Section 408.Sec. 19 - NEW1. The Board of Directors may approve an application for a loan or other financial assistance from the Charter School Capital Needs Revolving Account, which is hereby established in the Nevada State Infrastructure Bank Fund, if, in addition to satisfying the requirements of this chapter and chapter 408 of NRS: (a) The loan or other financial assistance will be used solely to finance, or refinance outstanding debt for, all or part of the eligible costs of an eligible project for the development, construction, repair, improvement, maintenance or acquisition of a charter school facility for a new or existing charter school; (b) The loan or other financial assistance will not cause the total principal amount of the loans or other financial assistance from the Account to be used for charter school facilities for new or existing charter schools where the average percentage of pupils who are served by all of those schools and are pupils who are at risk, as defined in NRS 388A.045, is less than 60 percent;(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; and (d) The applicant has provided written authorization for the project from the sponsor of the charter school. 2. Loans and other financial assistance through the Charter School Capital Needs Revolving Account must not exceed $15 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.Nev. Admin. Code § 408.Sec. 19
Added to NAC by Dep't of Transportation by R017-22A, eff. 4/19/2022