Nevada Administrative Code › Chapter 704A - Facilities Placed Underground › SYSTEMS OF ELECTRIC DISTRIBUTION › Section 704A.250 - Refunds of advances

Current through June 11, 2024
1. The utility and the applicant shall determine the number of lots and units of apartment houses being permanently served by the utility within the residential development in question, and if, within 6 months after the date on which a refundable cash advance is paid pursuant to NAC 704A.240, the number equals or exceeds 90 percent of the total number of lots and units of apartment houses designed for residential occupancy, the utility shall refund all of the cash advance paid, with interest as provided for in subsection 4 of NAC 704A.240. The refund must be made within 15 days from the expiration of the 6-month period.
2. If, within 1 year after the date on which a refundable cash advance is paid pursuant to NAC 704A.240, the number of lots and units of apartment houses being permanently served by the utility within the residential development equals or exceeds 90 percent of the total number of lots and units of apartment houses designed for residential occupancy, the utility shall refund all of the cash advance paid, with interest for the first 6 months as provided for in subsection 4 of NAC 704A.240. The refund must be made within 15 days after the expiration of the 1-year period. In any event, whether or not the cash advance paid is refundable, interest for the first 6 months must be paid within 15 days after the expiration of the 1-year period.
3. If a refundable cash advance, paid pursuant to NAC 704A.240, fails to qualify for refunding under subsections 1 and 2, the cash advance paid must be refunded in accordance with the following provisions:
A - (.5 x B)/.5 x B X C = R
A = the number of lots and apartments being permanently served by the utility within the development.
B = the total number of lots and apartments designed for residential occupancy within the development.
C = the refundable cash advance paid pursuant to NAC 704A.240.
R = the portion of the cash advance to be refunded on any settlement date, as provided for below, from which there must be deducted all portions of the cash advance previously refunded.
In accordance with the foregoing formula, a cash advance or any portion thereof is refundable until January 1, 1971, on a quarterly basis from and after expiration of the 1-year period referred to in subsection 2. From and after January 1, 1971, a cash advance or any portion thereof is refundable on a monthly basis for a period not to exceed 10 years from the date on which the cash advance was paid. All cash advances or portions thereof which are refundable must be paid within 15 days after the date on which they become due.
4. Disregarding any interest paid or payable, the utility shall not refund to the applicant any amount which exceeds the total refundable cash advance paid by him pursuant to NAC 704A.240. In addition, any portion of a refundable cash advance not subject to a refund within 10 years after the date on which the cash advance was paid must be accounted for by the utility as a nonrefundable contribution in aid of construction.
5. The utility shall not directly or indirectly, through a subsidiary or otherwise, lend any money to the applicant or to an agent, representative or subsidiary of the applicant.
Pub. Service Comm'n, Gen. Order 9 Rule K, eff. 11-1-69-NAC A 3-15-84
NRS 703.025, 704.260, 704.280, 704A.300