1. In addition to the taxes levied pursuant to NRS 428.050 and 428.285 and any tax levied pursuant to NRS 450.425, the board of county commissioners of each county shall levy an ad valorem tax at a rate which must be calculated by:
(a) First multiplying the tax rate of 1.5 cents on each $100 of assessed valuation by the assessed valuation of all taxable property in this State, including new real property, possessory interests and mobile homes, during the next fiscal year.
(b) Then subtracting the amount of unencumbered money in the Fund on May 1 of the current fiscal year.
(c) Then setting the rate so that the revenue from the tax does not exceed the amount resulting from the calculations made in paragraphs (a) and (b).
2. The tax so levied and its proceeds must be excluded in computing the maximum amount of money which the county is permitted to receive from taxes ad valorem and the highest permissible rate of such taxes.
3. The proceeds of this tax must be remitted in the manner provided for in NRS 361.745 to the State Controller for credit to the Fund.
(Added to NRS by 1983, 1942; A 1987, 208; 1989, 1860; 1991, 481; 1993, 2789; 2001, 2926)