Nevada § 268.530 - Determinations required of governing body after public hearing; power to refuse to proceed on project; duty to provide sufficient safeguards

§ 268.530. Determinations required of governing body after public hearing; power to refuse to proceed on project; duty to provide sufficient safeguards

1. After holding a public hearing as provided in NRS 268.528 , the governing body shall proceed no further until it: (a) Determines by resolution the total amount of money necessary to be provided by

the city for the acquisition, improvement and equipment of the project; (b) Receives a 5-year operating history from the contemplated lessee, purchaser or

other obligor, or from a parent or other enterprise which guarantees principal and

interest payments on any bonds issued; (c) Receives evidence that the contemplated lessee, purchaser, other obligor or other

enterprise which guarantees principal and interest payments, has received within the

12 months preceding the date of the public hearing a rating within one of the top

four rating categories of either Moody's Investors Service, Inc., or Standard and

Poor's Ratings Services, except that a public utility regulated by the Public Utilities

Commission of Nevada, the obligor with respect to a project described in NRS 268.5385 , a health and care facility or a supplemental facility for a health and care facility

is not required to furnish that evidence; (d) Determines by resolution that the contemplated lessee, purchaser or other obligor

has sufficient financial resources to place the project in operation and to continue

its operation, meeting the obligations of the lease, purchase contract or financing

agreement; and (e) Finds by resolution that the project: (1) Will provide a public benefit; (2) Would be compatible with existing facilities in the area adjacent to the location

of the project; (3) Will encourage the creation of jobs for the residents of this state; (4) Is compatible with the general plan of the city adopted pursuant to chapter 278 of NRS ; and (5) If not exempt from the provisions of subsection 2 of NRS 268.527 , will not compete substantially with an enterprise or organization already established

in the city or the county within which the city is located. 2. The governing body may refuse to proceed with any project even if all the criteria

of subsection 1 are satisfied. If the governing body desires to proceed with any project where any criterion of subsection

1 is not satisfied, it may do so only with the approval of the State Board of Finance.

In requesting the approval, the governing body shall transmit to the State Board of

Finance all evidence received pursuant to subsection 1. 3. If any part of the project or improvements is to be constructed by a lessee or

the lessee’s designee, a purchaser or the purchaser’s designee or an obligor or the

obligor’s designee, the governing body shall provide, or determine that there are

provided, sufficient safeguards to ensure that all money provided by the city will

be expended solely for the purposes of the project.