Senate Bill No. 467–Committee on Taxation

 

(On Behalf of the Legislative Committee on Local
Government Taxes and Finance)

 

March 24, 2003

____________

 

Referred to Committee on Taxation

 

SUMMARY—Authorizes special district to pledge revenue received from supplemental city-county relief tax for payment of certain bonds. (BDR 32‑630)

 

FISCAL NOTE:  Effect on Local Government: No.

                           Effect on the State: No.

 

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

 

AN ACT relating to taxation; authorizing a special district to pledge a percentage of revenue received from the supplemental city-county relief tax for the payment of certain bonds issued by the special district; and providing other matters properly relating thereto.

 

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN

SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

 

1-1  Section 1. NRS 377.080 is hereby amended to read as follows:

1-2  377.080  1.  A local government or special district which

1-3  receives revenue pursuant to NRS 360.680, 360.690 and 360.700

1-4  may pledge not more than 15 percent of that revenue to the payment

1-5  of any general obligation bond or revenue bond issued by the local

1-6  government or special district pursuant to chapter 350 of NRS.

1-7  2.  Any revenue pledged pursuant to subsection 1 for the

1-8  payment of a general obligation bond issued by a local government

1-9  or special district pursuant to chapter 350 of NRS shall be deemed

1-10  to be pledged revenue of the project for the purposes of

1-11  NRS 350.020.

1-12      3.  For bonds issued pursuant to this section before July 1,

1-13  1998, by a local government, special district or enterprise district:

2-1  (a) A pledge of 15 percent of the revenue distributed pursuant to

2-2  NRS 360.680, 360.690 and 360.700 is substituted for the pledge of

2-3  15 percent of the revenue distributed pursuant to NRS 377.057, as

2-4  that section existed on January 1, 1997; and

2-5  (b) A local government, special district or enterprise district

2-6  shall increase the percentage specified in paragraph (a) to the extent

2-7  necessary to provide a pledge to those bonds that is equivalent to the

2-8  pledge of 15 percent of the amount that would have been received

2-9  by that local government, special district or enterprise district

2-10  pursuant to NRS 377.057, as that section existed on January 1,

2-11  1997.

2-12      4.  As used in this section, unless the context otherwise

2-13  requires:

2-14      (a) “Enterprise district” has the meaning ascribed to it in

2-15  NRS 360.620.

2-16      (b) “Local government” has the meaning ascribed to it in

2-17  NRS 360.640.

2-18      (c) “Special district” has the meaning ascribed to it in

2-19  NRS 360.650.

2-20      Sec. 2.  This act becomes effective upon passage and approval.

 

2-21  H