NRS 244A.699
Power to sell capacity of project for generation and transmission of electricity and to charge for use of transmitting facilities

  • right of first refusal of electric utilities
  • unconditional contractual obligations.

1.

A county which acquired or which contemplates acquiring a project for the generation and transmission of electricity may sell all or part of its capacity and may charge for the use of its transmitting facilities, and for this purpose may contract with one or more purchasers. The amount sold or charged to any purchaser or any combination thereof must not exceed the amount allowable under the Internal Revenue Code of 1954, as amended, or the United States Treasury Regulations prescribed thereunder so as to result in a change in or loss of the exemption from federal income tax or the exclusion from gross income for the purposes of federal income tax for the interest paid, or to be paid, on any bonds issued by the county to finance all or a portion of the costs of acquiring, improving or equipping the project, unless the bonds are issued pursuant to NRS 244A.702.

2.

If a county decides to sell capacity of the project after the expiration of all of the initial contracts for such sale, it shall give a first right of refusal to electric utilities which primarily serve retail customers in this state to purchase that capacity. No right of first refusal arises at any time by virtue of this section if and to the extent that, under the Internal Revenue Code and regulations prescribed thereunder as they exist at that time, such a right of first refusal would or could result in a change in or loss of the exemption from federal income tax or the exclusion from gross income for the purposes of federal income tax for the interest paid or to be paid on any bonds issued or to be issued by the county to finance all or a portion of the costs of acquiring, improving or equipping the project, unless the bonds are issued pursuant to NRS 244A.702.

3.

Any agreement between a county and a purchaser of all or part of the capacity of a project may include a provision that the obligation of the purchaser to make payments:

(a)

Exists whether or not:

(1)

The project or any part thereof is completed, operating or capable of operation; or

(2)

The generation of electricity from the project is stopped or reduced for any reason.

(b)

Must not be reduced by offset or otherwise.

(c)

Is not conditional upon the performance, by any party to the agreement described in this subsection, of that party’s obligation under any other agreement.

Source: Section 244A.699 — Power to sell capacity of project for generation and transmission of electricity and to charge for use of transmitting facilities; right of first refusal of electric utilities; unconditional contractual obligations., https://www.­leg.­state.­nv.­us/NRS/NRS-244A.­html#NRS244ASec699.

244A.669
Short title. 244A.671
Definitions. 244A.672
“Affordable housing” defined. 244A.673
“Board” defined. 244A.675
“Bonds” and “revenue bonds” defined. 244A.677
“Capacity” defined. 244A.678
“Corporation for public benefit” defined. 244A.679
“Finance” and “financing” defined. 244A.681
“Financing agreement” defined. 244A.682
“Health and care facility” defined. 244A.683
“Mortgage” defined. 244A.685
“Obligor” defined. 244A.687
“Pollution” defined. 244A.689
“Project” defined. 244A.691
“Revenues” defined. 244A.692
“Supplemental facility for a health and care facility” defined. 244A.693
“Warehousing” defined. 244A.695
Legislative intent. 244A.696
Exercise of powers by county 244A.697
General powers. 244A.698
Restrictions on powers of county. 244A.699
Power to sell capacity of project for generation and transmission of electricity and to charge for use of transmitting facilities 244A.701
Project for generation and transmission of electricity: Studies, surveys and options. 244A.702
Project for generation and transmission of electricity: Issuance of taxable bonds to acquire, improve or equip project. 244A.703
Project for generation and transmission of electricity: Sale and issuance of additional bonds. 244A.705
Enforcement of county’s obligation to issue additional bonds or to contract for sale of capacity or for construction and operation of project. 244A.707
Notice and public hearing by board of county commissioners. 244A.709
Details of proposed terms and conditions of transaction not required in notice. 244A.711
Determinations required of board of county commissioners after public hearing 244A.713
Bonds to be special obligations. 244A.715
Form and terms of bonds. 244A.717
Security. 244A.719
Terms of resolution and instruments. 244A.720
Issuance of bonds by Director of Department of Business and Industry as special obligations of State. 244A.721
Types of authorized investments 244A.723
Construction of project. 244A.725
Limitation on county’s obligation. 244A.727
Rights upon default. 244A.729
Determination of costs of financing. 244A.731
Lease, sale or financing of project. 244A.733
Option to purchase. 244A.735
Refunding. 244A.737
Application of proceeds 244A.739
Payment and contribution by county prohibited 244A.741
Operation by county prohibited. 244A.743
Project for generation and transmission of electricity: Legislative approval and determination of limit of capacity. 244A.745
Project for generation and transmission of electricity: Establishment, composition, powers and duties of committee to manage project. 244A.753
County’s property exempt from taxation 244A.755
Project for generation and transmission of electricity: Payment in lieu of taxes. 244A.757
Eminent domain not available 244A.759
Limitation of actions. 244A.761
Faith of State pledged against repeal, amendment or modification of County Economic Development Revenue Bond Law. 244A.763
County Economic Development Revenue Bond Law constitutes full authority for exercise of powers granted. 244A.6825
“Historic structure” defined. 244A.6975
Issuance of bonds for affordable housing or residential housing for corporation for public benefit.
Last Updated

Jun. 24, 2021

§ 244A.699’s source at nv​.us