Nevada § 350.015 - Criteria for approval or disapproval of certain proposals; requests for information; use of money received from sale of general obligation debt or from special elective tax

§ 350.015. Criteria for approval or disapproval of certain proposals; requests for information; use of money received from sale of general obligation debt or from special elective tax

1. In determining whether to approve, conditionally or provisionally approve, or disapprove

a proposal to incur debt, to enter an installment-purchase agreement with a term of

more than 10 years or to levy a special elective tax, the commission shall not, except

as otherwise provided in paragraph (d) and NRS 350.0135 , initiate a determination as to whether the proposed debt, installment-purchase agreement

or special elective tax is sought to accomplish a public purpose or to satisfy a public

need. The commission shall consider, but is not limited to, the following criteria: (a) If the proposal is to incur debt, the amount of debt outstanding on the part of

the municipality proposing to incur the debt. (b) The effect of the tax levy required for debt service on the proposed debt or to

repay an installment-purchase agreement with a term of more than 10 years, or of the

proposed levy of a special elective tax, upon the ability of the municipality proposing

to incur the general obligation debt, enter the installment-purchase agreement or

levy the special elective tax and of other municipalities to raise revenue for operating

purposes. (c) The anticipated need for other incurrences of debt, installment-purchase agreements

or levies of special elective taxes by the municipality proposing to incur the debt,

enter the installment-purchase agreement or levy the special elective tax and other

municipalities whose tax-levying powers overlap, as shown by the county or regional

master plan, if any, and by other available information. (d) If the information set forth in paragraph (b) of subsection 4 of NRS 350.014 indicates that the proposal would result in a combined property tax rate in any of

the overlapping entities within the county which exceeds the specified percentage,

pursuant to subsection 1 of NRS 350.0155 , of the limit provided in NRS 361.453 : (1) The public need to be served by the proceeds from the proposed debt or tax levy

in accordance with the priorities established pursuant to subsection 2 of NRS 350.0155 ; and (2) A comparison of that public need and other public needs that appear on the statements

of current and contemplated general obligation debt and special elective taxes submitted

pursuant to paragraphs (a) and (b) of subsection 1 of NRS 350.013 that may affect the combined property tax rate in any of the overlapping entities

within the county. 2. The commission may make reasonable requests from a municipality for information

relating to the criteria described in paragraphs (a) to (d), inclusive, of subsection

1. A municipality shall use its best efforts to comply with information requests from

the commission in a timely manner. 3. If the commission approves the proposal, the amount received from the sale of the

general obligation debt or from the special elective tax may be expended only for

the purposes described in the proposal.