For the purpose of determining, within the limitations established by 26 U.S.C. § 146, the aggregate face amount of private activity bonds which may be issued during any calendar year:
1. The volume cap for the Director is, for any calendar year, 50 percent of the state ceiling for that year, subject to augmentation or diminution in accordance with any regulation adopted pursuant to NRS 348A.040.
2. The volume cap for any local government in this state is, for any calendar year, an amount which bears the same ratio to 50 percent of the state ceiling for that year as the population of that local government bears to the population of the entire state, subject to augmentation or diminution in accordance with any regulation adopted pursuant to NRS 348A.040.
(Added to NRS by 1987, 479)