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2011 Nevada Revised Statutes
Chapter 280 - Metropolitan Police Departments
NRS 280.266 - Issuance of medium-term obligation or entry into lease-purchase agreement to acquire capital equipment; liability for indebtedness upon withdrawal or dissolution.

Universal Citation:
NV Rev Stat ยง 280.266 (2011)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.

1. Upon the adoption of a resolution pursuant to NRS 350.087, the committee may issue a medium-term obligation to purchase capital equipment or enter into a lease-purchase agreement for capital equipment.

2. The committee is not required to comply with the provisions of NRS 350.089 if it enters a lease-purchase agreement for capital equipment.

3. If a participating political subdivision withdraws from the department, the withdrawing political subdivision becomes liable for the proportion of the indebtedness for the medium-term obligations issued pursuant to this section that is attributable to the withdrawing political subdivision based on the percentage of the department s expenses paid by the withdrawing political subdivision pursuant to the formula in effect at the time the medium-term obligations were issued.

4. Each participating political subdivision at the time of dissolution becomes liable for the proportion of the indebtedness for the medium-term obligations issued pursuant to this section that is attributable to each participating political subdivision based on the percentage of the department s expenses paid by each participating political subdivision pursuant to the formula in effect at the time the medium-term obligations were issued.

(Added to NRS by 1997, 1296; A 2001, 1660, 2317; 2003, 69)

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