NAC354.8704. Approval of application: Factors for consideration. [Effective through June 30, 2017.]

The Committee will, before approving an application submitted pursuant to NAC 354.870, consider whether:

     1. The governing body of the local government is eligible for approval pursuant to the requirements set forth in NRS 354.6135.

     2. The governing body of the local government has not previously been in noncompliance of any provision of NRS 354.613, 354.6135 or 354.626.

     3. The governing body of the local government has reduced levels of service, caused layoffs or closed any public facility.

     4. Any special revenue fund has experienced a materially adverse condition, including, without limitation:

     (a) A substantial decline in major sources of tax revenue, including, without limitation, property tax or allocations from the Local Government Tax Distribution Account; or

     (b) An inability to repay debt or insufficient cash to meet required payments for payroll, workers’ compensation, payroll taxes or contributions to the Public Employees’ Retirement System in a timely manner.

     5. The financial viability of the enterprise fund from which the loan or transfer will be made would be adversely affected.

     6. The local government has the ability to repay a loan or eliminate a transfer and thereafter continue to maintain its functions and activities.

     (Added to NAC by Com. on Local Gov’t Finance by R082-13, eff. 12-23-2013)