NRS 280.266 - Issuance of medium-term obligation or entry into lease-purchase agreement to acquire capital equipment; liability for indebtedness upon withdrawal or dissolution.

NV Rev Stat § 280.266 (2019) (N/A)

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1. Upon the adoption of a resolution pursuant to NRS 350.087, the committee may issue a medium-term obligation to purchase capital equipment or enter into a lease-purchase agreement for capital equipment.

2. The committee is not required to comply with the provisions of NRS 350.089 if it enters a lease-purchase agreement for capital equipment.

3. If a participating political subdivision withdraws from the department, the withdrawing political subdivision becomes liable for the proportion of the indebtedness for the medium-term obligations issued pursuant to this section that is attributable to the withdrawing political subdivision based on the percentage of the department’s expenses paid by the withdrawing political subdivision pursuant to the formula in effect at the time the medium-term obligations were issued.

4. Each participating political subdivision at the time of dissolution becomes liable for the proportion of the indebtedness for the medium-term obligations issued pursuant to this section that is attributable to each participating political subdivision based on the percentage of the department’s expenses paid by each participating political subdivision pursuant to the formula in effect at the time the medium-term obligations were issued.

(Added to NRS by 1997, 1296; A 2001, 1660, 2317; 2003, 69)

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