Limitations on use of money; compliance with federal law.
1. Except as otherwise provided in NRS 445A.145, money in the Account may be used only to:
(a) Make loans at or below the market rate to municipalities or interstate agencies for the construction of treatment works and the implementation of pollution control projects.
(b) Buy or refinance at or below the market rate the debt obligations of municipalities or interstate agencies if:
(1) The project for which the obligations were incurred meets the requirements of 33 U.S.C. §§ 1251 et seq.; and
(2) The debt obligations were incurred and construction of the project began after March 7, 1985.
(c) Guarantee or purchase insurance for local obligations if such action would improve access to the credit markets or reduce the rate of interest.
(d) Secure the sale of bonds issued by the State if the net proceeds from the sale of those bonds are deposited in the Account.
2. A municipality or interstate agency which requests a loan or other financial assistance must demonstrate that it has complied with the provisions of 33 U.S.C. §§ 1381 et seq.
Last modified: February 26, 2006