NAC349.350. Review of final plan; resolution of final approval.

     1. Upon receipt of a final plan, if required, the Board shall review the plan. Except for a water project proposed by a municipal obligor, the Board shall determine whether, based on all the records and documents submitted to the Board in connection with the proposed water project:

     (a) The proposed project is feasible from an engineering and legal standpoint and is economically and financially feasible and justified.

     (b) The plan for development of the proposed project is satisfactory.

     (c) The applicant is qualified and responsible.

     (d) There is adequate assurance that the borrower can repay the loan.

     (e) The loan to be made from bond proceeds will be conditioned upon the successful issuance of bonds.

     (f) The proposed water project does not conflict with any regional master plan of any local, state or federal governing authority.

     (g) If revenue bonds are to be issued, the obligor has executed a legally binding statement not to undertake to commit the State and any other political subdivision or municipality thereof other than the obligor to incur any pecuniary liability in connection with the repayment of those bonds.

     (h) A complete statement of the total amount of money necessary to be provided by the Director for financing the proposed water project has been filed with the Board, including any cost to be incurred in financing the project.

     2. If the Board grants final approval of the proposed water project, it shall adopt a resolution giving final approval and setting forth its findings of fact.

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