2005 Nevada Revised Statutes - Chapter 348A — Issuance of Private Activity Bonds

CHAPTER 348A - ISSUANCE OF PRIVATEACTIVITY BONDS

NRS 348A.010 Definitions.

NRS 348A.020 Determinationof aggregate face amount of bonds.

NRS 348A.030 Directoror designee may make required certification.

NRS 348A.040 Regulations.

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NRS 348A.010 Definitions. As used in NRS348A.010 to 348A.040, inclusive:

1. Director means the Director of the Department ofBusiness and Industry.

2. Private activity bond has the meaning ascribed toit in 26 U.S.C. 141.

3. State ceiling has the meaning ascribed to it in26 U.S.C. 146(d).

4. Volume cap has the meaning ascribed to it in 26U.S.C. 146(b) and (c).

(Added to NRS by 1987, 479; A 1993, 1569)

NRS 348A.020 Determinationof aggregate face amount of bonds. For thepurpose of determining, within the limitations established by 26 U.S.C. 146,the aggregate face amount of private activity bonds which may be issued duringany calendar year:

1. The volume cap for the Director is, for anycalendar year, 50 percent of the state ceiling for that year, subject toaugmentation or diminution in accordance with any regulation adopted pursuantto NRS 348A.040.

2. The volume cap for any local government in thisstate is, for any calendar year, an amount which bears the same ratio to 50percent of the state ceiling for that year as the population of that localgovernment bears to the population of the entire state, subject to augmentationor diminution in accordance with any regulation adopted pursuant to NRS 348A.040.

(Added to NRS by 1987, 479)

NRS 348A.030 Directoror designee may make required certification. TheDirector or any officer or employee of the State designated in writing by theGovernor or the Director may make the certification required by 26 U.S.C. 149(e)(2)(F).

(Added to NRS by 1987, 479)

NRS 348A.040 Regulations. The Director may adopt such regulations as are necessaryto carry out the provisions of this chapter, including:

1. Procedures by which volume caps may be augmented ordiminished within the state ceiling for any calendar year;

2. Requirements for the timely use or reversion of thevolume cap for any local government; and

3. Provisions by which the Director, any localgovernment or any agency of this or any other state may share or use anyavailable volume cap.

(Added to NRS by 1987, 479)