2015 Nevada Revised Statutes
Chapter 309 - Local Improvement Districts
NRS 309.250 - Creation of funds; transfers; duties of district treasurer.

1. The following funds, to which the money properly belonging must be apportioned, are hereby created and established.

(a) Construction fund. Money accruing from the sale of bonds and from any assessments levied for the direct payment of cost of construction, purchase of property, or other undertakings for which bonds may be issued, must be deposited and kept in the construction fund. Whenever all construction work is completed, any money remaining in the construction fund may be transferred to the general fund.

(b) Debt service fund. Money accruing from assessments levied for the payment of interest and principal on bonds must be deposited and kept in the debt service fund. Surplus money in the debt service fund may be placed at interest or invested in bills, notes, certificates of indebtedness, bonds or other similar securities which are direct obligations of the United States or which are unconditionally guaranteed as to payment, both of principal and of interest, by the United States, or in approved interest-bearing securities of other issuers.

(c) General fund. The general fund may be divided into general and operation and maintenance, as the board may direct. All other money, including that realized from assessments, or, as the case may be, from tolls and charges levied or imposed for defraying the organization and current expense of the district, and expenses and cost of the care, operation, maintenance, management, repair and necessary current improvement or replacement of existing works and property, including salaries and wages of officers and employees and other proper incidental expenditures, must be deposited and kept in the general fund or operation and maintenance fund as the board of directors may designate.

2. The board of directors may make temporary transfers from the general fund to the construction fund and from the construction fund to the general fund, but no such transfer may be made from the debt service fund.

3. The treasurer of the district shall receive and receipt for and collect the money accruing to the several funds named in this section and place the money to the credit of the district in the appropriate fund. The treasurer is responsible upon the treasurer’s official bond for the safekeeping and disbursement of the money in the funds. Interest coupons must be paid by the treasurer as provided in this chapter. The board may establish rules and regulations and prescribe the conditions under which the treasurer may make disbursements from the general fund, but no other payments from any of the funds named in this section may be made by the treasurer except upon vouchers signed by the president and secretary, authorized by order of the board. The county treasurer or treasurers who are required by this chapter to collect assessments levied by the district may turn over to the treasurer of the district all money so collected and take his or her receipt therefor. The district treasurer shall report to the board in writing on the first Monday in each month the amount of money in the several funds and the amounts received and paid out in the preceding month, and the treasurer shall make such other report and accounting as the board may require. Such reports must be verified and filed with the secretary of the board.

[23:24:1928; NCL § 3477]—(NRS A 1959, 101; 1965, 740; 1981, 494)