Nevada Administrative Code

NAC 348A.050 “Director” defined. (NRS 348A.040) “Director” means the Director of the Department. (Added to NAC by Dep’t of Commerce, eff. 2-18-88)

NAC 348A.060 “Local agency” defined. (NRS 348A.040) “Local agency” means any political subdivision of the State or of a local government authorized to issue private activity bonds. (Added to NAC by Dep’t of Commerce, eff. 2-18-88)

NAC 348A.070 “Local government” defined. (NRS 348A.040) “Local government” means any county or incorporated city in this State. The term includes Carson City. (Added to NAC by Dep’t of Commerce, eff. 2-18-88)

NAC 348A.080 “Local population share” defined. (NRS 348A.040) “Local population share” means: 1. For each incorporated city and Carson City, a percentage calculated for each calendar year by dividing the most recent state estimate of the population of the city by the most recent …

NAC 348A.085 “Office of Business Finance and Planning” defined. (NRS 348A.040) “Office of Business Finance and Planning” means the Office of Business Finance and Planning created in the Department pursuant to NRS 232.522. (Added to NAC by Dep’t of Business & Industry by R095-05, …

NAC 348A.090 “Private activity bond” defined. (NRS 348A.040) “Private activity bond” has the meaning ascribed to it in 26 U.S.C. § 141. (Added to NAC by Dep’t of Commerce, eff. 2-18-88)

NAC 348A.100 “Project” defined. (NRS 348A.040) “Project” means any construction, planned expenditure, program or other activity intended to be financed by a private activity bond which is described in sufficient detail to determine eligibility for financing. (Added to NAC by Dep’…

NAC 348A.110 “Special Committee” defined. (NRS 348A.040) “Special Committee” means the Special Committee to Provide Advice on Private Activity Bonds created pursuant to NAC 348A.280. (Added to NAC by Dep’t of Commerce, eff. 2-18-88)

NAC 348A.120 “State agency” defined. (NRS 348A.040) “State agency” means the Department, any division thereof or any other entity authorized to issue private activity bonds in the name of the State of Nevada or any agency of the State. (Added to NAC by Dep’t of Commerce, eff. 2-1…

NAC 348A.130 “State ceiling” defined. (NRS 348A.040) “State ceiling” has the meaning ascribed to it in 26 U.S.C. § 146(d). (Added to NAC by Dep’t of Commerce, eff. 2-18-88)

NAC 348A.140 “State estimate of the population” defined. (NRS 348A.040) “State estimate of the population” means the estimate of the population of the State and its subdivisions published by the Department of Taxation and certified by the Governor pursuant to NRS 360.285. (Added …

NAC 348A.150 “Volume cap” defined. (NRS 348A.040) “Volume cap” has the meaning ascribed to it in 26 U.S.C. § 146(b) and (c). (Added to NAC by Dep’t of Commerce, eff. 2-18-88)

NAC 348A.160 Determination of volume cap for local government. (NRS 348A.040) The local population share of a local government in this State will be used to determine the volume cap for that government at the beginning of each calendar year, pursuant to NRS 348A.020. (Added to NA…

NAC 348A.165 Reports to Office of Business Finance and Planning; consideration of whether local government or local agency has abandoned any of its volume cap. (NRS 348A.040) 1. Each local government or local agency which, on or before December 31 of any year, has indicated, thro…

NAC 348A.170 Augmentation by Director of volume cap for local government. (NRS 348A.040) 1. A local government may apply to the Director for a transfer of any portion of the state ceiling allocated to the Director pursuant to NRS 348A.020, or any augmentation of the Director’s al…

NAC 348A.180 Transfer of volume cap or local population share by local government. (NRS 348A.040) 1. A local government may, by resolution, transfer to any other local government located within the same county, all or any portion of its volume cap or local population share for a …

NAC 348A.190 Project by local agency without local population share. (NRS 348A.040) 1. A local agency which does not have a local population share of the state ceiling shall apply to the local government in which the project to be financed is located for use of the local governme…

NAC 348A.200 Priority for local government that transfers volume cap. (NRS 348A.040) The Director will give priority to the issuance of private activity bonds by or on behalf of a local government, in an amount which does not exceed the amount of the volume cap transferred to the…

NAC 348A.210 Consent required for certain augmentations and transfers. (NRS 348A.040) No augmentation of the volume cap for or transfer made to a local government pursuant to NAC 348A.170 and 348A.180 may be transferred by the initial recipient to any other local government, stat…

NAC 348A.220 Reversion to Director of volume cap for local government. (NRS 348A.040) 1. After September 1 of any calendar year, the volume cap for the Director will, for the remainder of that calendar year, be augmented by an amount equal to any unused portion of the volume cap …

NAC 348A.230 Transfer of volume cap or state ceiling by Director. (NRS 348A.040) 1. An agency of this State or the agency of any other state which has the authority to issue private activity bonds may apply to the Director for a transfer of a portion of the Director’s volume cap …

NAC 348A.240 Application for issuance of bonds; allocation certificate. (NRS 348A.040) 1. An application for the issuance of private activity bonds by the Director must be submitted on a form approved by the Director. Before any private activity bonds are issued, the Director wil…

NAC 348A.250 Director: Determination of state ceiling; notification of local government; posting of information. (NRS 348A.040) The Director will, at the beginning of each calendar year: 1. Determine the state ceiling for that year, based upon the state estimate of the population…

NAC 348A.260 Certificates: Issuance of bonds; transfer of volume cap. (NRS 348A.040) 1. The Director, any state agency, any local government and any local agency which issues private activity bonds subject to the limitations established in the Code shall file a certificate with t…

NAC 348A.270 Certificates: Official record; duties of Director. (NRS 348A.040) The official record of all certificates filed pursuant to NAC 348A.260 must be maintained in the Office of Business Finance and Planning. The Director will: 1. File a copy of each certificate executed …

NAC 348A.280 Special Committee to Provide Advice on Private Activity Bonds. [Effective through June 30, 2012.] (NRS 348A.040) 1. The Special Committee to Provide Advice on Private Activity Bonds is hereby created, consisting of the following members: (a) The Director, who will ac…

NAC 348A.290 Requests for clarification, relief or information. (NRS 348A.040) Any person who wishes: 1. A clarification of the application of the provisions of this chapter; 2. Relief from the strict application of any provision of this chapter; or 3. Information concerning the …

NAC 348A.300 Fee for allocation of portion of state ceiling. (NRS 348A.040) 1. If a portion of the state ceiling for private activity bonds allocated to or controlled by the Director is assigned, transferred or committed to a recipient or an allocation certificate is issued by th…

NAC 349.010 Definitions. (NRS 349.630) As used in NAC 349.010 to 349.080, inclusive, unless the context otherwise requires, the words and terms defined in NAC 349.012 to 349.019, inclusive, have the meanings ascribed to them in those sections. [Dep’t of Commerce, Industrial Devel…

NAC 349.012 “Bond facilitator” defined. (NRS 349.630) “Bond facilitator” means a person or business entity with special education or experience in the financing of revenue bonds that is hired to provide any or all of the following services: 1. Consultation with applicants or pros…

NAC 349.013 “Bonds” defined. (NRS 349.630) “Bonds” has the meaning ascribed to it in NRS 349.420. (Added to NAC by Dep’t of Business & Industry by R039-02, eff. 6-26-2002)

NAC 349.014 “Department” defined. (NRS 349.630) “Department” means the Department of Business and Industry. (Added to NAC by Dep’t of Business & Industry by R039-02, eff. 6-26-2002)

NAC 349.015 “Director” defined. (NRS 349.630) “Director” means the Director of the Department. (Added to NAC by Dep’t of Business & Industry by R039-02, eff. 6-26-2002)

NAC 349.016 “Finance” and “financing” defined. (NRS 349.630) “Finance” or “financing” has the meaning ascribed to it in NRS 349.460. (Added to NAC by Dep’t of Business & Industry by R039-02, eff. 6-26-2002)

NAC 349.018 “Obligor” defined. (NRS 349.630) “Obligor” has the meaning ascribed to it in NRS 349.500. (Added to NAC by Dep’t of Business & Industry by R039-02, eff. 6-26-2002)

NAC 349.019 “Project” defined. (NRS 349.630) “Project” has the meaning ascribed to it in NRS 349.510. (Added to NAC by Dep’t of Business & Industry by R039-02, eff. 6-26-2002)

NAC 349.020 Purpose and objectives. (NRS 349.630) The provisions of NAC 349.010 to 349.080, inclusive, are established to effectuate and will be applied so as to accomplish the general purposes of chapter 349 of NRS and the specific objectives of NRS 349.560. [Dep’t of Commerce, …

NAC 349.025 Issuance of bonds. (NRS 349.630) Any bonds issued pursuant to NAC 349.010 to 349.080, inclusive, must: 1. Be at the lowest cost of capital to the obligor, as measured by a standard true interest cost calculation; 2. Have an interest rate commensurate with the level of…

NAC 349.030 Financing. (NRS 349.630) The Department will finance: 1. Construction loans for the interim financing of the new construction, improvement, rehabilitation or redevelopment of a project. 2. Loans for the permanent financing of projects, including their acquisition. [De…

NAC 349.033 Bond facilitators: Availability of, application and conditions for placement on, and removal from list of approved bond facilitators; authority. (NRS 349.630) 1. The Director may maintain and make available a list of approved bond facilitators to applicants and prospe…

NAC 349.036 Bond facilitators: Duties. (NRS 349.630) An approved bond facilitator shall inform: 1. The applicant or prospective applicant, at the earliest time practicable, that the decision to use the services of a bond facilitator is solely that of the applicant or prospective …

NAC 349.040 Application for financing: Contents and form; fees; deposit; reimbursement of costs of Department; action by Director. (NRS 232.520, 349.630) 1. The application must include, but is not limited to: (a) A description of the purpose, objective and function of the propos…

NAC 349.045 Requirements for bonds. (NRS 349.630) 1. Bonds issued pursuant to NAC 349.010 to 349.080, inclusive, whether tax-exempt or taxable: (a) If the amount of the requested bonds is $5,000,000 or more, must have a credit enhancement and be sold into the public bond market; …

NAC 349.048 Duties of Director: Determinations of ratio of taxable to tax-exempt bonds; selection of investment banking companies and financial institutions for financing. (NRS 349.630) The Director will: 1. Determine the ratio of taxable to tax-exempt bonds that a project may re…

NAC 349.050 Authorized investments. (NRS 349.630) The obligor will direct the trustee, if any, of the applicable bond issue, to invest and reinvest the proceeds from the sale of the bonds, subject to the bond certificate, indenture or resolution, in any of the investments listed …

NAC 349.070 Examination of books and records. (NRS 349.630) The obligor’s books, accounts and other records pertaining to the project must be open to inspection by representatives of the Department during regular business hours. The Department will conduct such examinations of th…

NAC 349.080 Requests for clarification, relief or information. (NRS 349.630) Any person desiring clarification of NAC 349.010 to 349.080, inclusive, relief from the strict application of any of the terms of those sections or information concerning procedures for dealing with the …