332.370 - Financing and structure of performance contract. - Nevada Statutes

332.370  Financing and structure of performance contract.

      1.  A performance contract may be financed through a person other than the qualified service company.

      2.  A performance contract must be structured to guarantee operating cost savings, which includes, without limitation, the design and installation of equipment, the operation and maintenance, if applicable, of any of the operating cost-savings measures and the guaranteed annual savings which must meet or exceed the total annual contract payments to be made by the local government, including any financing charges to be incurred by the local government over the life of the performance contract. The local government may require that these savings be verified annually or over a sufficient period that demonstrates savings.

      (Added to NRS by 2003, 3052; A 2009, 968)