Nevada § 280.266 - Issuance of medium-term obligation or entry into lease-purchase agreement to acquire capital equipment; liability for indebtedness upon withdrawal or dissolution
Full text of Nevada Nevada Revised Statutes § 280.266 — Issuance of medium-term obligation or entry into lease-purchase agreement to acquire capital equipment; liability for indebtedness upon withdrawal or dissolution, with citation guidance and answers to common questions.
§ 280.266. Issuance of medium-term obligation or entry into lease-purchase agreement to acquire capital equipment; liability for indebtedness upon withdrawal or dissolution
1. Upon the adoption of a resolution pursuant to NRS 350.087 , the committee may issue a medium-term obligation to purchase capital equipment or
enter into a lease-purchase agreement for capital equipment. 2. The committee is not required to comply with the provisions of NRS 350.089 if it enters a lease-purchase agreement for capital equipment. 3. If a participating political subdivision withdraws from the department, the withdrawing
political subdivision becomes liable for the proportion of the indebtedness for the
medium-term obligations issued pursuant to this section that is attributable to the
withdrawing political subdivision based on the percentage of the department's expenses
paid by the withdrawing political subdivision pursuant to the formula in effect at
the time the medium-term obligations were issued. 4. Each participating political subdivision at the time of dissolution becomes liable
for the proportion of the indebtedness for the medium-term obligations issued pursuant
to this section that is attributable to each participating political subdivision based
on the percentage of the department's expenses paid by each participating political
subdivision pursuant to the formula in effect at the time the medium-term obligations
were issued.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 280.266
What does Nevada Revised Statutes § 280.266 cover?
Section 280.266 ("Issuance of medium-term obligation or entry into lease-purchase agreement to acquire capital equipment; liability for indebtedness upon withdrawal or dissolution") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 280.266?
A common citation format is "Nevada Revised Statutes § 280.266" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 280.266 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.