Assembly Bill No. 426

Assembly Bill No. 426-Committee on Government Affairs

April 29, 1997
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Referred to Committee on Government Affairs

SUMMARY--Revises provisions governing issuance of general obligations to finance capital improvements for metropolitan police departments. (BDR 22-1516)

FISCAL NOTE: Effect on Local Government: No.

Effect on the State or on Industrial Insurance: No.

EXPLANATION - Matter in italics is new; matter in brackets [ ] is material to be omitted.

AN ACT relating to metropolitan police departments; requiring specific legislative authorization for the issuance of general obligations to finance capital improvements for metropolitan police departments; and providing other matters properly relating thereto.

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

Section 1 NRS 280.264 is hereby amended to read as follows:
280.264 1. [The] If the issuance of general obligations is authorized by concurrent resolution of the legislature, the committee may [, with] request the consent of the governing body of the county and each participating city [,] to, and with such consent may, borrow money from time to time as general obligations to construct buildings or improve property used by the department, except a county or city jail or detention facility. For this purpose, the committee is a "governing body" within the meaning of NRS 350.524.
2. If general obligations are issued pursuant to this section, the committee shall determine the amount required in each fiscal year to pay the interest and required installments of principal, and report this amount to the Nevada tax commission as the budgets of local governments are reported, for the levy of the requisite tax on all taxable property within the taxing district.
3. For the purposes of any debt limitation of a county or city, obligations issued pursuant to this section shall be deemed to be the respective general obligations of the county and each of the cities in the same proportion as the percentage of the department's expenses paid by the county and each of the cities pursuant to the formula in effect at the time the obligations are issued.