Nevada § 354.598155 - Special ad valorem capital projects fund
Full text of Nevada Nevada Revised Statutes § 354.598155 — Special ad valorem capital projects fund, with citation guidance and answers to common questions.
§ 354.598155. Special ad valorem capital projects fund
1. Each local government that receives a portion of the revenue from the tax levied
pursuant to the provisions of NRS 354.59815 shall establish a special ad valorem capital projects fund and shall deposit all
revenue received pursuant to the provisions of NRS 354.59815 in that fund. All interest and income earned on the money in the fund must also be deposited in
the fund. 2. The money in the fund may only be used for: (a) The purchase of capital assets including land, improvements to land and major
items of equipment; (b) The renovation of existing governmental facilities not including normal recurring
maintenance; and (c) The repayment of a medium-term obligation issued to fund a project described in
paragraph (a) or (b). 3. Money may be retained in the fund for not more than 10 years to allow the funding
of projects without the issuance of bonds or other obligations. For the purpose of determining the length of time a deposit of money has been retained
in the fund, all money withdrawn from the fund shall be deemed to be taken on a first-in,
first-out basis. 4. The annual budget and audit report of each local government must specifically identify
this fund and must indicate in detail the projects that have been funded with money
from the fund. Any planned accumulation of the money in the fund must also be specifically identified.
Frequently Asked Questions About Nevada § 354.598155
What does Nevada Revised Statutes § 354.598155 cover?
Section 354.598155 ("Special ad valorem capital projects fund") 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 § 354.598155?
A common citation format is "Nevada Revised Statutes § 354.598155" (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 § 354.598155 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.