Nevada Revised Statutes 349.228 – Securities issued as general obligations payable from gross revenues: Covenant requiring appropriations to pay expenses of operation and maintenance
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Any resolution authorizing the issuance of general obligation state securities payable from gross revenues or any indenture or other proceedings appertaining thereto may contain a covenant of the State that to the extent required, as provided therein, the State will pay operation and maintenance expenses by appropriation from its General Fund and that to the extent the moneys accounted for therein are insufficient for that purpose the State shall levy taxes therefor.
Terms Used In Nevada Revised Statutes 349.228
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.