The proceeds from any obligation issued by a local government that has a term which is more than 1 year must not be used to pay operating expenses, except that:
1. The proceeds of any obligation issued to construct or acquire a facility may be used to pay operating expenses for the period provided in subsection 7 of NRS 350.516.
2. The proceeds of a medium-term obligation issued by a local government with respect to which the Nevada Tax Commission has determined that a severe financial emergency exists pursuant to NRS 354.685 may be used to pay operating expenses with the approval of the Executive Director of the Department of Taxation.
(Added to NRS by 2001, 2318)
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