Nevada § 271.6315 - Procedure for creation of district

§ 271.6315. Procedure for creation of district

1. A governing body may create a district pursuant to NRS 271.6312 only if: (a) The governing body makes a finding that the creation of the district serves the

public purposes of resource conservation, reducing emissions or increasing the resiliency

of the community. (b) The governing body has, pursuant to NRS 271.6325 , adopted by resolution a procedure for the creation and administration of a district

for the purpose of financing or refinancing one or more qualified improvement projects. 2. The governing body shall not approve a tract within the boundaries of the district

for financing or refinancing a qualified improvement project unless: (a) The owner of the tract on which a qualified improvement project will be located

enters into a voluntary assessment agreement pursuant to NRS 271.6316 . (b) The amount of the assessment lien that will be placed on the tract for a qualified

improvement project, if used for improving or retrofitting an existing structure,

does not exceed 25 percent of the fair market value of the property assessed, as determined

by a certified appraiser pursuant to guidelines adopted pursuant to NRS 271.6325 . (c) The amount of the assessment lien that will be placed on the tract for a qualified

improvement project, if used for new construction or a gut rehabilitation, does not

exceed 35 percent of the fair market value of the property assessed, as determined

by a certified appraiser pursuant to guidelines adopted pursuant to NRS 271.6325 . (d) The outstanding amount owed on all recorded instruments which are liens against

the tract including the assessment lien for the qualified improvement project, will

not exceed 90 percent of the estimated fair market value of the property assessed,

as determined by a certified appraiser pursuant to guidelines adopted pursuant to NRS 271.6325 . (e) Any lender who holds a lien on the tract on which the qualified improvement project

will be located consents in writing to the levy of an assessment and assessment lien

against the tract to secure repayment of the financing or refinancing of the qualified

improvement project. A consent signed pursuant to this paragraph must be in a recordable form and is

binding on the holder of a lien who signs the consent. Each consent provided pursuant to this paragraph must be recorded in the office

of the county recorder and, once recorded, is binding on the lender who signed the

consent and any successors or assigns. 3. Real property owned by the United States Department of Defense is not eligible

for any qualified improvement project authorized pursuant to NRS 271.6301 to 271.6325 , inclusive. 4. A district created pursuant to NRS 271.6312 may be created at any time as designated by a governing body. 5. As used in this section, “ lender ” means a mortgagee, the beneficiary of a deed of trust or other creditor who holds

a mortgage, deed of trust or other recorded instrument that encumbers a tract as security

for the repayment of a loan.