Nevada Administrative Code
Chapter 348A - Issuance of Private Activity Bonds
Section 348A.220 - Reversion to Director of volume cap for local government

Universal Citation: NV Admin Code 348A.220

Current through September 16, 2024

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 assigned for that calendar year to any local government pursuant to chapter 348A of NRS, and augmented pursuant to this chapter, unless the local government adopts a resolution on or before September 1 of that year indicating that it has used, intends to use or has reserved its entire allocation, or a portion thereof, for a specified project or use for the remainder of that calendar year.

2. Any portion of a local government's volume cap allocated for a calendar year which is not committed to a specified project by September 1, or is not sufficiently identified or adequately described in a resolution adopted by the local government, reverts to the Director.

3. A copy of the resolution required by subsection 1 must:

(a) Identify a representative of the local government with whom the Director may communicate regarding the resolution;

(b) Provide a means of contacting that representative;

(c) Be mailed to the Director and Secretary of the State Board of Finance; and

(d) Be received on or before September 15 of the calendar year to which it applies, or the local government's local population share reverts to the Director.

4. On October 1 of each calendar year, or as soon thereafter as is practicable, the Director will:

(a) File a certificate on a form designated by the Secretary of the State Board of Finance, specifying the local governments affected by the provisions of this section and the amount by which the Director's volume cap is augmented for the remainder of the calendar year;

(b) File a copy of the certificate with the Secretary of the State Board of Finance; and

(c) Post a copy of the certificate on the website of the Office of Business Finance and Planning.

5. If a local government has adopted and mailed a resolution pursuant to the provisions of this section, it shall determine not later than December 1 if the allocation reserved has been, or will be, used by December 31 through the issuance of bonds or used by February 15 of the following year through a carry forward to a subsequent year and shall immediately certify in writing to the Director the amount of the reserved allocation which will be used.

6. If the local government fails to certify on or before December 1 that any portion of a reserved allocation will be used or if the Director does not receive written certification by December 10, the unused portion of the reserved allocation reverts to the Director. As soon thereafter as is practicable, the Director will:

(a) File a certificate in the form and manner provided in subsection 4;

(b) Mail a copy of the certificate to the representative of the local government;

(c) File a copy of the certificate with the Secretary of the State Board of Finance; and

(d) Post a copy of the certificate on the website of the Office of Business Finance and Planning.

Added to NAC by Dep't of Commerce, eff. 2-18-88; A by Dep't of Business & Industry by R038-02, 6-26-2002; R095-05, 10-31-2005

NRS 348A.040

Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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