Nevada § 231.3731 - Duty of lead participant in qualified project to provide records to verify eligibility for matching funds; repayment of matching funds; revocation or suspension of state business registration of lead participant; material underperformance of project; transfer of facility that ceases to operate or files for bankruptcy protection

§ 231.3731. Duty of lead participant in qualified project to provide records to verify eligibility for matching funds; repayment of matching funds; revocation or suspension of state business registration of lead participant; material underperformance of project; transfer of facility that ceases to operate or files for bankruptcy protection

1. The lead participant of a qualified project shall, upon the request of the Office

of Economic Development, furnish the Office with copies of all records necessary to

verify that the qualified project meets or has met the eligibility requirements for

state matching funds issued pursuant to NRS 231.3711 to 231.3737 , inclusive. 2. The lead participant shall repay to the State Treasurer, as applicable, any portion

of the matching funds to which the lead participant is not entitled if: (a) The participants in the qualified project collectively fail to make the investment

in this State necessary to support the determination by the Office that the project

is a qualified project; (b) The lead participant submits any false statement, representation or certification

in any document submitted for the purpose of obtaining matching funds; (c) The lead participant otherwise becomes ineligible for matching funds after receiving

the matching funds pursuant to NRS 231.3711 to 231.3737 , inclusive; or (d) The lead participant ceases operation within 30 years of having received the last

installment of matching funds pursuant to NRS 231.3711 to 231.3737 , inclusive. 3. The Secretary of State may, upon application by the Executive Director, revoke

or suspend the state business registration of the lead participant in a qualified

project which is required to repay any portion of the matching funds allocated pursuant

to subsection 2. If the state business registration of the lead participant in a qualified project

is suspended or revoked pursuant to this subsection, the Secretary of State shall

provide written notice of the action to the lead participant. The Secretary of State shall not reinstate a state business registration suspended

pursuant to this subsection or issue a new state business registration to the lead

participant whose state business registration has been revoked pursuant to this subsection

unless the Executive Director provides proof satisfactory to the Secretary of State

that the lead participant is in compliance with the requirements of this section governing

repayment. 4. In the event the Executive Director determines that the project is materially underperforming

based on the reports provided by the lead participant pursuant to paragraph (r) of

subsection 3 of NRS 231.3725 , the Executive Director may: (a) Require that the lead participant review, revise and submit any element of the

application submitted pursuant to subsection 3 of NRS 231.3725 ; (b) Request operating recommendations for improvement from the technical advisory

committee created pursuant to paragraph (g) of subsection 4 of NRS 231.3727 ; (c) Request that the lead participant retain a subject matter expert to address the

identified areas of underperformance; or (d) Any combination of paragraphs (a), (b) and (c). 5. In the event the project ceases to operate pursuant to subsection 2 or files for

bankruptcy protection under any chapter of Title 11 of United States Code after having

received matching funds pursuant to NRS 231.3711 to 231.3737 , inclusive, the facility, including the underlying land and any personal property

necessary for the operations of the facility, shall be transferred to the incorporated

city in which any part of the facility exists. If the facility does not exist in an incorporated city, it shall be transferred

to the county in which the facility exists. Such transfer shall be made at no cost to the city or county, and the city or county

may determine, at its sole discretion, whether to operate the facility in whole or

in part or otherwise close, modify or sell the facility and any related assets.