Except as otherwise provided in NRS 388A.685, the Director of the Department of Business and Industry shall not finance a project unless, before financing the project, the Director of the Department of Business and Industry finds and the State Board of Finance approves the findings of the Director of the Department of Business and Industry that:
1. The project consists of any land, building or other improvement, and all real and personal properties necessary in connection therewith, which is suitable for new construction, improvement, restoration or rehabilitation of charter school facilities;
2. The charter school for whose benefit the project is being financed is not in default under the written charter or charter contract, as applicable, granted by its sponsor, as determined by the sponsor;
3. The charter school for whose benefit the project is being financed has received, within the immediately preceding 2 consecutive school years, one of the three highest ratings of performance pursuant to the statewide system of accountability for public schools, or has received equivalent ratings in another state, as determined by the Department of Education;
4. There are sufficient safeguards to ensure that all money provided by the Director of the Department of Business and Industry will be expended solely for the purposes of the project;
5. There are sufficient safeguards to ensure that the Director of the Department of Business and Industry will have the ability to monitor compliance with the provisions of NRS 388A.550 to 388A.695, inclusive, on an ongoing basis with respect to the project;
6. Through the advice of counsel or other reliable source, the project has received all approvals by the local, state and federal governments which may be necessary to proceed with construction, improvement, rehabilitation or redevelopment of the project; and
7. There has been a request by a charter school, lessee, purchaser or other obligor to have the Director of the Department of Business and Industry issue bonds to finance the project.
(Added to NRS by 2013, 1591; A 2015, 2388) — (Substituted in revision for NRS 386.632)