Given local parcel owners have in essence involuntarily financed IVGID’s acquisition and improvement of its public recreation facilities and the beaches since inception, how do they recoup their investments should the District be dissolved, merged or consolidated? NRS 318.510(1) and 318.510(5) provide the answer. NRS 318.510(1) instructs that:

“If the district is dissolved…all property and all funds remaining in the treasury of any district must be: (a) surrendered and transferred to the county in which the district exists…(b)…If the district is merged…all property and all funds remaining in the treasury of any district must be…transferred to the governmental unit which assumes its obligations and functions…(c)…(And) if the district is consolidated…all property and all funds remaining in the treasury of any district must be…transferred to the consolidated governmental unit.”

In other words, everything must be transferred to the governmental unit which assumes jurisdiction over the former GID unless its former boundaries are not annexed to a city or town within six (6) months from the effective date of the dissolution ordinance. In that circumstance, NRS 318.510(5) instructs that:

Only “if an…area comprising the district or portion thereof is not annexed to a city or town within 6 months from the effective date of the dissolution ordinance…the board of county commissioners…must…pay to the owners of property located within the former district pro rata shares of the money remaining in the treasury of the district, and an amount of money equal to the value of any property which is not used for the benefit of the area formerly comprising the district.”

So now you know!