NAC612.615. Determination of baseline bond interest and expenses contribution rate.  


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  •      1. To determine the baseline bond interest and expenses contribution rate, the Administrator will:

         (a) Multiply the amount of the bond interest and other bond obligations 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 interest coverage ratio;

         (b) Subtract from the result reached pursuant to paragraph (a) the greater of:

              (1) Zero; or

              (2) The remainder obtained by subtracting the amount of bond interest and other bond obligations that are required to be paid between the date of calculation and April 30 of the immediately succeeding calendar year from the amount of money then held by the State which is available to pay that bond interest and those other bond obligations; and

         (c) Divide the result reached pursuant to paragraph (b) by 95 percent of the total estimated taxable wages for the immediately succeeding calendar year.

         2. As used in this section, “bond interest and other bond obligations” means the premium and interest payable on a bond, together with any amount owed under a related credit agreement or under any instrument or agreement in connection with the bonds, and bond administrative expenses. The term does not include the bond principal.

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