Nev. Admin. Code § 231.075 - Conditions for disbursement of allocation, grant or loan of money; request for disbursement on prescribed form; approval, denial or modification of request

1. Unless a specific statute or regulation applies to a particular allocation, grant or loan of money or other incentive for economic development, the Office or the Executive Director, as applicable, may not disburse any money from an allocation, grant or loan of money or other incentive for economic development until:

(a) The recipient of the allocation, grant or loan of money or other incentive for economic development and the Executive Director sign the agreement required by NAC 231.070;

(b) The recipient submits a request to draw money from the allocation, grant or loan of money or other incentive for economic development; and

(c) The Executive Director or his or her designee approves the request.

2. The recipient of an allocation, grant or loan of money or other incentive for economic development must make a request to draw money from the allocation, grant, loan or other incentive for economic development on a form prescribed by the Executive Director. The request must include:

(a) The amount of money the recipient wants to draw from the allocation, grant, loan or other incentive for economic development;

(b) The dates on which the recipient wants to draw money from the allocation, grant, loan or other incentive for economic development;

(c) A statement identifying the progress towards completion of the agreement using the objective benchmarks established pursuant to subsection 4 of NAC 231.070 where appropriate; and

(d) Any other information deemed necessary by the Executive Director.

3. The Executive Director must review and either approve, modify or deny a request to draw money from the allocation, grant or loan of money or other incentive for economic development within 15 working days after the date on which the Executive Director receives the request.

4. If the Executive Director approves a request to draw money from the allocation, grant or loan of money or other incentive for economic development, the Executive Director must cause payment to be issued to the recipient of the allocation, grant, loan or other incentive for economic development in the amount requested by the recipient or in the modified amount approved by the Executive Director.

5. If the Executive Director denies or modifies a request to draw money from the allocation, grant or loan of money or other incentive for economic development, the Executive Director must provide the recipient who made the request with a written statement:

(a) Stating the reason for the denial or modification of the request; and

(b) Describing any actions the recipient must take to receive full approval of the request from the Executive Director.

Notes

Nev. Admin. Code § 231.075

Added to NAC by Office of Economic Dev. by R113-16 & R159-16, eff. 6/26/2018

NRS 231.053, 231.152