NAC349.370. Submission of processing fee; sending letter of inducement.

Upon receipt of notice of the Board’s resolution granting final approval for a proposed water project, the Director will, if not already accomplished:

     1. Direct the applicant or obligor to submit a processing fee of not more than 1.75 percent of the principal amount of the total financing for the water project which must be remitted to the Director in the time designated by the Director. The processing fee will be deposited with the State Treasurer for credit to the Fund for Water Projects and will be used to defray the cost of a water project incurred by the Director related to the financing of the water project.

     2. Except for a municipal obligor, send the applicant an inducement letter:

     (a) Stating the intention of the Director to issue bonds to finance the water project subject to the continuing ability of the water project to meet local, state and federal requirements;

     (b) Stating the principal amount of the financing;

     (c) Directing the applicant to submit any supporting documentation as may be required by the Director; and

     (d) Stating the term of the Director’s commitment. The term will be determined on a case by case basis, but in no event will it exceed 1 year. At the expiration of the term, the Director may extend the commitment for a similar term if good cause is shown.

     (Added to NAC by Dep’t of Commerce, eff. 4-22-88; A 11-13-90; 7-6-92)