349.590 - Additional prerequisites to financing project. - Nevada Statutes

349.590  Additional prerequisites to financing project.  Except as otherwise provided in NRS 349.640, before financing a project pursuant to subsection 2 of NRS 349.580, the Director and the Board must also:

      1.  Determine the total amount of money necessary to be provided by the Director for financing the project.

      2.  Except as otherwise provided in this subsection, receive a 5-year operating history from the contemplated lessee, purchaser or other obligor or from any other enterprise that will make or guarantee the payment of the principal, premium, if any, and interest on any bonds issued. An operating history is not required if the bonds:

      (a) Are to be sold only to qualified institutional buyers, as defined in Rule 144A of the Securities and Exchange Commission, 17 C.F.R. § 230.144A, in minimum denominations of at least $100,000; or

      (b) Will receive a rating within one of the top four rating categories of Moody’s Investors Service, Inc., Standard and Poor’s Rating Services or Fitch IBCA, Inc.

      3.  Consider whether the contemplated lessee, purchaser, other obligor or other enterprise that will make or guarantee the payment of the principal, premium, if any, and interest on any bonds issued has received within the 12 months preceding the date of the findings of the Director, or then has or has not in effect, a rating within one of the top four rating categories of Moody’s Investors Service, Inc., Standard and Poor’s Ratings Services or Fitch IBCA, Inc.

      4.  Identify any existing facilities of a like nature within the county or city in which the project will be located and consider the applicability of paragraph (b) of subsection 1 of NRS 349.565.

      5.  Consider the extent to which the project is affected by any federal, state or local governmental action, activity, program or development.

      6.  Consider whether the lessee, purchaser, other obligor or other enterprise of the project has maintained facilities appropriate to the community in this state for 10 years or longer.

      (Added to NRS by 1981, 1628; A 1997, 1610; 1999, 3359)