§ 349.595 — Prerequisites to financing costs related to equipment for project; establishment of guidelines

Nevada § 349.595

• Jurisdiction: Nevada
• Title 30: PUBLIC BORROWING AND OBLIGATIONS
• Ch. 349: State

Text

1. Except as otherwise provided in NRS 349.585 , the Director may provide financing for a project pursuant to this section if:
(a) The financing is limited in amount and purpose to the payment of the costs associated with:
(1) The acquisition, refurbishing, replacement and installation of equipment for the project; and
(2) The issuance of bonds pursuant to this section;
(b) The total amount of the bonds issued pursuant to this section for a particular project does not exceed $2,500,000;
(c) The Director determines that the bonds will:
(1) Be sold only to qualified institutional buyers, as defined in Rule 144A of the Securities and Exchange Commission, 17 C.F.R. § 230.144A, in minimum denominations of at least $100,000; or
(2) Receive a rating within one of the top four rating categories of Moody’s Investors Service, Inc., Standard and Poor’s Rating Services or Fitch IBCA, Inc.;
(d) The Director makes the findings set forth in paragraphs (a) to (g), inclusive, of subsection 2 of NRS 349.580 , and the governing body of the city or county where the project is to be located approves the findings of the Director; and
(e) The Director complies with the guidelines established pursuant to subsection 2.
2. The Board shall establish guidelines for the provision of financing for a project pursuant to this section.

Legislative History

(Added to NRS by 1999, 3356 ; A 2011, 3459 )