Section 408.Sec. 5.1 - NEW1. A qualified borrower who wishes to receive a loan or other financial assistance from the Bank must submit an application to the Bank in the form prescribed by the Board of Directors.2. An applicant for a loan or other financial assistance from the Bank must include in the application an explanation of the potential environmental impacts of the qualified project and demonstrate in the application for the loan or other financial assistance that construction of the eligible project may feasibly be completed not later than 3 years after the Board of Directors approves the application. For the purposes of this section, it is feasible for an eligible project to be completed not later than 3 years after the Board of Directors approves the application if, not later than 3 years after such approval: (a) For a loan or other financial assistance from an account established by section 19, 20 or 21 of this regulation, the portion of the eligible project for which the Bank provides a loan or other financial assistance will satisfy the standards for completeness or ability to begin operation set forth in the contract for the construction of the project; or(b) For a loan or other financial assistance from the Affordable Housing Revolving Account established by section 18 of this regulation, the qualified borrower will have received the certificate of occupancy for the portion of the eligible project for which the Bank provides a loan or other financial assistance.3. To demonstrate that an eligible project may feasibly be completed not later than 3 years after the Board of Directors approves the application as required pursuant to subsection 2, the applicant must: (a) Provide evidence that the applicant has applied for all permits or approvals necessary for construction of the project.(b) Identify a source of revenue to repay the Bank that is acceptable to the Board of Directors. Forms of revenue which the Board of Directors may deem to be acceptable include: (1) Revenue from a water or sewer enterprise or special fund if the qualified project will be part of a revenue-producing water or sewer system.(2) Revenue from other enterprise or special funds if the qualified project will be part of a revenue-producing enterprise, including, without limitation, a port, airport, solid waste system, bridge, toll or parking facility.(3) Payments on a lease of the assets of an applicant that are used to secure the loan or other financial assistance.(4) Assessments or taxes levied on the projects located in the jurisdiction of the applicant.(6) Other sources of revenue, including, without limitation, tax increment financing, housing revenue, rental payments and state or local funds that are provided to operators of charter schools.(7) Other sources of repayment or alternative financing structures acceptable to the Board of Directors.(c) Identify all sources of funding for the project and demonstrate that the applicant has obtained commitments to provide such financing that are acceptable to the Board of Directors.(d) Provide such other information as the Board of Directors may require to demonstrate that it is feasible for the qualified project to be completed not later than 3 years after the Board of Directors approves the application.Nev. Admin. Code § 408.Sec. 5.1
Added to NAC by Dep't of Transportation by R017-22A, eff. 4/19/2022NRS 408.55071 and 408.55074, as amended by section 17 of Senate Bill No. 430, chapter 553, Statutes of Nevada 2021, at page 3814