USA Statutes : nevada
Title : Title 30 - PUBLIC BORROWING AND OBLIGATIONS
Chapter : CHAPTER 348A - ISSUANCE OF PRIVATE ACTIVITY BONDS
As used in NRS 348A.010 to 348A.040 , inclusive:
1. “Director” means the Director of the Department of Business and
Industry.
2. “Private activity bond” has the meaning ascribed to it in 26
U.S.C. § 141.
3. “State ceiling” has the meaning ascribed to it in 26 U.S.C. §
146(d).
4. “Volume cap” has the meaning ascribed to it in 26 U.S.C. §
146(b) and (c).
(Added to NRS by 1987, 479; A 1993, 1569)
For
the purpose of determining, within the limitations established by 26
U.S.C. § 146, the aggregate face amount of private activity bonds which
may be issued during any calendar year:
1. The volume cap for the Director is, for any calendar year, 50
percent of the state ceiling for that year, subject to augmentation or
diminution in accordance with any regulation adopted pursuant to NRS
348A.040 .
2. The volume cap for any local government in this state is, for
any calendar year, an amount which bears the same ratio to 50 percent of
the state ceiling for that year as the population of that local
government bears to the population of the entire state, subject to
augmentation or diminution in accordance with any regulation adopted
pursuant to NRS 348A.040 .
(Added to NRS by 1987, 479)
The Director or any officer or employee of the State designated in
writing by the Governor or the Director may make the certification
required by 26 U.S.C. § 149(e)(2)(F).
(Added to NRS by 1987, 479)
The Director may adopt such regulations
as are necessary to carry out the provisions of this chapter, including:
1. Procedures by which volume caps may be augmented or diminished
within the state ceiling for any calendar year;
2. Requirements for the timely use or reversion of the volume cap
for any local government; and
3. Provisions by which the Director, any local government or any
agency of this or any other state may share or use any available volume
cap.
(Added to NRS by 1987, 479)
