NRS 349.595 Prerequisites to financing costs related to equipment for project; establishment of guidelines.

234 words·~1 min read·/nv/chapter-349-state-obligations/349-595

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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.