NAC231.125. Agreement with Office.

     1. If the Office approves an application for a grant to assist a project of economic diversification in a county with an economy subject to dramatic fluctuations because of a dependence on mining, the entity receiving the grant must enter into an agreement with the Office. The agreement must specify:

     (a) The amount of the grant;

     (b) The proper use of the money obtained from the grant;

     (c) The date on which the Office approved the grant;

     (d) The specific benchmarks of performance by which the Office and the recipient of the grant will measure the progress of the project;

     (e) A requirement that the recipient of the grant report to the Office on a quarterly basis and that the report include a statement of:

          (1) The specific benchmarks of performance mentioned in paragraph (d);

          (2) The progress that the recipient of the grant has made toward the completion of the specific benchmarks of performance;

          (3) The expected dates by which the recipient of the grant will complete the specific benchmarks of performance; and

          (4) The amount of money the recipient expects to draw from the grant and the dates on which the recipient of the grant expects to draw money from the grant;

     (f) The right of the Office or its designee to review any document which the Office or its designee determines is necessary for the appropriate fiscal oversight of the project; and

     (g) The date on which the grant will end.

     2. The Executive Director and the Office of the Attorney General shall review the form of the agreement entered into by the Office and the recipient of the grant pursuant to subsection 1. No agreement will take effect unless the Executive Director and the Office of the Attorney General approve the form of the agreement.

     (Added to NAC by Comm’n on Econ. Development by R047-06, eff. 6-28-2006)