NAC612.613. Determination of baseline bond principal contribution rate.

To determine the baseline bond principal contribution rate, the Administrator will:

     1. Multiply the amount of the bond principal that will be due during the 12-month period beginning on May 1 of the immediately succeeding calendar year and ending on April 30 of the following calendar year by the principal coverage ratio;

     2. Subtract from the result reached pursuant to subsection 1 the greater of:

     (a) Zero; or

     (b) The remainder obtained by subtracting the amount of bond principal that is required to be paid between the date of calculation and April 30 of the immediately succeeding calendar year from the amount of money available to pay that bond principal, including money then held by the State which is available to pay that bond principal and including the Administrator’s estimate of contributions available to pay that bond principal which are expected to be received between the date of calculation and April 30 of the immediately succeeding calendar year to the extent such an estimate is permitted to be taken into account by the trust indenture or other instrument or agreement executed by the State in connection with the bonds, but excluding money in the State’s account in the Unemployment Trust Fund of the United States Treasury; and

     3. Divide the result reached pursuant to subsection 2 by 95 percent of the total estimated taxable wages for the immediately succeeding calendar year.

     (Added to NAC by Employm’t Security Div. by R039-13, eff. 10-4-2013)