Nevada Revised Statutes 277.075 – Prerequisites to borrowing from issuer or becoming obligated for facility
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A borrowing local government may not borrow money from an issuer or become obligated on a lease or agreement for an installment purchase for a facility financed by revenue securities unless the borrowing local government:
Terms Used In Nevada Revised Statutes 277.075
- 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. Has the authority to borrow money or enter into a lease or agreement for an installment purchase for the facility being financed with the revenue securities; and
2. Has followed the procedure required by law to borrow money or enter into a lease or an agreement for an installment purchase.