349.951 - Director may charge fee against obligor; use of proceeds.
349.951 Director may charge fee against obligor; use of proceeds.
1. The Director may charge the obligor a fee not to exceed 2 percent of the principal amount of the financing, including a nonrefundable application fee not to exceed 0.25 percent of the principal amount or $7,500, whichever is less, payable either in advance or at the time the bonds are issued. The Director shall deposit all money received pursuant to this section, except money received from application fees, with the State Treasurer for credit to the Account for the Financing of Water Projects.
2. Money received from application fees collected pursuant to this section must be:
(a) Accounted for separately in the State General Fund.
(b) Used by the Director to support the operations of his or her office in administering the provisions of NRS 349.935 to 349.961, inclusive.
3. Whether or not bonds are issued, the Director shall use money received pursuant to this section, except money received from application fees, to reimburse his or her office for the expenses and costs incurred in financing the water project and, within the limits of money available for this purpose, to reimburse a municipality pursuant to the provisions of NRS 349.961. Any portion of the money so received, except money received from application fees, which exceeds the Director’s expenses and costs must be refunded to the obligor.
(Added to NRS by 1987, 2277; A 1991, 2251; 1993, 638)