Statute 277 075

A borrowing local government may not borrow money from an issuer or become obligated on a lease or agreement for an installment purchase for a facility financed by revenue securities unless the borrowing local government: 1. Has the authority to borrow money or enter into a lease or agreement for an installment purchase for the facility being financed with the revenue securities; and 2. Has followed the procedure required by law to borrow money or enter into a lease or an agreement for an installment purchase. (Added to NRS by 1987, 1621)