Nevada § 231.3729 - Approval of application for certificate of eligibility; amount of matching funds; payment of costs of development and construction of qualified project; trust agreement

§ 231.3729. Approval of application for certificate of eligibility; amount of matching funds; payment of costs of development and construction of qualified project; trust agreement

1. If the Office of Economic Development approves an application for a certificate

of eligibility for matching funds submitted pursuant to paragraph (a) of subsection

2 of NRS 231.3725 , the Office shall immediately forward a copy of the certificate of eligibility which

identifies the amount of the award to: (a) The lead participant in the qualified project; (b) The Director of the Legislative Counsel Bureau; (c) The Chief of the Budget Division of the Office of Finance in the Office of the

Governor; and (d) The State Treasurer. 2. A qualified project may be approved for a certificate of eligibility for matching

funds pursuant to subsection 1 in an amount not to exceed $100,000,000. 3. Except as otherwise provided in NRS 231.3711 to 231.3737 , inclusive, the contribution from the matching funds awarded to the qualified project

pursuant to subsection 1 must be proportional in terms of amount, contemporaneous

in terms of timing and similar in terms of risk profile to the contribution to the

cost of the development and construction of the qualified project by the lead participant,

and: (a) The lead participant shall pay the initial $25,000,000 of the costs of the development

and construction of the qualified project. (b) Payments after the initial payment required by paragraph (a) must be pro rata,

based on the percentage of the total cost of the qualified project described in paragraph

(c) of subsection 3 of NRS 231.3725 to be paid from approved matching funds and those to be paid by all other sources

of project funding as set forth in an application approved by the Office pursuant

to NRS 231.3725 , except that such pro rata allocation must be adjusted such that the matching funds

are used to pay the last $10,000,000 in project costs. (c) The procedure for making monthly draws for the cost of the qualified project will

be delineated in a trust agreement to be entered into by the Office and the lead participant,

which will ensure that no money derived from the matching funds awarded pursuant to

subsection 1 are expended unless money of the lead participant is previously or simultaneously

expended, except for the initial payment described in paragraph (a) and the last payment

described in paragraph (b).