Financing or refinancing: Assessment on real property; bonds.

1. Except as otherwise provided in this section, a qualified improvement project must be financed or refinanced only through an assessment on the real property that secures the direct financing or refinancing obtained from a capital provider pursuant to a financing agreement. 2. In addition to, but not in lieu of the direct financing or refinancing described in subsection 1, a qualified improvement project may be financed or refinanced through an assessment on the real property to secure bonds issued pursuant to NRS 271.475. Any bonds issued for a qualified improvement project: (a) Shall not constitute the debt or indebtedness of the municipality within the meaning of any provision or limitation of the Constitution of the State of Nevada or statute; (b) Shall not be secured by a pledge of the general credit or taxing power of the municipality or by the surplus and deficiency fund established pursuant to NRS 271.428; and (c) Shall not be used in furtherance of or in support of direct financing or refinancing from a capital provider. (Added to NRS by 2021, 3243)