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.