If the voters approved a question that was submitted by a board of trustees of a school district in accordance with subsection 4 of NRS 350.020 for authorization to issue general obligation bonds, regardless of whether such approval occurred more than 10 years before March 4, 2015:

1. Such approval shall be deemed to constitute approval of the qualified electors for the issuance of general obligation bonds by the board of trustees of the school district pursuant to subsection 4 of NRS 350.020 for a period of 10 years commencing on March 4, 2015, if the question was approved by the voters more than 10 years before March 4, 2015, or otherwise commencing on the date of the expiration of the 10-year period approved by the voters in the question, and no other approval of the qualified electors is required for such issuance of general obligation bonds pursuant to the provisions of NRS 350.020 by the board of trustees of the school district for that period.

2. During the 10-year period in which a board of trustees is authorized to issue bonds as provided in subsection 1, all or a portion of the revenue generated by the school district’s property tax for debt service which is in excess of the amount required:

(a) For debt service in the current fiscal year;

(b) For other purposes related to the bonds by the instrument pursuant to which the bonds were issued; and

(c) To maintain the reserve account required pursuant to subsection 5 of NRS 350.020,

may be transferred by the board of trustees to the school district’s fund for capital projects established pursuant to NRS 387.328 and used to pay the cost of capital projects which can lawfully be paid from that fund. Any such transfer must not limit the ability of the school district to issue bonds if the findings and approvals required by subsection 4 of NRS 350.020 are obtained.

(Added to NRS by 2015, 26, 28)