353.2751 - Authorized loans to local governments. - Nevada Statutes

353.2751  Authorized loans to local governments.  Money in the Account may be distributed as a loan to a local government because of a disaster for:

      1.  The payment of expenses incurred by the local government for:

      (a) The repair or replacement of public roads, public streets, bridges, water control facilities, public buildings, public utilities, recreational facilities and parks owned by the local government and damaged by the disaster;

      (b) Any overtime worked by an employee of the local government because of the disaster or any other extraordinary expenses incurred by the local government because of the disaster; and

      (c) Any projects to reduce or prevent the possibility of damage to persons or property from similar disasters in the future; and

      2.  The payment of not more than 50 percent of any grant match the local government must provide to obtain a grant from a federal disaster assistance agency for an eligible project to repair damage caused by the disaster within the jurisdiction of the local government. Before a loan may be distributed to a local government pursuant to this subsection:

      (a) The Interim Finance Committee must make a determination that the local government is currently unable to meet its financial obligations; and

      (b) The local government must execute a loan agreement in which the local government agrees to:

             (1) Use the money only for the purpose of paying the grant match; and

             (2) Repay the entire amount of the loan, without any interest or other charges, to the Account not later than 10 years after the date on which the agreement is executed.

      (Added to NRS by 1997, 2540; A 1999, 3131; 2003, 20th Special Session, 197)