Nevada § 539.595 - Directors may execute agreement with bond purchasers guaranteeing tax levy for bond redemption; approval of Department of Taxation; recording of agreement

§ 539.595. Directors may execute agreement with bond purchasers guaranteeing tax levy for bond redemption; approval of Department of Taxation; recording of agreement

1. Whenever an election has been held in any irrigation district and bonds have been

authorized to be issued having the maturities prescribed in NRS 539.615 to 539.635 , inclusive, which bonds have likewise been authorized to be issued by the board of

directors of such district but have not been delivered, the board of directors, subject

to the approval of the Department of Taxation, may agree with any prospective purchaser

of such bonds prior to delivery and payment of the purchase price, that the irrigation

district will, during the life of the bonds, levy a minimum tax in each year prior

to the fixed maturity date of such bonds, or any of them, which agreement shall be

in writing signed by the president and secretary of the district, and bearing upon

its face the approval of the Department of Taxation, and shall be filed in the office

of the county recorder of each county in which the district is located. 2. When so filed for record, the agreement constitutes a binding and irrevocable agreement

on the part of the district that such taxes will be levied, and the agreement inures

to the benefit of the holders or owners of each of the bonds at any time outstanding,

so as to give to them, or either of them, a right of action against the district to

compel the levy of such taxes as provided in the agreement. 3. A copy of the agreement, certified by each of the county recorders in whose office

the agreement is recorded, shall be filed with the county auditor of each county in

which the agreement is recorded.