332.431 - Duty of local governments to report to Legislature. - Nevada Statutes

332.431  Duty of local governments to report to Legislature.

      1.  Each local government that enters into a performance contract pursuant to NRS 332.300 to 332.440, inclusive, shall, on or before February 1 of each year, prepare and submit a report to the Director of the Legislative Counsel Bureau for transmittal to the Legislature if the Legislature is in session, or to the Interim Finance Committee if the Legislature is not in session.

      2.  The report required pursuant to subsection 1 must include, without limitation:

      (a) The status of the construction and financing of the operating cost-savings measures described in the performance contract.

      (b) The cumulative amount of operating cost-savings that have resulted from the operating cost-savings measures.

      (c) The amount of operating cost-savings that are projected for the future.

      (d) Any other information required by the Legislature or Interim Finance Committee.

      (Added to NRS by 2009, 965)

      NRS 332.440  Financial mechanisms to guarantee operational cost savings are realized.  A performance contract must include appropriate financial mechanisms determined to be necessary by the city or county treasurer, as appropriate, to guarantee that operating cost savings are realized by the local government if the actual cost savings do not meet the predicted cost savings.

      (Added to NRS by 2003, 3054)