Nevada § 350.091 - Governing body to update plan for capital improvement under certain circumstances; issuance and terms of evidence of medium-term obligation or installment-purchase agreement; regulations; applicability of prevailing wage requirements to certain lease-purchase or installment-purchase agreements

§ 350.091. Governing body to update plan for capital improvement under certain circumstances; issuance and terms of evidence of medium-term obligation or installment-purchase agreement; regulations; applicability of prevailing wage requirements to certain lease-purchase or installment-purchase agreements

1. Whenever the governing body of any local government is authorized to enter into

a medium-term obligation or installment-purchase agreement as provided in NRS 280.266 or 350.089 that is intended to finance a capital project, the governing body shall update its

plan for capital improvement in the same manner as is required for general obligation

debt pursuant to NRS 350.013 . 2. Whenever the governing body of any local government is authorized to enter into

a medium-term obligation as provided in NRS 350.089 , the governing body may issue, as evidence thereof, negotiable notes or medium-term

negotiable bonds that, except as otherwise provided in subsection 5 of NRS 496.155 : (a) Must mature not later than 10 years after the date of issuance; (b) Must bear interest at a rate or rates which do not exceed by more than 3 percent

the Index of Twenty Bonds which was most recently published before the bids are received

or a negotiated offer is accepted; and (c) May, at the option of the local government, contain a provision which allows redemption

of the notes or bonds before maturity, upon such terms as the governing body determines. 3. Whenever the governing body of any local government is authorized to enter into

an installment-purchase agreement as provided in NRS 280.266 or 350.089 , the governing body may issue, as evidence thereof, an installment-purchase agreement,

lease or other evidence of a transaction described in NRS 350.800 . An installment-purchase agreement, lease or other evidence of a transaction described

in NRS 350.800 issued pursuant to this subsection: (a) Must have a term that is 30 years or less; (b) Must bear interest at a rate or rates that do not exceed by more than 3 percent

the Index of Revenue Bonds which was most recently published before the local government

enters into the installment-purchase agreement; and (c) May, at the option of the local government, contain a provision that allows prepayment

of the purchase price upon such terms as are provided in the agreement. 4. If the term of the medium-term obligation or installment-purchase agreement is

more than 5 years, the weighted average term of the medium-term obligation or installment-purchase

agreement may not exceed the estimated weighted average useful life of the assets

being financed with the medium-term obligation or installment-purchase agreement. For the purposes of this subsection, the Committee on Local Government Finance may

adopt regulations that provide guidelines for the useful life of various types of

assets and for calculation of the weighted average useful life of assets. 5. If a lease-purchase or installment-purchase agreement pursuant to NRS 280.266 or 350.089 involves the construction, alteration, repair or remodeling of an improvement: (a) The person or entity that executes one or more contracts or agreements for the

actual construction, alteration, repair or remodeling of the improvement shall include

in such a contract or agreement the contractual provisions and stipulations that are

required to be included in a contract for a public work pursuant to the provisions

of NRS 338.013 to 338.090 , inclusive. (b) The governing body, the contractor who is awarded the contract or entered into

the agreement to perform the construction, alteration, repair or remodeling of the

improvement and any subcontractor on the project shall comply with the provisions

of NRS 338.013 to 338.090 , inclusive, in the same manner as if the governing body had undertaken the project

or had awarded the contract.