Section 354.290 - Temporary interfund loans: Conditions; interest1. Unless otherwise prohibited by law, the governing body of a local government may make a temporary interfund loan if:(a) The governing body complies with the provisions of NRS 354.6118;(b) Any money for the loan which is obtained from the proceeds from the sale of a bond is used only for the purposes set forth in the bond ordinances;(c) The loan is not made from any debt service fund or from any fund established or maintained as a fund dedicated to the payment of bonded debt and interest;(d) The resolution authorizing the loan specifies whether interest will be charged and the rate thereof, if any;(e) It is agreed in writing that the loan must be repaid within 1 year after the date on which the loan was made;(f) A copy of the resolution authorizing the loan is filed with the Department; and(g) The governing body agrees to notify the Department when the loan has been repaid.2. If the resolution authorizing the making of a temporary interfund loan does not specify whether interest will be charged as required pursuant to paragraph (d) of subsection 1, no interest may be charged.3. As used in this section:(a) "Component unit" means a separate legal entity from a local government whose financial statements must be included in the annual audit of that local government conducted pursuant to NRS 354.624.(b) "Temporary interfund loan" means a loan of money for a term of less than 1 year from a fund to meet an immediate obligation of another fund in advance of receipt by the borrowing fund of sufficient revenues from regular sources, including such a loan from a fund of: (1) A local government to: (I) Another fund of that local government;(II) A fund of a component unit of that local government;(III) A fund of another local government; or(IV) A fund of a component unit of another local government; and(2) A component unit of a local government to: (I) Another fund of that component unit;(II) A fund of another component unit of that local government;(III) A fund of that local government or of another local government; or(IV) A fund of a component unit of another local government.Nev. Admin. Code § 354.290
Added to NAC by Com. on Local Gov't Finance by R135-10, eff. 12-16-2010