Nevada Administrative Code
Chapter 231 - Economic Development and Tourism
OFFICE OF ECONOMIC DEVELOPMENT
Catalyst Account
Section 231.438 - Agreement between sponsoring municipality and business receiving disbursement from Account; accrual of interest to Account if agreement becomes void
Universal Citation: NV Admin Code 231.438
Current through September 16, 2024
1. An agreement entered into by a sponsoring municipality and a business receiving a Catalyst Account disbursement pursuant to paragraph (a) of subsection 1 of NAC 231.435 must provide that:
(a) If the Executive Director determines that a
business is not in compliance with that agreement, the sponsoring municipality
must provide:
(1) Notice to the business of its
intention to void the agreement; and
(2) Thirty days to cure such
noncompliance.
(b) If the
business does not cure its noncompliance within 30 days after receipt of the
notice of the sponsoring municipality's intent to void the agreement, the
agreement must become void.
2. If an agreement entered into by a sponsoring municipality and a business becomes void pursuant to this section, interest must accrue on the amount of the Catalyst Account disbursement to be refunded by the business as of the date on which the period to cure noncompliance with the agreement ends.
Added to NAC by Office of Economic Dev. by R159-16, eff. 6/26/2018
NRS 231.053, 231.1555
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