; (b) Indicate the amount of surplus, if any, remaining in the special fund for the

improvement district created pursuant to NRS 271.490 ; and (c) Except as otherwise provided in subsection 3, be completed not more than 18 months

after the date the treasurer makes his or her determination that all of the events

set forth in paragraphs (a) to (e), inclusive, of subsection 1 have occurred. 3. If initiation of the improvement district was by a provisional order as described

in NRS 271.280 and the alternative procedure set forth in NRS 271.700 to 271.730 , inclusive, does not apply to the district, the final accounting for a project must

be completed: (a) If the improvement district is comprised of 50 tracts or less, not later than

6 months after the date the treasurer makes a determination that the events described

in paragraphs (a) to (e), inclusive, of subsection 1 have occurred. (b) If the improvement district is comprised of more than 50 tracts but less than

250 tracts, not later than 12 months after the date the treasurer makes a determination

that the events described in paragraphs (a) to (e), inclusive, of subsection 1 have

occurred.