Nev. Admin. Code § 319.712 - Prerequisites for submission of project to State Board of Finance for approval
The Division shall not submit a project to the State Board of Finance for approval unless the Division determines that:
1. For bonds which will be sold through:
(a) A private placement, the project has a
preliminary commitment for direct purchase of the proposed loan or bonds from a
commercial bank or institutional lender that has been approved by the Division;
or
(b) A public sale, the Division
has received preliminary evidence acceptable to the Division that the bonds
will be assigned a rating of not less than A/A3 or an equivalent rating as
determined by a nationally recognized statistical rating
organization;
2. If
tax-credit equity is to be part of the total financing, the project has a
preliminary commitment or letter of intent from the tax-credit equity investor;
and
3. Sources of funding for the
proposed project have all been identified and are adequate to fund the project
to completion.
Notes
NRS 319.140
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