Section 348A.170 - Augmentation by Director of volume cap for local government1. A local government may apply to the Director for a transfer of any portion of the state ceiling allocated to the Director pursuant to NRS NRS NRS 348A.020, or any augmentation of the Director's allocation. The application must contain such information as the Director may require.2. The Director will augment the volume cap for any local government only for a specific project.3. The Director, upon the advice of the Special Committee, may transfer to a local government a portion of the state ceiling assigned as an allocation to or controlled by the Director, upon such terms and conditions as the Director may determine.4. An allocation made or transferred to a local government by the Director is irrevocable upon the issuance of private activity bonds for the project being financed pursuant thereto to the extent of the principal amount of the bonds so issued. The local government to which the allocation is made or the local agency to which the allocation is transferred for the eventual issuance of private activity bonds may treat all or any portion of the allocation or transfer as a carry forward pursuant to the Code unless the allocation or transfer provides otherwise.Nev. Admin. Code § 348A.170
Added to NAC by Dep't of Commerce, eff. 2-18-88