1. Upon merger, the title to and possession of all personal property which is: (a) Owned or held by, or in trust for, any of the participating political subdivisions, or by their officers or agencies in trust for public use; and (b) Exclusively devoted at the time of merger to the purposes of law enforcement, shall be vested in and transferred to the department. 2. Property which is required to be transferred under the provisions of this section must be inventoried and appraised before the transfer in a manner which satisfies the accounting requirements of each participating political subdivision, in order that values may be determined as of the date of transfer. 3. The department shall hold title to all personal property it acquires after the time of merger. 4. To acquire personal property, the department may, upon the approval of the committee and by the unanimous vote of the members of the governing body of each participating political subdivision, issue negotiable notes in the amount of the purchase price thereof, which: (a) Mature not later than 5 years from the date of issuance; and (b) Bear interest at a rate not to exceed 12 percent per annum. 5. Each participating political subdivision shall provide in its annual budget for the payment of the principal and interest on the negotiable notes according to the funding apportionment plan established pursuant to NRS 280.201 for the fiscal year in which the negotiable notes were issued. 6. If the withdrawal of a participating political subdivision from the department is approved pursuant to NRS 280.126 , any personal property held by, for the use and benefit of or in trust for the department must be immediately inventoried and appraised. The withdrawing political subdivision is entitled to receive, on the effective date of the withdrawal, its share of the value of the personal property, in cash or in kind, or both, or in such other manner as determined by the committee, based upon the average of: (a) The proportion that its total contribution of personal property to the department bears to the total contributions of personal property of all participating political subdivisions since the time of merger; and (b) The proportion that its total budgetary contribution to the department bears to the total budgetary contributions of all participating political subdivisions since the time of merger. 7. If the dissolution of the department is approved pursuant to NRS 280.126 , any personal property held by, for the use and benefit of, or in trust for the department must be immediately inventoried and appraised. Each participating political subdivision at the time of dissolution is entitled to receive, on the effective date of the dissolution, its share of the value of the personal property, in cash or in kind, or both, based upon the average of: (a) The proportion that its total contribution of personal property to the department bears to the total contributions of personal property of all participating political subdivisions to the department since the effective date of the merger; and (b) The proportion that its total budgetary contribution to the department bears to the total budgetary contributions of all participating political subdivisions to the department since the effective date of the merger. 8. Upon the effective date of the withdrawal from the department, a withdrawing political subdivision becomes obligated for the payment of its share of the unpaid balance of any negotiable note issued by the department pursuant to subsection 4, determined in accordance with the funding apportionment plan established pursuant to NRS 280.201 for the fiscal year in which the negotiable note was issued. The department, becomes obligated for the payment of the remainder of the unpaid balance. 9. Upon the effective date of the dissolution of the department, each participating political subdivision at the time of dissolution becomes obligated for the payment of its share of the unpaid balance of any negotiable note issued by the department pursuant to subsection 4 in the proportion that its total budgetary contribution to the department during the fiscal year or years in which the personal property was acquired bears to the total budgetary contributions of all participating political subdivisions to the department during that period.
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