Nevada § 226.790 - Loans: Application required; Executive Director to review applications; required terms of loans; Bank to determine form and content of applications, financing agreements and loan obligations; federal requirements; interest free loan to school districts under certain circumstances

§ 226.790. Loans: Application required; Executive Director to review applications; required terms of loans; Bank to determine form and content of applications, financing agreements and loan obligations; federal requirements; interest free loan to school districts under certain circumstances

1. A qualified borrower that wishes to obtain a loan or other financial assistance

from the Bank to develop, construct, repair, improve, operate, maintain, decommission

or own an eligible project must apply to the Bank in the manner prescribed by the

Bank. 2. The Executive Director shall: (a) Review each application and determine whether the application is for an eligible

project; and (b) At the request of the Board of Directors, submit information to the Board of Directors

concerning any eligible project. 3. The Board of Directors shall, from time to time, designate qualified projects from

among the eligible projects. The Board of Directors may give preference to an eligible project that has demonstrated

local financial support. 4. The Bank may provide a loan and other financial assistance to a qualified borrower

to pay for all or part of the eligible costs of a qualified project. The term of the loan or other financial assistance may not exceed the anticipated

useful life of the qualified project. A loan or other financial assistance may be provided in anticipation of reimbursement

for or direct payment of all or part of the eligible costs of a qualified project. For purposes of this subsection, the anticipated useful life of a K-12 school facility

must not be deemed to be longer than 50 years. 5. The Bank shall determine the form and content of a loan application, financing

agreement or loan obligation, including, without limitation: (a) The period for repayment and the rate or rates of interest on a loan; and (b) Any nonfinancial provisions included in a financing statement or loan obligation,

including, without limitation, terms and conditions relating to the regulation and

supervision of a qualified project. Such form and content must substantially conform with the documents typically used

for such transactions. 6. The terms and conditions set forth in a financing agreement or loan obligation

for a loan or other financial assistance provided by the Bank using money from a federal

account must comply with all applicable federal requirements. 7. If a loan is made to a school district, the Bank may fix the rate of interest of

the loan at 0 percent if the school district demonstrates to the Board of Directors

that the school district has financial constraints that would not allow the school

district to repay a loan with a rate of interest fixed according to the standards

otherwise used by the Bank.