NAC701.690. Loans: Offers; requirements for loan documents; terms; interest rate.

     1. The Director may offer loans according to the priority established by the Director until money available from the Account is fully committed. Each loan offer will have an expiration date determined by the Director. If a qualified applicant who receives a loan offer does not execute the loan documents to the satisfaction of the Director before the expiration date of the loan offer, the qualified applicant may lose his or her opportunity to receive a loan from the Account.

     2. Loans will be documented according to the unique characteristics of each loan. The loan documents for each loan must be:

     (a) Prepared by the Director;

     (b) Approved by the Attorney General; and

     (c) Executed by all parties in a form and manner acceptable to the Director before the Director will make a loan from the Account.

     3. The term of a loan will be determined by the Director but will not exceed 15 years.

     4. The interest rate for all loans will be set by the Director, but will not exceed 3 percent. The Director may offer a lower interest rate to a qualified applicant who is a public entity if the project is located in a disadvantaged community.

     (Added to NAC by Office of Energy by R161-09, eff. 6-30-2010; A by R063-11, 2-15-2012)