1. The governing body may apply any revenues to the payment of assessments and in so doing may pledge the revenue to such payment. The revenues must be credited in the proportion which each individual assessment or installment of principal bears to the total of all individual assessments in the assessment to which the revenues are to be credited. The application of revenues must be made pursuant to the provisions set forth in the assessment ordinance. 2. If an individual assessment, or any installment of principal and interest has been paid in cash, the credit must be returned in cash to the person or persons paying the same upon their furnishing satisfactory evidence of payment. Where all or any part of an individual assessment remains unpaid and is payable in installments of principal, the credit must be applied to the installment, and if after the payment of the installment there remains an unused portion of the credit, the unused portion must be applied to the payment of interests, and if after the payment of such principal and interest there remains an unused portion of the credit, the unused portion must be: (a) Except as otherwise provided in paragraph (b), applied to the next ensuing installment or installments of principal and interest; or (b) If the credit is derived from money pledged pursuant to an assessment ordinance adopted in accordance with NRS 271.650 , remitted to the State Controller for distribution in the manner set forth in subsection 2 of NRS 360.850 , until the credit is applied in its entirety.
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