Nevada

Decision instrument

State debt, exclusive of interest, stops at 2% of assessed value. A contract over that line is void, except for war or for protecting the state’s property and natural resources.

What public act authorizes the borrowing, and where is the purpose and the first-year cost written down? Nevada Constitution, Article 9, Section 3. The law has to name the purpose, levy an annual tax that pays the interest twice a year and the principal within 20 years, and that tax cannot be repealed or reduced until both are paid. As of June 30, 2025, the Controller’s estimate of the limit was $4.444 billion, on an assessed valuation of $222.181 billion. Debt inside the limit was $1.111 billion. Capacity left was $3.333 billion. The limit does not cover debt to protect the state’s property or natural resources, or to obtain the benefit of a federal or interstate project.

Debt statement

No Annual Debt Statement of the New Jersey kind.

What yearly filing states gross debt, deductions, and how close the issuer is to its limit? The State Treasurer’s report for the year ended June 30, 2025, is the debt record used here. The constitutional-limit table in that report is the Controller’s estimate. County dollar rows are not attached.

Debt limit

A county’s general obligation debt stops at 10% of the last assessed valuation. Revenue bonds are outside that count.

What cap binds a county or a city, and is the state's own ceiling a different rule? NRS 244A.059. The 10% also excludes special-assessment bonds, other special-obligation securities, short-term notes payable from the current year’s property tax, and a debt that is not in a note or a bond. Before a municipality incurs general-obligation debt, two-thirds of the county debt-management commission has to approve it. A general-law city, under NRS 266.600, may not have bonds outstanding over 30% of assessed valuation, or other paper, apart from the bonds, over 20%. Some city charters set 15% instead. Assessed value is taxable value times 35%.

Conflict rule

A public officer may not negotiate or sign a contract between the government and the officer, or a business in which the officer has a significant pecuniary interest.

Which ethics statute covers local officers, what counts as an interest, and who is left out? NRS 281A.400. A pecuniary interest is a beneficial or detrimental interest measured in money. The statute does not set a percent of ownership or a dollar amount as the test. The same section bars using the office to get an unwarranted advantage for that business, and using information that is not public to further the interest.

Geography

Sixteen counties, and Carson City.

What is the county-equivalent, and which cities, schools, and authorities must not be pasted onto that row? Carson City is an independent city, not a county. FIPS 32001 through 32031, and 32510. The Department of Taxation’s 2025 indebtedness report lists a debt-limit line for each. Dollar rows in this file stay blank.

Primary money record

Gross general obligation debt: $1.343 billion. Debt inside the 2% limit: $1.111 billion.

Which audited report is the state's own number, and as of what date? State Treasurer, June 30, 2025. The printed gross figure is $1,342,855,000. The Controller’s table prints $1,110,835,000 as the outstanding debt subject to the constitutional limit. Those are different cuts. The report does not print a line that subtracts one from the other. The bonds are legislatively authorized. They are secured by the property-tax revenue dedicated to general-obligation debt, to the extent other money is not available.

Who pays the coupon

In fiscal 2025 the state paid $254.9 million of principal and $61.2 million of interest on general obligation debt.

Which fund, tax, or rate is actually pledged — not which new store might show up later? The Treasurer’s table totals $254,900,000 of principal and $61,194,923 of interest. Property-tax-supported principal was $198,072,000 and interest was $50,052,820. A 17-cent property tax is dedicated to that payment. The Bond Fund reserve, printed as unaudited, was about $338.6 million, which the report calls about 191% of the next year’s debt service on the bonds expected to be paid from property tax, before later 2025 issues. The other principal paid that year was $8.8 million on bonds partly paid from other revenue, $5.1 million on the clean-water fund, $3.8 million on the drinking-water fund, $33.5 million on the municipal bond bank, $4.8 million on the university system, and $835,000 on the Colorado River Commission.

Other obligors

Municipal Bond Bank securities outstanding: $34.3 million. The statutory cap is $1.8 billion. Do not add this to the $1.343 billion.

Which authorities and districts borrow beside the state and must not be added to its total? NRS 350A. The outstanding par under the Act was $34,305,000 on June 30, 2025. Those are state securities issued to buy municipal securities. The Treasurer’s gross general-obligation figure already includes bond-bank bonds. The $34.3 million is the program balance, not a second pile to add. The Colorado River Commission, the university system, and the Department of Business and Industry may issue debt with more autonomy than the Treasurer’s other issues. Clark County’s own bonds are not in the state figure.

Book-entry wall

Cede & Co., at the Depository Trust Company.

Who is the registered owner on ordinary public paper? Series-level confirmation still waits on that official statement. Beneficial owners stay unnamed.