NAC354.8706. Denial or approval of application. [Effective through June 30, 2017.]

     1. The Committee may deny or withhold approval of an application submitted pursuant to NAC 354.870 if it makes any of the following findings:

     (a) The financial viability of the enterprise fund from which the loan or transfer will be made or the local government, as a whole, would be materially harmed by the loan or transfer;

     (b) The governing body of the local government has previously been in noncompliance of any provision of NRS 354.613, 354.6135 or 354.626;

     (c) The governing body of the local government has demonstrated an inability to properly control or manage its finances; or

     (d) The application is based on unlikely assumptions or contains information that is incomplete, inaccurate, unreliable or unverifiable.

     2. Upon written request from the governing body of a local government, the Committee will schedule a hearing on the application at the next meeting of the Committee, but in any event not later than 45 days after receipt of the request by the Committee.

     3. The approval of an application by the Committee will be contingent upon a budget augmentation by the local government pursuant to NAC 354.400 to 354.490, inclusive, and the submission of the following information:

     (a) A description of the source and amount of new revenue to be augmented or the underperforming revenue source that the loan or transfer is intended to replace; and

     (b) A description of how the money from the loan or transfer will be used.

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