543.620 - Levies to cover deficiencies. - Nevada Statutes

543.620  Levies to cover deficiencies.

      1.  The board, in certifying annual levies, shall take into account the maturing general obligation indebtedness for the ensuing year as provided in its contracts, maturing general obligation bonds and interest on such bonds, and deficiencies and defaults of prior years, and shall make ample provision for the payment thereof.

      2.  In case the moneys produced from such levies, together with other revenues of the district, are not sufficient punctually to pay the annual installments on such obligations, and interest thereon, and to pay defaults and deficiencies, the board shall make such additional levies of taxes as may be necessary for such purposes, and, notwithstanding any limitations, such taxes shall be made and continue to be levied until the general obligation indebtedness of the district shall be fully paid.

      (Added to NRS by 1961, 439)