[Rev. 11/2/2026 2:12:42 PM]
[NAC-226 Revised Date: 10-26]
NEVADA STATE INFRASTRUCTURE BANK
General Provisions
226.010 Definitions.
226.030 “Project labor agreement” defined.
226.050 “Staff of the Bank” defined.
Application for Loan or Other Financial Assistance from Bank
226.105 Application: Form; explanation of potential environmental impacts of project; demonstration of feasible completion of project within certain period.
226.110 Review of application: Generally.
226.115 Review of application: Loan or financial assistance to be solely or primarily secured by revenue pledge or credit enhancement.
226.120 Review of application: Loan or financial assistance to have general fund financing structure.
226.125 Review of application: Applicant consisting of multiple governmental units cooperating under joint or intergovernmental agreement.
226.130 Report and recommendations by staff of Bank to Board of Directors regarding each application.
226.135 Required considerations in evaluation of application by Board of Directors; collection of certain data.
226.140 Grounds for disapproval or rejection of application.
Financing Agreements and Administration of Loans and Other Financial Assistance
226.150 Origination fee; servicing fee; amendment fee.
226.155 Inclusion of additional covenants, credit enhancements or security provisions in financing agreement authorized; staff of Bank required to discuss need for additional covenants with qualified borrower.
226.160 Term of and interest rate on loan or other financial assistance required to be set according to certain methodologies; qualified borrower authorized to elect shorter term.
226.165 Establishment of methodology for determining interest rate on loan or other financial assistance; adjustment of interest rate; time to begin repayment; amortization structure; prepayment.
226.170 Duty of qualified borrower to ensure certain percentage of total project work hours performed on construction of qualified project by employees of contractor or subcontractor are performed by residents of State, disadvantaged workers and apprentices; petition for exemption.
Nevada State Infrastructure Bank Fund
226.180 Affordable Housing Revolving Account: Establishment in Fund; requirements and limitations relating to loan or other financial assistance provided from Account; construction on qualified project paid for using loan or other financial assistance or from Account required to be performed under project labor agreement.
226.185 Charter School Capital Needs Revolving Account: Establishment in Fund; requirements and limitations relating to loan or other financial assistance provided from Account.
226.190 Federal Infrastructure Matching Account: Establishment in Fund; requirements and limitations relating to loan or other financial assistance provided from Account; construction on qualified project paid for using loan or other financial assistance from Account required to be performed under project labor agreement.
226.195 State Infrastructure Bank General Account: Establishment in Fund; requirements and limitations relating to loan or other financial assistance provided from Account.
PROGRAM FOR REPAYMENT OF STUDENT LOANS FOR CERTAIN PROVIDERS OF HEALTH CARE
226.200 Definitions.
226.210 “Behavioral health care” defined.
226.220 “Underserved community” defined.
226.225 Reliance on certain data for determination of whether geographic area qualifies as underserved community.
226.230 Agreement for repayment: Development; required provisions.
226.240 Application: Form; authority of State Treasurer to designate period for acceptance; requirements.
226.250 Review of application; request for additional information; grounds for denial of application; notice of preliminary approval of application; execution of agreement for repayment.
226.260 Methodology for determination of eligible amount of repayment; publication of amount of repayment available for application period on Internet website.
226.270 Maximum amount of repayment.
226.280 Scoring of applications: Development of rubric; weighing of criteria in rubric; publication of rubric and manner of weighing criteria on Internet website; order for prioritizing applications receiving same score.
226.290 Calculation of amount of money available for repayment during fiscal year; prioritization of awards.
NEVADA STATE INFRASTRUCTURE BANK
General Provisions
NAC 226.010 Definitions. (NRS 226.781) As used in NAC 226.010 to 226.195, inclusive, unless the context otherwise requires, the words and terms defined in NAC 226.030 and 226.050 have the meanings ascribed to them in those sections.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
NAC 226.030 “Project labor agreement” defined. (NRS 226.781) “Project labor agreement” means a pre-hire collective bargaining agreement with one or more labor organizations that establishes the terms and conditions of employment for a specific construction project and is an agreement described in 29 U.S.C. § 158(f).
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
NAC 226.050 “Staff of the Bank” defined. (NRS 226.781) “Staff of the Bank” means the Executive Director, any employee of the Bank hired pursuant to NRS 226.784 and any employee serving in the Executive Branch of State Government who provides assistance to the Bank upon the request of the Board of Directors.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
Application for Loan or Other Financial Assistance from Bank
NAC 226.105 Application: Form; explanation of potential environmental impacts of project; demonstration of feasible completion of project within certain period. (NRS 226.781, 226.790)
1. A qualified borrower who wishes to receive a loan or other financial assistance from the Bank must submit an application to the Bank in the form prescribed by the Board of Directors.
2. An applicant for a loan or other financial assistance from the Bank must include in the application an explanation of the potential environmental impacts of the eligible project and demonstrate in the application for the loan or other financial assistance that construction of the eligible project may feasibly be completed not later than 3 years after the Board of Directors approves the application. For the purposes of this section, it is feasible for an eligible project to be completed not later than 3 years after the Board of Directors approves the application if, not later than 3 years after such approval:
(a) For a loan or other financial assistance from an account established by NAC 226.185, 226.190 or 226.195, the portion of the eligible project for which the Bank provides a loan or other financial assistance will satisfy the standards for completeness or ability to begin operation set forth in the contract for the construction of the project; or
(b) For a loan or other financial assistance from the Affordable Housing Revolving Account established by NAC 226.180, the qualified borrower will have received the certificate of occupancy for the portion of the eligible project for which the Bank provides a loan or other financial assistance.
3. To demonstrate that an eligible project may feasibly be completed not later than 3 years after the Board of Directors approves the application as required pursuant to subsection 2, the applicant must:
(a) Provide evidence that the applicant has applied for all permits or approvals necessary for construction of the project.
(b) Identify a source of revenue to repay the Bank that is acceptable to the Board of Directors. Forms of revenue which the Board of Directors may deem to be acceptable include:
(1) Revenue from a water or sewer enterprise or special fund if the qualified project will be part of a revenue-producing water or sewer system.
(2) Revenue from other enterprise or special funds if the qualified project will be part of a revenue-producing enterprise, including, without limitation, a port, airport, solid waste system, bridge, toll or parking facility.
(3) Payments on a lease of the assets of an applicant that are used to secure the loan or other financial assistance.
(4) Assessments or taxes levied on the projects located in the jurisdiction of the applicant.
(5) Tax revenue.
(6) Other sources of revenue, including, without limitation, tax increment financing, housing revenue, rental payments and state or local funds that are provided to operators of charter schools.
(7) Other sources of repayment or alternative financing structures acceptable to the Board of Directors.
(c) Identify all sources of funding for the project and demonstrate that the applicant has obtained commitments to provide such financing that are acceptable to the Board of Directors.
(d) Provide such other information as the Board of Directors may require to demonstrate that it is feasible for the qualified project to be completed not later than 3 years after the Board of Directors approves the application.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
NAC 226.110 Review of application: Generally. (NRS 226.781) For each application for a loan or other financial assistance submitted to the Bank, the staff of the Bank shall:
1. Review the application for completeness, including, without limitation, any attachments or exhibits.
2. Confirm that the governing body of the applicant has approved the application.
3. Confirm that the applicant is a qualified borrower and the project is an eligible project.
4. Confirm that the proposed source of repayment is appropriate for the loan or other financial assistance from the Bank and that the applicant has the ability to repay the loan or other financial assistance from the proposed source of repayment.
5. Determine the impact of the loan or other financial assistance on the finances and operations of the applicant.
6. Determine whether the applicant has unmet capital needs that could be detrimentally affected by the loan or other financial assistance or that could detrimentally affect the ability of the applicant to repay the loan or other financial assistance.
7. Review the audited financial statements of the applicant for the immediately preceding 5 years or, if the applicant is a new entity with less than 5 years of financial statements, review the existing audited financial statements and a feasibility study for the eligible project provided by the applicant.
8. Conduct a financial analysis of the applicant’s general credit, including, without limitation:
(a) An analysis of the financial statements of the applicant using criteria appropriate for an analysis of municipal credits or private credits, as applicable;
(b) A review of any official statements or prospectus used by the applicant in conjunction with the issuance of bonds;
(c) Conducting discussions with the financial advisor and underwriter of the applicant to assist in evaluating the applicant’s financial condition;
(d) A review of reports of bond rating agencies, where applicable;
(e) For applicants who are governmental units, a review of existing property tax rates and general obligation bonding capacity;
(f) An analysis of the existing indebtedness of the applicant, both secured and unsecured; and
(g) An analysis of cash flow projections.
9. Examine population trends.
10. Examine assessed value trends.
11. Evaluate the relevant legal authority applicable to the applicant, including, without limitation, state law, federal tax law and local ordinances and resolutions.
12. Evaluate the extent to which the management of the applicant understands the obligations, terms and conditions of the loans and other financial assistance provided by the Bank.
13. Determine the readiness of the management of the applicant to assume responsibility for the timely repayment of the loan or other financial assistance.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
NAC 226.115 Review of application: Loan or financial assistance to be solely or primarily secured by revenue pledge or credit enhancement. (NRS 226.781) In addition to the requirements set forth in NAC 226.110, for each application for a loan or other financial assistance submitted to the Bank that, if approved, will be secured solely or primarily by a revenue pledge or credit enhancement, the staff of the Bank shall:
1. Determine the amount of revenue available for pledging from the revenue source.
2. Verify that the purpose of the financing can be legally secured by the proposed revenue source.
3. Evaluate the historical receipt of revenues from the proposed revenue source.
4. Evaluate the historical expenses and transfers paid from the proposed revenue source.
5. Determine the amount and pledge status of any outstanding debt or other proposed debt secured or to be secured by the proposed revenue source.
6. Calculate the amount of cash flow available for debt service and the debt service coverage ratio.
7. Unless the application is for a loan or other financial assistance through the Affordable Housing Revolving Account created by NAC 226.180, if the amount of cash flow available for debt service is insufficient to demonstrate that the applicant is able to repay the requested loan or other financial assistance and any existing and other proposed debt, determine if the applicant has cash available in an amount sufficient to establish a rate stabilization fund or debt service reserve fund.
8. Measure the revenue from the pledged source against the total operating budget of the applicant.
9. Determine the effect on the operating budget if the specific revenue is used for financing purposes.
10. Determine the impact of the loan or other financial assistance from the Bank on the fund balances and projected cash flow of the applicant.
11. If the applicant has a credit rating, determine the impact of the loan or other financial assistance on the credit rating of the applicant.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
NAC 226.120 Review of application: Loan or financial assistance to have general fund financing structure. (NRS 226.781) In addition to the requirements set forth in NAC 226.110, for each application for a loan or other financial assistance submitted to the Bank that will, if approved, have a general fund financing structure, the staff of the Bank shall:
1. Determine the sources of and the likely recurrence of the general fund revenues of the applicant.
2. Verify that the purpose of the financing is consistent with a general obligation pledge.
3. Determine if the eligible project, if undertaken, will result in an increase in annual operating costs to the applicant.
4. Determine the impact of the loan or other financial assistance from the Bank on the general fund balances and projected cash flow of the applicant.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
NAC 226.125 Review of application: Applicant consisting of multiple governmental units cooperating under joint or intergovernmental agreement. (NRS 226.781) In addition to the requirements set forth in NAC 226.110, for each application for a loan or other financial assistance submitted to the Bank where the applicant consists of multiple governmental units cooperating under a joint or intergovernmental agreement, the staff of the Bank shall:
1. Review the agreements between the governmental units for consistency with the proposed eligible project and the requested financing.
2. Determine the life of the joint or intergovernmental agreement and assess whether the life of the agreement is consistent with the requested financing term.
3. Confirm that the joint or intergovernmental agreement permits the applicant to enter into a financing agreement with the Bank.
4. Evaluate whether there is official public support for the applicant to enter into a financing agreement with the Bank, which support may consist of a vote of approval by a government body, voter authorization or some other indication of official public support.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
NAC 226.130 Report and recommendations by staff of Bank to Board of Directors regarding each application. (NRS 226.781) For each application for a loan or other financial assistance submitted to the Bank, the staff of the Bank shall prepare a report containing the analysis of the staff developed in accordance with NAC 226.110 to 226.125, inclusive, as applicable, including, without limitation, the credit analysis, and make a recommendation to the Board of Directors regarding:
1. Whether to approve or reject the application and, if the recommendation is to reject the application, the reason for the recommendation.
2. The amount of the loan or financial assistance to offer to the applicant, if the application is approved.
3. The terms and conditions to be included in the financing agreement between the Bank and the applicant, if the application is approved.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
NAC 226.135 Required considerations in evaluation of application by Board of Directors; collection of certain data. (NRS 226.781)
1. In evaluating and determining whether to approve an application for a loan or other financial assistance from the Bank, the Board of Directors will consider the report prepared by the staff of the Bank pursuant to NAC 226.130, whether the qualified project is consistent with the standards and goals set forth in Nevada’s Climate Strategy for the year 2020 and the goals for the reduction of greenhouse gas emissions set forth in NRS 445B.380 and 704.7820, and whether approval of an application is consistent with the goal of the Bank to have at least 40 percent of the principal amount of the loans or other financial assistance provided by the Bank be provided to qualified borrowers for qualified projects that are located:
(a) In a census tract designated as a qualified census tract by the United States Secretary of Housing and Urban Development pursuant to 26 U.S.C. § 42(d)(5)(B)(ii);
(b) In a census tract which has a high level of social vulnerability as determined according to the Social Vulnerability Index developed by the Centers for Disease Control and Prevention of the United States Department of Health and Human Services;
(c) In a community which the Board of Directors determines to have a relatively large percentage of the population having limited English proficiency;
(d) On tribal lands or in communities where tribal members commonly reside; or
(e) In areas that have been subject to historical instances of redlining, segregation or other discriminatory practices.
2. The Bank shall collect data regarding:
(a) The location of qualified projects financed in whole or in part by the Bank, including, without limitation, whether a qualified project is located in one of the areas listed in paragraphs (a) to (e), inclusive, of subsection 1; and
(b) The impact of such projects on the surrounding area.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
NAC 226.140 Grounds for disapproval or rejection of application. (NRS 226.781)
1. The Board of Directors will not approve an application for a loan or other financial assistance from the Bank if:
(a) The applicant is in default on any other debt owed by the applicant unless the default is cured;
(b) The eligible project is not consistent with the standards set forth in Nevada’s Climate Strategy for the year 2020 and the goals for the reduction of greenhouse gas emissions set forth in NRS 445B.380 and 704.7820;
(c) The applicant is not a qualified borrower or the project is not an eligible project; or
(d) Based on the report prepared pursuant to NAC 226.130, the loan or other financial assistance is not in the best interest of this State.
2. The Board of Directors may reject an application for a loan or other financial assistance from the Bank by an applicant who has previously defaulted on a debt owed by the applicant but has cured such a default if the Board of Directors determines that the circumstances warrant rejection of the application.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
Financing Agreements and Administration of Loans and Other Financial Assistance
NAC 226.150 Origination fee; servicing fee; amendment fee. (NRS 226.781)
1. A qualified borrower shall pay a one-time origination fee of $10,000 or 1 percent of the principal amount of the loan or other financial assistance, whichever is greater, as a condition of closing. The origination fee may be reduced or waived by the Board of Directors. The origination fee may be financed as part of the loan or other financial assistance. Until the origination fee is fully paid, the qualified borrower shall pay an annual servicing fee in an amount equal to the outstanding balance of the origination fee multiplied by the secondary market yield for 1-year United States treasury bills, as published by the Board of Governors of the Federal Reserve System, on the anniversary of the date of the origination of the loan.
2. The Board of Directors may include in the financing agreement a requirement that the qualified borrower pay an amendment fee for each amendment to the financing agreement and documents.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
NAC 226.155 Inclusion of additional covenants, credit enhancements or security provisions in financing agreement authorized; staff of Bank required to discuss need for additional covenants with qualified borrower. (NRS 226.781, 226.790)
1. To address the unique credit features of a qualified borrower or qualified project and to provide sufficient security to the Bank, the Bank, at the direction of the Board of Directors, may include in a financing agreement requirements for additional covenants, credit enhancements or security, including, without limitation:
(a) A covenant for a debt service reserve fund at the borrower level;
(b) A provision for additional security during the construction or start-up phase of a qualified project; or
(c) Stricter financial covenants for qualified borrowers with limited historical coverage or dependence on a concentrated source of revenues.
2. Staff of the Bank shall discuss the need for the covenants described in this section with the qualified borrower during the underwriting process.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
NAC 226.160 Term of and interest rate on loan or other financial assistance required to be set according to certain methodologies; qualified borrower authorized to elect shorter term. (NRS 226.781, 226.790)
1. The Bank shall, in the financing agreement, set the term of a loan or other financial assistance from the Bank, which must be set according to the methodology approved by the Board of Directors and must not exceed 35 years. A qualified borrower may elect for the loan or other financial assistance to have a maturity date that is sooner than the maximum life of the loan or other financial assistance which may be approved pursuant to the methodology approved by the Board of Directors.
2. The interest rate on a loan or other financial assistance from the Bank must be set according to the rate-setting methodology established by the Board of Directors pursuant to NAC 226.165.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
NAC 226.165 Establishment of methodology for determining interest rate on loan or other financial assistance; adjustment of interest rate; time to begin repayment; amortization structure; prepayment. (NRS 226.781, 226.790)
1. The Board of Directors will establish a methodology for determining the interest rate on a loan or other financial assistance provided by the Bank. The interest rate on a loan or other financial assistance provided by the Bank must be based on the interest rate benchmark established pursuant to subsection 2 and interest rate adjustments determined pursuant to subsection 3.
2. The rate-setting methodology must establish an interest rate benchmark based on the Municipal Market Data Index published by Refinitiv and other nationally recognized benchmarks.
3. The Board of Directors will determine interest rate adjustments based on the following factors, as applicable, depending on the source of revenue to repay a loan or other financial assistance provided by the Bank:
(a) The structure and organization of the applicant;
(b) The local fiscal capacity, as measured by the median household income, debt per user or household and applicable taxes, charges and fees as a percentage of the median household income;
(c) The security for repayment and repayment pledge, as measured by the credit rating and credit review of the applicant and lien position of the Bank’s financing as senior, parity or subordinated;
(d) The term of the financing offered by the Bank;
(e) Other terms and conditions of the Bank’s financing, including, without limitation, the frequency of repayment, repayment provisions and, as applicable, reserves and coverage;
(f) The review and analysis conducted by the staff of the Bank; and
(g) The interest rate setting methodology approved by the Board of Directors, including, without limitation, the interest rate benchmark determination.
4. Except for a financing agreement for a loan or other financial assistance through the Affordable Housing Revolving Account created by NAC 226.180, the Board of Directors will design any financing agreement such that repayment on any loan or other financial assistance will begin within 1 year after the origination of the loan. A qualified borrower may make interest payments from capitalized interest included in the amount of the loan or other financial assistance or from other sources identified by the qualified borrower in the financing agreement.
5. The financing agreement must establish the amortization structure for the loan or other financial assistance. The loan or other financial assistance must be amortized on a level repayment basis unless the Board of Directors determines that a different amortization structure is appropriate, including, without limitation, if the Board of Directors determines that a different amortization structure is necessary for a loan or other financial assistance made from the Affordable Housing Revolving Account created by NAC 226.180 to comply with any underwriting requirements of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation or the Federal Housing Administration which are applicable to the qualified project.
6. A qualified borrower may make prepayments on a loan or other financial assistance from the Bank with the prior written consent of the Bank and subject to such prepayment premiums and other restrictions as provided in the financing agreement.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
NAC 226.170 Duty of qualified borrower to ensure certain percentage of total project work hours performed on construction of qualified project by employees of contractor or subcontractor are performed by residents of State, disadvantaged workers and apprentices; petition for exemption. (NRS 226.781)
1. A qualified borrower shall ensure, with respect to each contractor who is awarded a contract or enters into an agreement to perform construction work on a qualified project for which all or part of the costs of the qualified project are paid using a loan or other financial assistance from the Bank, and each subcontractor who performs any portion of the construction work on such a qualified project, that:
(a) Not less than 50 percent of the total project work hours performed within each construction trade by employees of the contractor or subcontractor are performed by residents of Nevada, with not less than 15 percent of those project work hours performed within each construction trade by employees of the contractor or subcontractor being performed by disadvantaged workers.
(b) Not less than 15 percent of the total project work hours performed within each construction trade by employees of the contractor or subcontractor are performed by apprentices, with not less than 5 percent of those project work hours per trade being performed by first-year apprentices.
2. For the purpose of calculating project work hours pursuant to subsection 1:
(a) A first-year apprentice who is hired to perform work on the qualified project shall be counted as a first-year apprentice for as long as he or she is employed to perform work on the qualified project;
(b) An apprentice who graduates from his or her apprenticeship program while employed to perform work on the qualified project shall be counted as an apprentice for as long as he or she is employed to perform work on the qualified project; and
(c) If an apprentice employed to perform work on the qualified project is terminated because of a reduction in force by a contractor or subcontractor and that apprentice is later dispatched by a union or recalled to perform work for another contractor or subcontractor on the qualified project, the apprentice shall be counted as an apprentice or first-year apprentice to the same extent as if the apprentice was continuously employed to perform work on the qualified project.
3. A qualified borrower that is unable to comply with the project work hour requirements set forth in this section may petition the Executive Director for an exemption from the requirements of this section. Upon receipt of such a petition, the Executive Director may exempt the qualified borrower from the requirements of this section if the Executive Director finds that the inability of the qualified borrower to comply with the requirements of this section is due to circumstances beyond the control of the qualified borrower.
4. As used in this section:
(a) “Apprentice” means a person who is enrolled in an apprenticeship program recognized by the State Apprenticeship Council and is covered by a written agreement, issued pursuant to the apprenticeship program with an employer, or with an association of employers or an organization of employees acting as agent for an employer.
(b) “Disadvantaged worker” means a resident of Nevada who:
(1) Resides in a census tract within this State that, in the immediately preceding census, had a rate of unemployment that was greater than 150 percent of the state average, as reported by the Department of Employment, Training and Rehabilitation;
(2) At the time of commencing work on the qualified project has a household income of not more than 80 percent of the area median income based on the guidelines published by the United States Department of Housing and Urban Development; or
(3) Faces or has overcome at least one of the following barriers to employment:
(I) Homelessness;
(II) Being a parent with sole physical and legal custody of a child;
(III) Receiving public assistance, as defined in NRS 422A.065;
(IV) Lacking a general educational development certificate or an equivalent document or a high school diploma;
(V) Speaking English as a second language as demonstrated by participation in a vocational English as a second language program; or
(VI) Having a prior criminal record or other involvement with the criminal justice system.
(c) “Project work” means construction work performed on a qualified project.
(d) “Project work hours” means the total hours of project work by all apprentices and journey-level workers, whether employed by the contractor or any subcontractor.
(e) “Resident of Nevada” means a person who has established residence in Nevada and has actually resided in this State for at least 30 days.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
Nevada State Infrastructure Bank Fund
NAC 226.180 Affordable Housing Revolving Account: Establishment in Fund; requirements and limitations relating to loan or other financial assistance provided from Account; construction on qualified project paid for using loan or other financial assistance or from Account required to be performed under project labor agreement. (NRS 226.781)
1. The Affordable Housing Revolving Account is hereby established as a revolving account in the Nevada State Infrastructure Bank Fund.
2. The Board of Directors may approve an application for a loan or other financial assistance from the Affordable Housing Revolving Account if, in addition to satisfying the requirements of this chapter and chapter 226 of NRS:
(a) The loan or other financial assistance will be used solely to finance all or part of the eligible costs of an eligible project for the development, construction, repair, improvement, maintenance or acquisition of a multifamily housing project which:
(1) May include space dedicated to non-residential uses provided that the rentable area of the project dedicated to residential housing is not less than 75 percent of the total rentable area of the project; and
(2) Is affordable housing as defined in NRS 278.0105;
(b) The amount of the loan or other financial assistance will be matched by an equal or greater amount of a loan or other financial assistance provided by a pension fund investor or a commingled fund of pension fund investments with a demonstrated track record of successful investment in affordable housing; and
(c) The developer selected for the eligible project demonstrates a long-term commitment to hiring local residents and using apprentices in apprenticeship programs registered with the State Apprenticeship Council.
3. Construction on a qualified project for which all or part of the costs of the qualified project are paid for using a loan or other financial assistance from the Affordable Housing Revolving Account must be performed under a project labor agreement.
4. Loans and other financial assistance provided through the Affordable Housing Revolving Account must not exceed $20 million dollars per applicant unless the Board of Directors determines that lending capacity and other factors, including, without limitation, collateral and credit quality, justify providing a loan or other financial assistance in a greater amount.
5. The loan or other financial assistance provided through the Affordable Housing Revolving Account must be structured as subordinate debt to pension fund investors making a significant investment in the project.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
NAC 226.185 Charter School Capital Needs Revolving Account: Establishment in Fund; requirements and limitations relating to loan or other financial assistance provided from Account. (NRS 226.781)
1. The Board of Directors may approve an application for a loan or other financial assistance from the Charter School Capital Needs Revolving Account, which is hereby established in the Nevada State Infrastructure Bank Fund, if, in addition to satisfying the requirements of this chapter and chapter 226 of NRS:
(a) The loan or other financial assistance will be used solely to finance, or refinance outstanding debt for, all or part of the eligible costs of an eligible project for the development, construction, repair, improvement, maintenance or acquisition of a charter school facility for a new or existing charter school;
(b) The loan or other financial assistance will not cause the total principal amount of the loans or other financial assistance from the Account to be used for charter school facilities for new or existing charter schools where the average percentage of pupils who are served by all of those schools and are pupils who are at risk, as defined in NRS 388A.045, is less than 60 percent;
(c) The developer selected for the eligible project demonstrates a long-term commitment to hiring local residents and using apprentices in apprenticeship programs registered with the State Apprenticeship Council; and
(d) The applicant has provided written authorization for the project from the sponsor of the charter school.
2. Loans and other financial assistance provided through the Charter School Capital Needs Revolving Account must not exceed $15 million dollars per applicant unless the Board of Directors determines that lending capacity and other factors, including, without limitation, collateral and credit quality, justify providing a larger loan or other financial assistance.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
NAC 226.190 Federal Infrastructure Matching Account: Establishment in Fund; requirements and limitations relating to loan or other financial assistance provided from Account; construction on qualified project paid for using loan or other financial assistance from Account required to be performed under project labor agreement. (NRS 226.781)
1. The Board of Directors may approve an application for a loan or other financial assistance from the Federal Infrastructure Matching Account, which is hereby established in the Nevada State Infrastructure Bank Fund, if, in addition to satisfying the other requirements of this chapter and chapter 226 of NRS:
(a) The loan or other financial assistance will be used solely to finance all or part of the eligible costs of an eligible project;
(b) The federal investment in the project exceeds the amount of the loan or other financial assistance; and
(c) The developer selected for the eligible project demonstrates a long-term commitment to hiring local residents and using apprentices in apprenticeship programs registered with the State Apprenticeship Council.
2. Construction on a qualified project for which all or part of the costs of the qualified project are paid for using a loan or other financial assistance from the Federal Infrastructure Matching Account must be performed under a project labor agreement.
3. Loans and other financial assistance provided through the Federal Infrastructure Matching Account must not exceed $40 million dollars per applicant unless the Board of Directors determines that lending capacity and other factors, including, without limitation, collateral and credit quality, justify providing a larger loan or other financial assistance.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
NAC 226.195 State Infrastructure Bank General Account: Establishment in Fund; requirements and limitations relating to loan or other financial assistance provided from Account. (NRS 226.781)
1. The Board of Directors may approve an application for a loan or other financial assistance from the State Infrastructure Bank General Account, which is hereby established in the Nevada State Infrastructure Bank Fund, if, in addition to satisfying the requirements of this chapter and chapter 226 of NRS:
(a) The loan or other financial assistance will be used solely to finance all or part of the eligible costs of an eligible project;
(b) The eligible project is not eligible to receive a loan or other financial assistance from an account established by NAC 226.180, 226.185 or 226.190; and
(c) The developer selected for the eligible project demonstrates a long-term commitment to hiring local residents and using apprentices in apprenticeship programs registered with the State Apprenticeship Council.
2. Loans and other financial assistance provided through the State Infrastructure Bank General Account must not exceed $25 million dollars per applicant unless the Board of Directors determines that lending capacity and other factors, including, without limitation, collateral and credit quality, justify providing a larger loan or other financial assistance.
(Added to NAC by Bd. of Dir., Nev. St. Infrastructure Bank by R017-22, eff. 4-19-2022)
PROGRAM FOR REPAYMENT OF STUDENT LOANS FOR CERTAIN PROVIDERS OF HEALTH CARE
NAC 226.200 Definitions. (NRS 226.462) As used in NAC 226.200 to 226.290, inclusive, unless the context otherwise requires, the words and terms defined in NAC 226.210 and 226.220 have the meanings ascribed to them in those sections.
(Added to NAC by St. Treasurer by R081-23, eff. 6-20-2024)
NAC 226.210 “Behavioral health care” defined. (NRS 226.462) “Behavioral health care” means diagnostic, therapeutic or psychological services provided by a provider of health care to treat conditions of behavioral health.
(Added to NAC by St. Treasurer by R081-23, eff. 6-20-2024)
NAC 226.220 “Underserved community” defined. (NRS 226.462) “Underserved community” means an area of this State described in subsection 3 of NRS 226.460.
(Added to NAC by St. Treasurer by R081-23, eff. 6-20-2024)
NAC 226.225 Reliance on certain data for determination of whether geographic area qualifies as underserved community. (NRS 226.460, 226.462) For the purposes of determining whether an area is an underserved community because it is a geographic area described in paragraph (e) of subsection 3 of NRS 226.460, the State Treasurer will rely on data from academic and governmental sources that indicate that the area has a high level of residential segregation, household income disparities or disparities in educational attainment on the basis of the characteristics described in that paragraph.
(Added to NAC by St. Treasurer by R081-23, eff. 6-20-2024)
NAC 226.230 Agreement for repayment: Development; required provisions. (NRS 226.462)
1. In consultation with the Office of the Attorney General, the State Treasurer will develop an agreement for repayment of student education loans, which must be executed before a provider of health care may receive repayment of student education loans under the Program.
2. The State Treasurer will include in the agreement developed pursuant to subsection 1 provisions:
(a) Requiring that, as a condition of receiving repayment of student education loans under the Program, the provider of health care engage in clinical practice in an underserved community for not less than 5 years;
(b) Requiring each repayment of student education loans under the Program to be disbursed, on behalf of the provider of health care, directly to the servicer or lender of the student education loans of the provider of health care;
(c) Requiring repayments of student education loans to be disbursed in equal annual payments over a period of 5 years;
(d) Requiring the provider of health care to notify the State Treasurer if:
(1) The provider of health care changes his or her residence or location at which he or she practices as a provider of health care;
(2) The provider of health care ceases to practice as a provider of health care in this State;
(3) A regulatory body of this State or any other jurisdiction imposes a disciplinary action against the provider of health care; or
(4) The provider of health care is no longer actively licensed, certified or registered in good standing to practice as a provider of health care in this State;
(e) Requiring the provider of health care to repay any money disbursed under the Program for the repayment of his or her student education loans if the State Treasurer determines that the provider of health care:
(1) Submitted untrue, fraudulent or misleading information to the State Treasurer in connection with the Program; or
(2) Received a repayment of student education loans under the Program for which the provider of health care was not eligible; and
(f) Establishing the circumstances under which the State Treasurer will terminate the agreement and the eligibility of the provider of health care to receive repayment of student education loans under the Program.
(Added to NAC by St. Treasurer by R081-23, eff. 6-20-2024)
NAC 226.240 Application: Form; authority of State Treasurer to designate period for acceptance; requirements. (NRS 226.462)
1. The State Treasurer will:
(a) Prescribe the form for the application that a provider of health care must complete and submit to the State Treasurer to apply to receive repayment of student education loans under the Program; and
(b) Make the form available on the Internet website maintained by the State Treasurer.
2. The State Treasurer may establish a designated period each fiscal year during which the State Treasurer will accept applications to receive repayment of student education loans under the Program. If the total amount of money available to be approved for providers of health care who submit such an application during a fiscal year, as calculated pursuant to NAC 226.290, exceeds the total amount of money projected to be approved for providers of health care who submit such an application during that fiscal year, the State Treasurer may accept applications submitted after the end of the period established pursuant to this subsection until the amount of money available to be approved during that fiscal year is exhausted.
3. A provider of health care who wishes to apply to receive repayment of student education loans under the Program must:
(a) Submit an application to the State Treasurer in the form prescribed by the State Treasurer;
(b) Provide in the application:
(1) The current address of his or her residence;
(2) The name and address of the location at which he or she is currently practicing as a provider of health care or the name and address of the location at which he or she anticipates practicing as a provider of health care;
(3) Information sufficient for the State Treasurer to determine whether the applicant is actively licensed, certified or registered in good standing to practice in this State as a provider of health care;
(4) A statement of whether the provider of health care will commit to at least 5 years of clinical practice as a licensed, certified or registered provider of health care in an underserved community;
(5) A statement of whether the provider of health care is committed to or is currently:
(I) Engaging in the practice of primary care;
(II) Engaging in the practice of sexual and reproductive health care;
(III) Engaging in the practice of behavioral health care;
(IV) Engaging in clinical practice in a county whose population is less than 100,000;
(V) Engaging in clinical practice on tribal lands or in a community that serves a large number of tribal members;
(VI) Accepting patients who are recipients of Medicare, Medicaid or insurance pursuant to the Children’s Health Insurance Program; or
(VII) Accepting patients with intellectual or developmental disabilities;
(6) A statement of each language in which the provider of health care is fluent;
(7) The name and contact information for the servicer of the outstanding student education loans owed by the provider of health care;
(8) The current balance owed on the outstanding student education loans owed by the provider of health care; and
(9) Any other information that the State Treasurer deems necessary to determine whether the provider of health care is eligible to receive repayment of student education loans under the Program; and
(c) Sign a declaration, under penalty of perjury, that all information provided in connection with the application is accurate and complete.
(Added to NAC by St. Treasurer by R081-23, eff. 6-20-2024)
NAC 226.250 Review of application; request for additional information; grounds for denial of application; notice of preliminary approval of application; execution of agreement for repayment. (NRS 226.462)
1. The State Treasurer will review each application to receive repayment of student education loans under the Program.
2. If the State Treasurer determines that an application is incomplete or requires additional information or clarification, the State Treasurer may request additional information from the applicant. If the applicant does not submit the requested information within the period prescribed by the State Treasurer, the State Treasurer will deny the application.
3. The State Treasurer will deny an application to receive repayment of student education loans under the Program if the State Treasurer determines that:
(a) The application contains materially false or misleading information; or
(b) The applicant is not eligible for repayment of student education loans under the Program.
4. If the State Treasurer determines that an applicant is eligible for repayment of student education loans under the Program and sufficient money is available to make such repayment, the State Treasurer will:
(a) Calculate the ratio of the applicant’s income to the amount owed on the applicant’s outstanding student education loans;
(b) Determine the amount of student loan repayment that the applicant is eligible to receive from the Program pursuant to the methodology set forth in NAC 226.260; and
(c) Notify the applicant of the preliminary approval of the applicant to receive repayment of student education loans under the Program.
5. To receive repayment of student education loans under the Program, an applicant who receives a notice of preliminary approval pursuant to subsection 4 must complete, sign and return to the State Treasurer the agreement for repayment of student education loans developed pursuant to NAC 226.230. Upon receipt of a completed and signed agreement for repayment of student education loans, the State Treasurer or his or her designee will sign and execute the agreement.
6. The State Treasurer will make repayments of student education loans in accordance with the agreement executed pursuant to subsection 5.
(Added to NAC by St. Treasurer by R081-23, eff. 6-20-2024)
NAC 226.260 Methodology for determination of eligible amount of repayment; publication of amount of repayment available for application period on Internet website. (NRS 226.462)
1. To determine the amount of repayment of student education loans that a provider of health care is eligible to receive under the Program, the State Treasurer will establish and use a sliding scale that provides a greater amount of repayment of student education loans to providers of health care who practice a profession:
(a) Whose practitioners, on average, complete postsecondary education with a greater amount of student education loans than other providers of health care;
(b) Whose practitioners, on average, earn a lower income than other providers of health care; and
(c) For which the Health Resources and Services Administration of the United States Department of Health and Human Services or the Nevada Department of Human Services has designated a shortage in the area of this State in which the provider of health care is providing or will provide health care services.
2. To establish the sliding scale of the amount of repayment of student education loans that providers of health care are eligible to receive under the Program, the State Treasurer may rely on relevant data from:
(a) The United States Department of Health and Human Services;
(b) The United States Department of Labor;
(c) The Nevada Department of Human Services;
(d) The Office of Minority Health and Equity of the Department of Human Services;
(e) The Nevada System of Higher Education;
(f) The Office of Economic Development within the Office of the Governor;
(g) Public and private institutions providing graduate medical education in this State; and (h) Any other source the State Treasurer believes is necessary to create the sliding scale.
3. At least 30 days before the beginning of a designated period during which the State Treasurer will accept applications to receive repayment of student education loans under the Program, the State Treasurer will publish on the Internet website maintained by the State Treasurer the amount of repayment of student education loans available for that application period for each type of provider of health care who is determined to be eligible to receive repayment of student education loans under the Program.
(Added to NAC by St. Treasurer by R081-23, eff. 6-20-2024)
NAC 226.270 Maximum amount of repayment. (NRS 226.462)
1. Except as otherwise provided in subsection 2:
(a) The maximum amount of repayment of student education loans that a provider of health care may receive under the Program is $120,000.
(b) A provider of health care who is applying for, has received or may receive at any time any repayment or forgiveness of student education loans from the Nevada Health Service Corps or any other source is eligible to receive repayment of student education loans under the Program in an amount not to exceed $120,000.
2. A provider of health care may not receive repayment of student education loans in an amount that exceeds the balance due on the provider’s student education loans.
(Added to NAC by St. Treasurer by R081-23, eff. 6-20-2024)
NAC 226.280 Scoring of applications: Development of rubric; weighing of criteria in rubric; publication of rubric and manner of weighing criteria on Internet website; order for prioritizing applications receiving same score. (NRS 226.462)
1. The State Treasurer will develop a rubric by which applications received from providers of health care to receive repayment of student education loans under the Program will be scored by the State Treasurer.
2. The rubric developed pursuant to subsection 1 must score applications according to the following weighted criteria:
(a) Whether the applicant is currently practicing in an underserved community;
(b) Whether the applicant commits to relocating to practice in an underserved community;
(c) Whether the applicant would be the only provider of a particular type within a 50-mile radius of an underserved community;
(d) Whether the applicant has previously received or been approved for student loan repayment through other existing student loan repayment programs;
(e) Whether the applicant is ineligible to receive student loan repayment through other student loan repayment programs;
(f) Whether the applicant has committed to or is currently engaging in the practice of primary care in an underserved community;
(g) Whether the applicant has committed to or is currently engaging in the practice of sexual and reproductive health care in an underserved community;
(h) Whether the applicant has committed to or is currently engaging in the practice of behavioral health care in an underserved community;
(i) Whether the applicant has committed to or is currently accepting patients who are recipients of Medicare, Medicaid or insurance pursuant to the Children’s Health Insurance Program;
(j) The percentage of patients that the applicant accepts who are recipients of Medicare, Medicaid or insurance pursuant to the Children’s Health Insurance Program;
(k) Whether the applicant has committed to or is currently accepting patients who are persons with intellectual or developmental disabilities; and
(l) Any other metrics determined by the State Treasurer to be necessary to carry out the purposes of the Program.
3. The State Treasurer will weigh the criteria in subsection 2 based on the needs of the State based on relevant data from:
(a) The United States Department of Health and Human Services;
(b) The United States Department of Labor;
(c) The Nevada Department of Human Services;
(d) The Office of Minority Health and Equity of the Department of Human Services;
(e) The Nevada System of Higher Education;
(f) The Office of Economic Development within the Office of the Governor;
(g) Public and private institutions providing graduate medical education in this State; and (h) Any other source the State Treasurer believes is necessary to create the sliding scale described in NAC 226.260.
4. The State Treasurer will publish the rubric developed pursuant to subsection 1 and the manner in which the criteria of the rubric will be weighed pursuant to subsection 3 on an Internet website maintained by the State Treasurer at least 30 days before the beginning of a designated period during which the State Treasurer will accept applications to receive repayment of student education loans pursuant to the Program.
5. If two or more applications receive the same score, the State Treasurer will prioritize the fully completed applications in the order of receipt based on the date and time of receipt using the Pacific time zone.
(Added to NAC by St. Treasurer by R081-23, eff. 6-20-2024)
NAC 226.290 Calculation of amount of money available for repayment during fiscal year; prioritization of awards. (NRS 226.462)
1. For each fiscal year, the State Treasurer will calculate the total amount of money available to be approved for providers of health care who submit an application to receive repayment of student education loans under the Program during that fiscal year.
2. To the extent that a sufficient number of applications are received from providers of health care who are eligible to receive repayment of student education loans under the Program, the State Treasurer will award the first 15 percent of the money available in the Program in a fiscal year to providers of health care who:
(a) Are eligible to receive repayment of student education loans under the Program;
(b) Receive the highest scores on their applications according to the rubric developed pursuant to NAC 226.280; and
(c) Commit to or are practicing as a provider of health care in a county whose population is less than 100,000, including, without limitation, practicing on tribal lands or in a community where tribal members commonly reside if the land or community is within the geographic boundaries of a county whose population is less than 100,000.
3. After money has been awarded pursuant to subsection 2, to the extent that a sufficient number of applications are received from providers of health care who are eligible to receive repayment of student education loans under the Program, the State Treasurer will award the remaining money available under the Program to providers of health care who receive the highest score on their applications according to the rubric developed pursuant to NAC 226.280.
(Added to NAC by St. Treasurer by R081-23, eff. 6-20-2024)