Nevada Revised Statutes 268.550 – Lease, sale or financing of project
Prior to the issuance of any bonds authorized by NRS 268.512 to 268.568, inclusive, the city shall lease, sell or finance the project under an agreement conditioned upon completion of the project and providing for payment to the city of such revenues as, upon the basis of such determinations and findings, will be sufficient to:
Terms Used In Nevada Revised Statutes 268.550
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
1. Pay the principal of and interest on the bonds issued to finance the project.
2. Build up and maintain any reserves deemed advisable by the governing body in connection therewith.
3. Pay the costs of maintaining the project in good repair and keeping it properly insured, unless the lease, agreement of sale or financing agreement obligates the lessee, purchaser or obligor to pay for the maintenance and insurance on the project.