“Operation and maintenance expenses”: Exclusions from definition.

NRS 396.826 “Operation and maintenance expenses”: Exclusions from definition. The term “operation and maintenance expenses” does not include: 1. Any allowance for depreciation, except as otherwise provided in subsection 7 of NRS 396.825; 2. Any costs of reconstruction, improvements, extensions or betterments; 3. Any accumulation of reserves for capital replacements; 4. Any reserves for operation, maintenance or repair of any facilities; 5. Any allowance for the redemption of any bond or other security evidencing a loan or other obligation or the payment of any interest thereon; 6. Any liabilities incurred in the acquisition or improvement of any properties comprising any project or any existing facilities, or any combination thereof; and 7. Any other ground of legal liability not based on contract. (Added to NRS by 1967, 5)