NAC349.205. General considerations: Effect on existing rights; development of resources in State; expected cost; severability of commitments for loans.

     1. Any proposed water project submitted by an applicant or obligor, other than a municipal obligor, to the Board for its review must not adversely affect or impair existing water rights.

     2. Except as otherwise provided in NAC 349.420 and 349.425, the proposed water project must contribute to the optimum development of water resources within the State and must be supported by reliable and persuasive evidence which demonstrates that:

     (a) The project would promote the public interests of the State by achieving the objectives set forth in NAC 349.200 and one or more of the priorities set forth in NAC 349.210; and

     (b) If the project requires the appropriation or transfer of water rights, the applicant can put the water to beneficial use within a reasonable time or that the applicant has entered into operating agreements with entities which can put the water to beneficial use within a reasonable time.

     3. Any application submitted pursuant to NAC 349.100 to 349.415, inclusive, must clearly identify the expected cost of the proposed water project, including the principal amount of any loan, which may include the obligor’s pro rata share of the cost of the bond sale and related costs, such as escrow and closing fees, premiums for title insurance, recording fees, attorney’s fees and fees for special services. All items of cost to be added to the principal amount of each loan must be itemized and added to the total of the loan requested before the sale of bonds takes place.

     4. Each loan commitment for a water project must be considered a separate action and the subject of its own separate application. Each application must be judged pursuant to the procedures set forth in NAC 349.100 to 349.425, inclusive, and the process for review and evaluation established by the Board and the Director. Each application must be approved or disapproved on its own merits.

     (Added to NAC by Dep’t of Commerce, eff. 4-22-88; A 11-13-90)