1. Upon the adoption of a resolution to finance the preservation or restoration of a historic structure, in the manner provided in NRS 350.087, by a municipality, a certified copy thereof must be forwarded to the Executive Director of the Department of Taxation, accompanied by a letter from the Office of Historic Preservation of the State Department of Conservation and Natural Resources certifying that the preservation or restoration conforms to accepted standards for such work. As soon as is practicable, the Executive Director of the Department of Taxation shall, after consideration of the tax structure of the municipality concerned and the probable ability of the municipality to repay the requested financing, approve or disapprove the resolution in writing to the governing board. No such resolution is effective until approved by the Executive Director of the Department of Taxation. The written approval of the Executive Director of the Department of Taxation must be recorded in the minutes of the governing board.

2. If the Executive Director of the Department of Taxation does not approve the financing resolution, the governing board of the municipality may appeal the Executive Director’s decision to the Nevada Tax Commission.

3. As used in this section, “historic structure” means a building, facility or other structure, including, without limitation, a landmark, which is eligible for listing in the State Register of Historic Places under NRS 383.085.

(Added to NRS by 1985, 2178; A 1993, 1570; 1995, 1813; 2001, 939; 2011, 2973; 2019, 972)