Nevada Administrative Code
Chapter 408 - Highways, Roads and Transportation Facilities
INSTALLATION AND RELOCATION OF FACILITIES AND ENCROACHMENTS
Section 408.Sec. 14 - NEW

Universal Citation: NV Admin Code 408.Sec. 14

Current through September 16, 2024

1. To address the unique credit features of a qualified borrower or qualified project and to provide sufficient security to the Bank, the Bank, at the direction of the Board of Directors, may include in a financing agreement requirements for additional covenants, credit enhancements or security, including, without limitation:

(a) A covenant for a debt service reserve fund at the borrower level;

(b) A provision for additional security during the construction or start-up phase of a qualified project; or

(c) Stricter financial covenants for qualified borrowers with limited historical coverage or dependence on a concentrated source of revenues.

2. Staff of the Bank shall discuss the need for the covenants described in this section with the qualified borrower during the underwriting process.

Added to NAC by Dep't of Transportation by R017-22A, eff. 4/19/2022

NRS 408.55071 and 408.55074, as amended by section 17 of Senate Bill No. 430, chapter 553, Statutes of Nevada 2021, at page 3814

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