268.550 - Lease, sale or financing of project. - Nevada Statutes

268.550  Lease, sale or financing of project.  Prior to the issuance of any bonds authorized by NRS 268.512 to 268.568, inclusive, the city shall lease, sell or finance the project under an agreement conditioned upon completion of the project and providing for payment to the city of such revenues as, upon the basis of such determinations and findings, will be sufficient to:

      1.  Pay the principal of and interest on the bonds issued to finance the project.

      2.  Build up and maintain any reserves deemed advisable by the governing body in connection therewith.

      3.  Pay the costs of maintaining the project in good repair and keeping it properly insured, unless the lease, agreement of sale or financing agreement obligates the lessee, purchaser or obligor to pay for the maintenance and insurance on the project.

      (Added to NRS by 1967, 1756; A 1977, 597)