Section 319.712 - Prerequisites for submission of project to State Board of Finance for approvalThe 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; and3. Sources of funding for the proposed project have all been identified and are adequate to fund the project to completion.Nev. Admin. Code § 319.712
Added to NAC by Housing Div. by R093-00, eff. 11-20-2000; A by R124-04, 10-4-2004; A by R114-14, eff. 10/27/2015