1. The purpose of NRS 354.655 to 354.725, inclusive, is to:
(a) Restore and maintain the financial solvency of any local government in financial distress;
(b) Provide basic functions for which a local government in financial distress is responsible; and
(c) Provide a tiered program of financial oversight and assistance by the State based on the existing financial conditions of a local government, including, without limitation, placing the local government on fiscal watch, providing technical financial assistance to the local government and assisting the local government if it is found to exist in a state of severe financial emergency.
2. To accomplish the purpose set forth in subsection 1, the provisions of NRS 354.655 to 354.725, inclusive, must be broadly and liberally construed.
(Added to NRS by 2001, 1795; A 2005, 1392; 2007, 2882; 2015, 725)