Nevada § 354.743 - Use of leases and lease-purchase and installment-purchase agreements; “Agreement” defined

§ 354.743. Use of leases and lease-purchase and installment-purchase agreements; “Agreement” defined

As used in NRS 354.740 and 354.745 , “ agreement ” means an agreement to purchase property in the form of a lease or an agreement to

pay in installments, pursuant to which a local government may pay the purchase price

of real or personal property over a period of time which extends beyond the biennium

in which the agreement is executed, including, without limitation: 1. An agreement pursuant to which a local government may acquire the property that

is the subject of the agreement at the end of the term of the agreement or at the

end of the term of a renewal of the agreement upon payment of no additional consideration

or nominal additional consideration; and 2. An agreement that, for the purposes of federal income tax, is treated as an agreement

for conditional sale.