“Installment-purchase agreement” means an agreement for the purchase of real or personal property by installment or lease or another transaction that is described in NRS 350.800 which:
1. Is required to be counted against any limit upon the debt of a local government pursuant to subsection 1 of NRS 350.800; or
2. Is not required to be counted against any limit upon the debt of a local government and:
(a) Exceeds $100,000 for a local government in a county whose population is 100,000 or more; or
(b) Exceeds $50,000 for a local government in a county whose population is less than 100,000.
The term “installment-purchase agreement” does not include an obligation to pay rent pursuant to a lease which contains no option or right to purchase or which contains only an option or right to purchase the property without any credit towards the purchase price for lease or rental payments.
(Added to NRS by 2001, 2303)
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