NAC348A.180. Transfer of volume cap or local population share by local government.

     1. A local government may, by resolution, transfer to any other local government located within the same county, all or any portion of its volume cap or local population share for a specific project. Any portion that is transferred is subject to the provisions of NAC 348A.220 in the same manner as the local population share of the local government receiving the transfer. A copy of the resolution must:

     (a) Be mailed to the Director and the Secretary of the State Board of Finance;

     (b) Identify a representative of the local government with whom the Director may communicate regarding the resolution; and

     (c) Provide a means of contacting the representative.

     2. A local government may transfer to the Director, by resolution, all or any portion of its volume cap or local population share for any specified project or use authorized by the Code for private activity bonds, subject to the Director’s approval. The resolution must identify a representative of the local government with whom the Director may communicate regarding the resolution and must provide a means of contacting that representative.

     3. Any transfer made pursuant to this section may be subject to such terms and conditions as may be established by the local government in its resolution if the resolution requires the beneficiary of the transfer to:

     (a) Notify the Director in writing as soon as practicable of the occurrence or nonoccurrence of any term or condition that would affect the disposition of the subject volume cap;

     (b) Identify a representative of the beneficiary of the transfer with whom the Director may communicate regarding the resolution; and

     (c) Provide a means of contacting that representative.

     4. Any transfer is irrevocable upon the issuance of private activity bonds for the project which is the subject of the transfer to the extent of the principal amount of the bonds so issued.

     5. The local government receiving the transfer may elect to treat all or any portion of the transfer as a carry forward, if permitted by the Code, unless the resolution making the transfer provides otherwise. If the local government receiving the transfer elects to treat all or any portion of the transfer as a carry forward, the local government receiving the transfer shall provide to the Director a copy of the federal tax form filed to evidence its election within 30 days after the form is filed with the Internal Revenue Service.

     (Added to NAC by Dep’t of Commerce, eff. 2-18-88; A by Dep’t of Business & Industry by R038-02, 6-26-2002; R095-05, 10-31-2005)