NAC348A.240. Application for issuance of bonds; allocation certificate.

     1. An application for the issuance of private activity bonds by the Director must be submitted on a form approved by the Director. Before any private activity bonds are issued, the Director will execute, issue and file with the Office of Business Finance and Planning and the Secretary of the State Board of Finance an allocation certificate in a form approved by the Secretary in the amount of the bonds to be issued for the benefit of the applicant or the sponsor of the project, reserving a portion of the state ceiling for the project for 45 days after the date of the issuance of the certificate.

     2. An allocation certificate issued pursuant to this section may only be extended by the Director, upon the advice of the Special Committee, for a term and under such conditions as he or she determines. An extension will not be granted if it would cause the amount of private activity bonds issued for the calendar year to exceed the state ceiling.

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