The legislative body of any community may abolish the redevelopment revolving fund whenever it finds that the purposes for which it was established have been accomplished. At the time of abolishing the fund, the legislative body shall transfer all money in it to the general obligation bond redemption fund and provide that all money thereafter to be deposited or redeposited in the redevelopment revolving fund shall be deposited in the general obligation bond redemption fund. Any surplus existing in the general obligation bond redemption fund after payment of principal and interest shall be transferred to the general fund of the community.
NRS 279.632
Abolition of revolving fund; transfer of money
Known as the Community Redevelopment Law
The act spans §§ 279–279 (157 sections).
(Added to NRS by 1959, 667)
Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.