Nevada Administrative Code (Last Updated: January 6, 2015)

NAC350.140. Interest.

Latest version.

1. If the money for a medium-term obligation is obtained from an existing fund of a local government, the resolution authorizing the medium-term obligation must specify whether interest will be charged and the rate thereof, if any. If the resolution specifies such a rate of interest, the Executive Director of the Department of Taxation may, in determining whether to approve the resolution pursuant to NRS 350.089, consider whether that rate of interest reasonably reflects current market conditions and the duration of the medium-term obligation.

2. If the resolution does not specify whether interest will be charged on the medium-term obligation, no interest may be charged.

(Added to NAC by Tax Comm’n, eff. 7-9-96; A by Com. on Local Gov’t Finance by R135-10, 12-16-2010)

                    
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