Nevada § 387.3287 - Tax for account for replacement of capital assets or construction of new buildings for schools to accommodate community growth

§ 387.3287. Tax for account for replacement of capital assets or construction of new buildings for schools to accommodate community growth

1. Except as otherwise provided in subsections 4 and 5, upon the approval of a majority

of the registered voters of a county voting upon the question, the board of county

commissioners in each county may levy a separate tax pursuant to the provisions and

subject to the limitations of NRS 387.3285 . 2. Money raised pursuant to this section must be deposited in the county treasury

to the credit of the fund for capital projects and must be maintained in a separate

budgetary account for the replacement of capital assets. All interest and income earned on the money in the account must be credited to the

account. Except as otherwise provided in subsection 3, money in the account must only be expended

for the renovation or replacement of depreciating capital assets of the county school

district. 3. Money raised pursuant to this section may be expended for the construction of new

buildings for schools to accommodate community growth if the expenditure is approved

by a majority of the registered voters of the county voting upon the question. An expenditure proposed pursuant to the provisions of this subsection must be submitted

as a separate question to the voters on the ballot at a primary, general or special

election. 4. The replacement value of the capital assets of a county school district must be

determined by the board of trustees of the county school district before any property

tax is levied pursuant to subsection 1. The replacement value may be redetermined

before July 1 of each year to become effective for the purposes of this section on

the first day of the next fiscal year. 5. The property tax authorized in subsection 1 may not be imposed or collected if

the account for the replacement of capital assets contains revenue in an amount equal

to or more than 30 percent of the replacement value of the capital assets of the county

school district.