Nevada Administrative Code
Chapter 408 - Highways, Roads and Transportation Facilities
INSTALLATION AND RELOCATION OF FACILITIES AND ENCROACHMENTS
Section 408.Sec. 20 - NEW

Universal Citation: NV Admin Code 408.Sec. 20

Current through September 16, 2024

1. The Board of Directors may approve an application for a loan or other financial assistance from the Federal Infrastructure Matching Account, which is hereby established in the Nevada State Infrastructure Bank Fund, if, in addition to satisfying the other requirements of this chapter and chapter 408 of NRS:

(a) The loan or other financial assistance will be used solely to finance all or part of the eligible costs of an eligible project;

(b) The federal investment in the project exceeds the amount of the loan or other financial assistance; and

(c) The developer selected for the eligible project demonstrates a long-term commitment to hiring local residents and using apprentices in apprenticeship programs registered with the State Apprenticeship Council.

2. Construction on a qualified project for which all or part of the costs of the qualified project are paid for using a loan or other financial assistance from the Federal Infrastructure Matching Account must be performed under a project labor agreement.

3. Loans and other financial assistance through the Federal Infrastructure Matching Account must not exceed $40 million dollars per applicant unless the Board of Directors determines that lending capacity and other factors, including, without limitation, collateral and credit quality, justify providing a larger loan or other financial assistance.

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

NRS 408.55071

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