Nevada § 377A.090 - Money for public transit system, public roads, air quality or any combination thereof: Sources; authority of board of county commissioners or regional transportation commission

§ 377A.090. Money for public transit system, public roads, air quality or any combination thereof: Sources; authority of board of county commissioners or regional transportation commission

1. Money for the payment of the cost of establishing and maintaining a public transit

system, for the construction, maintenance and repair of public roads, for the improvement

of air quality or for any combination of those purposes may be obtained by the issuance

of bonds and other securities as provided in subsection 2 or 3 or, subject to any

pledges, liens and other contractual limitations made pursuant to this chapter, may

be obtained by direct distribution from the public transit fund, or may be obtained

both by the issuance of such securities and by such direct distribution as the board

or, in the case of securities issued by a regional transportation commission, the

regional transportation commission, may determine. 2. The board may, after the enactment of an ordinance authorized by paragraph (a)

of subsection 1 of NRS 377A.020 , from time to time issue bonds and other securities, which are general or special

obligations of the county and which may be secured as to principal and interest by

a pledge authorized by this chapter of the receipts from the tax imposed by that ordinance. 3. A regional transportation commission authorized to issue bonds or other securities

pursuant to subsection 2 of NRS 373.131 may, after the enactment by a board of county commissioners of an ordinance authorized

by paragraph (a) of subsection 1 of NRS 377A.020 , from time to time issue bonds and other securities, which are special obligations

of the regional transportation commission and which may be secured as to principal

and interest by a pledge authorized by this chapter or the receipts from the tax imposed

by that ordinance. 4. Notwithstanding any other provision of this chapter, no regional transportation

commission may issue bonds or other securities pursuant to this chapter unless the

regional transportation commission has executed an interlocal agreement with the county

relating to the issuance of bonds or other securities by the regional transportation

commission. Any such interlocal agreement must include an acknowledgment of the authority of

the regional transportation commission to issue bonds or other securities and contain

provisions relating to the pledge of revenues for the repayment of the bonds or other

securities, the lien priority of the pledge of revenues securing the bonds or other

securities, and related matters. 5. The ordinance or resolution authorizing the issuance of any bond or other security

must describe the purpose for which it is issued.