293B.124 - Lease of mechanical recording devices by counties with option to purchase: Contents of agreement; deposit of rental payments. - Nevada Statutes

293B.124  Lease of mechanical recording devices by counties with option to purchase: Contents of agreement; deposit of rental payments.

      1.  The Secretary of State and each participating county shall enter a written agreement designated as “Lease of Equipment with Option to Purchase.” Each agreement must provide in substance:

      (a) That the systems particularly described in the agreement are leased by the State, as lessor, to the county, as lessee, for a term of 2 years from the date of the agreement, with an exclusive option in the lessee to extend the term for like periods of 2 years at a time, for an agreed maximum term not exceeding 20 years after the date of the agreement.

      (b) That the lessee will maintain and insure the systems for the original term and each succeeding agreed term.

      (c) That the aggregate of rental payments provided for under the maximum term of the lease agreement must equal the aggregate of the purchase price of the mechanical recording devices covered by the agreement, together with all interest, shipping, installation and other costs paid or agreed to be paid by the State. Upon payment of the latter aggregate sum by any lessee to the State, the State shall forthwith convey to that lessee legal title to the systems covered by the paid agreement.

      2.  The Secretary of State shall promptly transmit all rental payments received under all such agreements to the State General Fund.

      (Added to NRS by 1979, 497; A 1987, 713)