701.590 - Limitations on use of money; compliance with federal law.
701.590 Limitations on use of money; compliance with federal law.
1. Except as otherwise provided in NRS 701.580, money in the Fund, including repayments of principal and interest on loans, and interest and income earned on money in the Fund, may be used only to make loans at a rate of not more than 3 percent to renewable energy systems for the construction of renewable energy projects.
2. Money in the Account for Set-Aside Programs may be used only to fund set-aside programs authorized by the American Recovery and Reinvestment Act. Money in the Account for Set-Aside Programs may be transferred to the Fund pursuant to the American Recovery and Reinvestment Act.
3. A renewable energy system which requests a loan or other financial assistance must demonstrate that it has:
(a) Complied with the American Recovery and Reinvestment Act and regulations adopted pursuant thereto; or
(b) Agreed to take actions that are needed to ensure that it has the capability to comply with the American Recovery and Reinvestment Act and regulations adopted pursuant thereto.
4. Money from the Fund may not be given to an existing renewable energy system unless it has the technical, managerial and financial capability to ensure compliance with the American Recovery and Reinvestment Act and regulations adopted pursuant thereto. A new renewable energy system, to receive such funding, must demonstrate that it has the technical, managerial and financial capability to ensure compliance with the American Recovery and Reinvestment Act and regulations adopted pursuant thereto.
(Added to NRS by 2009, 2003)
NRS 701.595 Regulations. The Director may adopt such regulations as are necessary to carry out the provisions of NRS 701.545 to 701.595, inclusive.
(Added to NRS by 2009, 2004)