NAC319.574. “General Reserve Trust” defined.

Latest version.

“General Reserve Trust” means the Trust created by the Division for the benefit of the Division and the owners of designated bonds and to:

     1. Provide money to pay the costs incurred in creating, developing, maintaining or carrying out projects;

     2. Pay, upon the approval of the Administrator, the principal or interest or redemption premium, if any, on designated bonds specified by the Division if no other money is available for those payments;

     3. Provide money for the general operating expenses of the Division; and

     4. Provide money for loans, grants, services and commitments for loans, grants and services from the Division that assist the Division in exercising its powers and carrying out its duties and objectives as set forth in chapter 319 of NRS.

(Added to NAC by Housing Div., eff. 4-13-88; A by R140-01, 8-2-2002; R124-04, 10-4-2004, eff. 7-1-2009)

                    
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