Nevada § 350.013 - Municipalities to submit annually statement of current and contemplated general obligation debt and special elective taxes, statement of debt management policy, plan for capital improvement or alternate statement and certain information regarding chief financial officer; update of information; exceptions

§ 350.013. Municipalities to submit annually statement of current and contemplated general obligation debt and special elective taxes, statement of debt management policy, plan for capital improvement or alternate statement and certain information regarding chief financial officer; update of information; exceptions

1. Except as otherwise provided in this section, on or before August 1 of each year,

the governing body of a municipality which proposes to issue or has outstanding any

general obligation debt, other general obligations or special obligations, or which

levies or proposes to levy any special elective tax, shall submit to the Department

of Taxation and the commission: (a) A complete statement of current general obligation debt and special elective taxes,

and a report of current debt and special assessments and retirement schedules, in

the detail and form established by the Committee on Local Government Finance. (b) A complete statement, in the detail and form established by the Committee on Local

Government Finance, of general obligation debt and special elective taxes contemplated

to be submitted to the commission during the fiscal year. (c) A written statement of the debt management policy of the municipality, which must

include, without limitation: (1) A discussion of its ability to afford existing general obligation debt, authorized

future general obligation debt and proposed future general obligation debt; (2) A discussion of its capacity to incur authorized and proposed future general obligation

debt without exceeding the applicable debt limit; (3) A discussion of its general obligation debt that is payable from property taxes

per capita as compared with such debt of other municipalities in this State; (4) A discussion of its general obligation debt that is payable from property taxes

as a percentage of assessed valuation of all taxable property within the boundaries

of the municipality; (5) Policy regarding the manner in which the municipality expects to sell its debt; (6) A discussion of its sources of money projected to be available to pay existing

general obligation debt, authorized future general obligation debt and proposed future

general obligation debt; and (7) A discussion of its operational costs and revenue sources, for the ensuing 5 fiscal

years, associated with each project included in its plan for capital improvement submitted

pursuant to paragraph (d), if those costs and revenues are expected to affect the

property tax rate. (d) Either: (1) Its plan for capital improvement for the ensuing 5 fiscal years, which must include

any contemplated issuance of general obligation debt during this period and the sources

of money projected to be available to pay the debt; or (2) A statement indicating that no changes are contemplated in its plan for capital

improvement for the ensuing 5 fiscal years. (e) A statement containing the name, title, mailing address and telephone number of

the chief financial officer of the municipality. 2. The governing body of a municipality may combine a statement or plan required by

subsection 1 with the corresponding statement or plan of another municipality if both

municipalities have the same governing body or the governing bodies of both municipalities

agree to such a combination. 3. Except as otherwise provided in subsection 4, the governing body of each municipality

shall update all statements and plans required by subsection 1 not less frequently

than once each fiscal year. 4. In a county whose population is 100,000 or more, the governing body of each municipality

shall update all statements and plans required by subsection 1 not less often than

once each fiscal year and not more often than twice each fiscal year, except that

a municipality may update a statement or plan required by subsection 1 more often

than twice each fiscal year: (a) If the governing body determines, by a two-thirds vote, that an emergency requires

that a statement or plan be updated; (b) To include an item related to: (1) An installment purchase that does not count against a debt limit; or (2) An obligation for which no additional property tax is expected; (c) To update the purpose of a special elective tax without changing the rate of the

special elective tax; or (d) To comply with the requirements of subsection 5 of NRS 268.625 or subsection 1 of NRS 350.091 . 5. The provisions of this section do not apply to the Reno-Tahoe Airport Authority

so long as the Authority does not have any general obligation bonds outstanding and

does not issue or propose to issue any such bonds. At least 30 days before each annual meeting of the commission, the Authority shall

submit to the Department of Taxation a written statement regarding whether the Authority

is planning to propose to issue any general obligation bonds before the next following

annual meeting of the commission.