1-3 context otherwise requires:

1-4 1. "Commission" means a debt management commission created

1-5 pursuant to NRS 350.002.

1-6 2. "General obligation debt" means debt which is legally payable from

1-7 general revenues, as a primary or secondary source of repayment, and is

1-8 backed by the full faith and credit of a governmental entity. The term

1-9 includes debt represented by local government securities issued pursuant to

1-10 this chapter except debt created for medium-term obligations pursuant to

1-11 NRS [350.089] 350.085 to 350.095, inclusive.

1-12 3. "Special elective tax" means a tax imposed pursuant to NRS

2-3 the governing body of any local government, by a resolution adopted by

2-4 two-thirds of its members, may authorize a medium-term obligation. For

2-5 the purposes of the issuance of a medium-term obligation pursuant to NRS

2-6 280.266, a metropolitan police committee on fiscal affairs shall be deemed

2-7 the governing body of a local government.

2-8 2. The resolution must contain:

2-9 (a) A finding by the governing body that the public interest requires the

2-10 medium-term obligation; [and]

2-11 (b) A statement of the facts upon which the finding required pursuant

2-12 to paragraph (a) is based [.] ; and

2-13 (c) A statement that identifies:

2-14 (1) Each source of revenue of the local government that is

2-15 anticipated to be used to repay the medium-term obligation; and

2-16 (2) The dollar amount that is anticipated to be available to repay

2-17 the medium-term obligation from each such source.

2-18 3. Except as otherwise provided in subsection 4, before the adoption of

2-19 any such resolution, the governing body shall publish notice of its intention

2-20 to act thereon in a newspaper of general circulation for at least one

2-21 publication. No vote may be taken upon the resolution until 10 days after

2-22 the publication of the notice. The cost of publication of the notice required

2-23 of an entity is a proper charge against its general fund.

2-24 4. If such a resolution will be adopted by a metropolitan police

2-25 committee on fiscal affairs, the sheriff of the county in which the

2-26 metropolitan police department is located shall publish the notice required

2-30 1. Upon the adoption of a resolution for a medium-term obligation, as

2-31 provided in NRS 350.087, by a local government, a certified copy thereof

2-32 must be forwarded to the executive director of the department of taxation.

2-33 As soon as is practicable, the executive director of the department of

2-34 taxation shall, after consideration of the tax structure of the local

2-35 government concerned , [and] the probable ability of the local government

2-36 to repay the requested medium-term obligation [,] and the compliance of

2-37 the local government with the applicable provisions of law, including,

2-38 without limitation, the provisions of chapter 354 of NRS, approve or

2-39 disapprove the resolution in writing to the governing board. No such

2-40 resolution is effective until approved by the executive director of the

2-41 department of taxation. The written approval of the executive director of

2-42 the department of taxation must be recorded in the minutes of the

3-7 authorized to enter into a medium-term obligation as provided in NRS

3-8 280.266 or 350.089, the governing body [may] :

3-9 (a) If the medium-term obligation is intended to finance a capital

3-10 project, shall update its plan for capital improvement in the same manner

3-11 as is required for general obligation debt pursuant to NRS 350.0035.

3-12 (b) May issue, as evidence thereof, negotiable notes, leases, other

3-13 evidence of a transaction described in NRS 350.800, or short-time

3-14 negotiable bonds.

3-15 2. Except as otherwise provided in subsection 5 of NRS 496.155, the

3-16 negotiable notes or bonds:

3-17 (a) Must mature not later than 10 years after the date of issuance.

3-18 (b) Must bear interest at a rate or rates which do not exceed by more

3-19 than 3 percent the Index of Twenty Bonds which was most recently

3-20 published before the bids are received or a negotiated offer is accepted.

3-21 (c) May, at the option of the local government, contain a provision

3-22 which allows redemption of the notes or bonds before maturity, upon such

3-23 terms as the governing body determines.

3-24 3. If the maximum term of the financing is more than 5 years, the term

3-25 may not exceed the estimated useful life of the asset to be purchased with

3-29 provided in NRS 350.089 and if, in the judgment of the governing board of

3-30 the local government, the fiscal affairs of the local government can be

3-31 carried on without impairment and there is sufficient money in the general

3-32 fund or a surplus in any other fund, with the exception of the bond interest

3-33 and redemption fund, of the local government, the governing board may

3-34 transfer from the general fund or from the surplus appearing in any fund,

3-35 with the exception of the bond interest and redemption fund, money

3-36 sufficient to meet the purpose of the medium-term obligation.

3-37 2. When such a transfer is made, the governing board of the local

3-38 government shall comply with the provisions of NRS 350.095, and when

3-39 the special tax is thereafter collected, the amount so collected must be

3-40 placed immediately in the fund from which the loan was made.

3-41 3. In cases where the fund from which the loan was made, at the time

3-42 of the transfer of funds therefrom, contains a surplus that in the judgment

4-7 from general revenues and is backed by the full faith and credit of a

4-8 governmental unit. The term includes debt represented by local

4-9 government securities issued pursuant to chapter 350 of NRS and debt

4-10 created for medium-term obligations pursuant to NRS [350.089] 350.085

4-14 354.59813, 354.59815, 354.5982, 354.5987, 354.59871, 354.705, 450.425,

4-15 540A.265 and 543.600, for each fiscal year beginning on or after July 1,

4-16 1989, the maximum amount of money that a local government, except a

4-17 school district, a district to provide a telephone number for emergencies, or

4-18 a redevelopment agency, may receive from taxes ad valorem, other than

4-19 those attributable to the net proceeds of minerals or those levied for the

4-20 payment of bonded indebtedness and interest thereon incurred as [a general

4-21 or medium-term obligation] general long-term debt of the issuer, or for the

4-22 payment of obligations issued to pay the cost of a water project pursuant to

4-23 NRS 349.950, or for the payment of obligations under a capital lease

4-24 executed before April 30, 1981, must be calculated as follows:

4-25 [1.] (a) The rate must be set so that when applied to the current fiscal

4-26 year’s assessed valuation of all property which was on the preceding fiscal

4-27 year’s assessment roll, together with the assessed valuation of property on

4-28 the central assessment roll which was allocated to the local government,

4-29 but excluding any assessed valuation attributable to the net proceeds of

4-30 minerals, assessed valuation attributable to a redevelopment area and

4-31 assessed valuation of a fire protection district attributable to real property

4-32 which is transferred from private ownership to public ownership for the

4-33 purpose of conservation, it will produce 106 percent of the maximum

4-34 revenue allowable from taxes ad valorem for the preceding fiscal year,

4-35 except that the rate so determined must not be less than the rate allowed for

4-36 the previous fiscal year, except for any decrease attributable to the

4-37 imposition of a tax pursuant to NRS 354.59813 in the previous year.

4-38 [2.] (b) This rate must then be applied to the total assessed valuation,

4-39 excluding the assessed valuation attributable to the net proceeds of

4-40 minerals and the assessed valuation of a fire protection district attributable

4-41 to real property which is transferred from private ownership to public

4-42 ownership for the purpose of conservation but including new real property,

5-8 manner required by the Local Government Budget Act, the board of

5-9 county commissioners of each county having lands situated in the district

5-10 shall, by resolution, levy an assessment upon all real property in the county

5-11 which is in the weed control district.

5-12 2. Every assessment so levied is a lien against the property assessed.

5-13 3. Amounts collected in counties other than the county having the

5-14 larger or largest proportion of the area of the district must be paid over to

5-15 the board of county commissioners of that county for the use of the district.

5-16 4. The county commissioners of that county may obtain medium-term

5-17 obligations pursuant to NRS [350.089] 350.085 to 350.095, inclusive, of

5-18 an amount of money not to exceed the total amount of the assessment, to

5-19 pay the expenses of controlling the weeds in the weed control district. The