Nevada Revised Statutes 328.450 – Deposit in State Education Fund; deposit of excess in Account for Revenue from Lease of Federal Lands; interest and income
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1. The State Treasurer shall deposit in the State Education Fund money received in each fiscal year pursuant to 30 U.S.C. § 191 in an amount not to exceed $7,000,000.
Terms Used In Nevada Revised Statutes 328.450
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
2. Any amount received in a fiscal year by the State Treasurer pursuant to 30 U.S.C. § 191 in excess of $7,000,000 must be deposited in the Account for Revenue from the Lease of Federal Lands, which is hereby created.
3. The interest and income earned on the money in the Account, after deducting any applicable charges, must be credited to the Account.