Nevada § 354.750 - Alternative method for local government to borrow money or purchase or lease property

§ 354.750. Alternative method for local government to borrow money or purchase or lease property

1. A local government may borrow money or purchase or lease property or facilities

from a nonprofit corporation or trustee in conjunction with one or more other local

governments, and in connection therewith may sell or lease property or facilities

to the nonprofit corporation or trustee, in each case with such maturity, term, payment,

security, pledge, default, remedy, prepayment, redemption, interest rate and other

terms or provisions as may be specified in the loan, loan purchase, installment sale,

lease or other agreement or note entered into by the local government for that purpose

if: (a) Each participating local government determines that it will benefit from economies

of scale in borrowing money or purchasing or leasing property in conjunction with

one or more other local governments pursuant to this section; and (b) In the case of borrowing to finance operations and other noncapital purposes,

the amount borrowed and the interest payable thereon, at the initial interest rate

if interest is variable, does not exceed 85 percent of the estimated amount of uncollected

taxes, income, revenue, cash receipts and other money of the local government which

will be available during the term of the agreement for the repayment of the loan and

the interest thereon. As used in this paragraph, “revenue” includes, without limitation, federal and state

money received by the local government. 2. A local government may enter into an agreement for liquidity or credit enhancement,

with such reimbursement, term, payment, security, pledge, default, remedy, interest

rate and other terms, and may invest the proceeds of any borrowing, sale or lease

under this section or any certificates of participation therein and any money pledged

or set aside for the payment or security thereof in such securities or obligations,

as the local government deems necessary or appropriate in connection with any borrowing,

sale or lease pursuant to this section. A local government may also do all things and execute all documents that may be necessary

or desirable in connection with the issuance of certificates of participation, or

other interests, in any loan, note, installment sale, lease or other agreement of

the local government entered into pursuant to this section or otherwise necessary

to effectuate the purposes of this section, and may authorize a nonprofit corporation

or trustee to act as its agent for purposes of entering into any trust, liquidity,

credit, investment or other agreement in connection with financing pursuant to this

section. 3. This section provides a complete, additional and alternative method for accomplishing

the acts authorized by this section and must be liberally construed to accomplish

its purposes. 4. As used in this section, “local government” has the meaning ascribed to it in NRS 354.474 .