1.  Except as otherwise provided in this section, a qualified improvement project must be financed or refinanced only through an assessment on the real property that secures the direct financing or refinancing obtained from a capital provider pursuant to a financing agreement.

Terms Used In Nevada Revised Statutes 271.63155

  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Statute: A law passed by a legislature.

2.  In addition to, but not in lieu of the direct financing or refinancing described in subsection 1, a qualified improvement project may be financed or refinanced through an assessment on the real property to secure bonds issued pursuant to NRS 271.475. Any bonds issued for a qualified improvement project:

(a) Shall not constitute the debt or indebtedness of the municipality within the meaning of any provision or limitation of the Constitution of the State of Nevada or statute;

(b) Shall not be secured by a pledge of the general credit or taxing power of the municipality or by the surplus and deficiency fund established pursuant to NRS 271.428; and

(c) Shall not be used in furtherance of or in support of direct financing or refinancing from a capital provider.

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