1. Notwithstanding any other provision of this chapter, all employers required to pay contributions under NRS 612.535 are required to pay the special bond contributions provided in this section. The provisions of this section do not apply to any nonprofit organization, political subdivision or Indian tribe which makes reimbursements in lieu of contributions pursuant to NRS 612.553. The Administrator shall establish an assessment payable by each employer to the Administrator for the special bond contributions at such rate or rates as the Administrator may prescribe.
2. All special bond contributions collected under this section must remain separate from any other contributions paid pursuant to this chapter.
3. The amount of the special bond contributions must be calculated and assessed annually, or more frequently as provided in subsection 4, by the Administrator as the amount necessary for the following purposes:
(a) To pay the bond obligations and bond administrative expenses that are due in that year or any other year;
(b) To replenish amounts that have been drawn from bond reserves under any instrument or agreement related to the bonds;
(c) To fund or replenish additional reserves in an amount required under any instrument or agreement related to the bonds to maintain a debt service coverage ratio at least at the level required by the trust indenture and instruments in connection with the bonds, or in an amount that may be necessary to maintain any ratings on the bonds at a level determined by the State Treasurer, in his or her sole discretion; and
(d) To fund optional redemption, mandatory redemption, purchase, refunding or defeasance of outstanding bonds that will occur in that year.
4. Whenever the Administrator determines that the cash balance and current estimated receipts of the Unemployment Compensation Bond Fund will be insufficient at any time to meet the covenants and conditions of the trust indenture and other instruments in connection with the bonds, the Administrator shall assess supplemental special bond contributions in an amount sufficient to increase the balance of the Unemployment Compensation Bond Fund to the amount required to meet such covenants and conditions.
5. Special bond contributions are due and payable by each employer in accordance with such regulations as the Administrator may prescribe.
6. Except as otherwise provided in NRS 612.6102 to 612.6134, inclusive, all provisions of this chapter applicable to the collection or refund of any contributions due under this chapter, including, without limitation, the enforcement and remedial provisions of NRS 612.625, 612.630, 612.635 and 612.660 to 612.695, inclusive, are applicable to the collection or refund of amounts due pursuant to this section and amounts directed pursuant to this section for deposit into the Unemployment Compensation Bond Fund. In accordance with NRS 612.680, special bond contributions, including penalties and interest thereon, due and unpaid from any employer constitute a lien upon all of the assets of the employer. The lien is to be prior to and paid in preference to all other liens or claims except prior recorded liens and prior taxes.
7. The provisions of this section are operative only when any bonds remain outstanding. During any period that no bonds are outstanding, the Administrator shall cease charging additional special bond contributions and shall notify all employers paying special bond contributions that contributions are no longer being assessed. The Administrator may continue to collect any special bond contributions previously assessed and not paid. Any money remaining in the Unemployment Compensation Bond Fund when no bonds remain outstanding must be deposited into this State’s account in the Unemployment Trust Fund of the United States Treasury.
(Added to NRS by 2013, 2648)