Nevada § 271.6325 - Resolution of governing body specifying procedures for the creation and administration of district; program guide

§ 271.6325. Resolution of governing body specifying procedures for the creation and administration of district; program guide

1. Before creating a district pursuant to NRS 271.6312 , a governing body must adopt a resolution which specifies the procedures for the

creation and administration of such a district. 2. The resolution adopted pursuant to subsection 1 must approve a program guide that

contains, without limitation: (a) A draft voluntary assessment agreement between the municipality and the property

owner; (b) A draft notice of assessment and assessment lien; and (c) A draft assignment of the assessment and the assessment lien. 3. The resolution adopted pursuant to subsection 1 or the program guide approved pursuant

to subsection 2 must: (a) Require that the property owner agree to the assessment in the amount approved

by the governing body as repayment for the financing of the qualified improvement

project. (b) Require that the property owner acknowledge that an assessment lien will be recorded

on the real property pursuant to NRS 271.63165 to secure the repayment of the financing set forth in the financing agreement. (c) Prohibit any financing agreement the duration of which exceeds the expected useful

life of the qualified improvement project or, if the qualified improvement project

includes more than one qualified improvement, the weighted average expected life of

all qualified improvements included in the qualified improvement project that are

financed by the financing agreement or bond issuance. (d) Describe the application and eligibility requirements for real property to be

included in a district, including, without limitation, with respect to a resiliency

project. Such provisions must set forth: (1) The nature of resiliency improvements that may be included in a resiliency project; (2) The standards and codes that must be met for a resiliency project to be a qualified

improvement; and (3) The types of licensed professionals who are approved by the municipality to determine

whether the resiliency project meets the definition set forth in NRS 271.6309 , as required by NRS 271.6312 , including, without limitation, whether a specific type of resiliency project needs

to be approved by: (I) An architect registered pursuant to chapter 623 of NRS ; (II) A landscape architect registered pursuant to chapter 623A of NRS ; (III) A professional engineer licensed pursuant to chapter 625 of NRS ; (IV) An environmental health specialist that has a certificate of registration pursuant

to chapter 625A of NRS ; (V) A land use planner certified by the American Institute of Certified Planners;

or (VI) Any other licensed professional person, as set forth in the resolution or program

guide. (e) Describe the requirements to be a capital provider. (f) Require each application to be reviewed on its own merits. (g) Require each application to include the submission of the analysis or feasibility

study required pursuant to NRS 271.6312 . (h) Provide that any approval of a qualified improvement project by a municipality

will only apply to the tract or tracts set forth in the application. (i) Set forth guidelines for a certified appraiser to determine the fair market value

of the property that will be assessed. 4. The resolution or program guide may provide for one or more of the following: (a) Additional notices of the proposal to create the district, notices of the opportunity

to apply for inclusion in the district or any other notices; (b) Any additional requirements for a qualified improvement project, including, without

limitation, any requirement for insurance, security features or additional covenants

and agreements that must be entered into by the municipality, capital provider, property

owner and, if applicable, lessee; (c) If applicable: (1) A reserve of money for bonds issued for the district, the method of funding the

reserve and the disposition of any interest earned upon or the principal of the reserve

that is not needed to repay any bonds or interim warrants issued for the purposes

of financing a qualified improvement project within the district; and (2) Any other security for those bonds or interim warrants; (d) Any requirements for casualty insurance, liability insurance or other types of

insurance for any project within the district; (e) The method of determining the lien-to-value ratio of the property for the purpose

of complying with the limitation prescribed by paragraph (d) of subsection 2 of NRS 271.6315 ; (f) Any limitation on the lien-to-value ratio that would result in a lower lien-to-value

ratio than that prescribed by paragraph (d) of subsection 2 of NRS 271.6315 ; (g) Any sources, other than the proceeds of assessments, that will be used to pay: (1) The cost of construction and installation of improvements financed pursuant to NRS 271.6301 to 271.6325 , inclusive; (2) The cost of any reserve of money or other security for financing a qualified improvement

project pursuant to NRS 271.6301 to 271.6325 , inclusive; or (3) The cost of engineering work, the cost to issue any bonds or provide other financing,

or the cost of other incidentals pursuant to NRS 271.6301 to 271.6325 , inclusive; (h) Any other security features, covenants required of property owners, covenants

required of other parties or any other covenants, guarantees, insurance or other matters

which the governing body finds are necessary or desirable for the financing of a qualified

improvement project pursuant to NRS 271.6301 to 271.6325 , inclusive; (i) Any other matters, procedures or financing or program terms which the governing

body, in its sole discretion, determines are necessary or desirable to carry out the

purposes of NRS 271.6301 to 271.6325 , inclusive, including, without limitation, any requirement related to the estimated

benefit conferred on the property by the qualified improvement project; (j) The amount of, or the basis for determining the amount of, any application or

administrative fees that must be paid to the municipality, the program administrator,

or both, and the time when any such fee will be due; and (k) A designation delegating all or any part of the governance and administration

of the district to: (1) The governing body; (2) A designated official, department or employee of the municipality; or (3) An independent third party administrator. 5. A resolution adopted pursuant to this section must be adopted by a majority vote

of the governing body. Such a resolution is effective upon adoption or on any date thereafter, as provided

in the resolution.