Prerequisites to financing costs related to equipment for project; establishment of guidelines

1. Except as otherwise provided in NRS 349.585, the Director may provide financing for a project pursuant to this section if: (a) The financing is limited in amount and purpose to the payment of the costs associated with: (1) The acquisition, refurbishing, replacement and installation of equipment for the project; and (2) The issuance of bonds pursuant to this section; (b) The total amount of the bonds issued pursuant to this section for a particular project does not exceed $2,500,000; (c) The Director determines that the bonds will: (1) Be sold only to qualified institutional buyers, as defined in Rule 144A of the Securities and Exchange Commission, 17 C.F.R. § 230.144A, in minimum denominations of at least $100,000; or (2) Receive a rating within one of the top four rating categories of Moody’s Investors Service, Inc., Standard and Poor’s Rating Services or Fitch IBCA, Inc.; (d) The Director makes the findings set forth in paragraphs (a) to (g), inclusive, of subsection 2 of NRS 349.580, and the governing body of the city or county where the project is to be located approves the findings of the Director; and (e) The Director complies with the guidelines established pursuant to subsection 2. 2. The Board shall establish guidelines for the provision of financing for a project pursuant to this section.