Nevada Revised Statutes 701.370 – Trust Account for Renewable Energy and Energy Conservation: Creation; administration; interest and income; claims; nonreversion; restrictions on expenditures
1. The Trust Account for Renewable Energy and Energy Conservation is hereby created in the State General Fund.
Terms Used In Nevada Revised Statutes 701.370
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
2. The Director shall administer the Account. As administrator of the Account, the Director:
(a) Shall maintain the financial records of the Account;
(b) Shall invest the money in the Account as the money in other state accounts is invested;
(c) Shall manage any subaccount associated with the Account;
(d) Shall maintain any instruments that evidence investments made with the money in the Account;
(e) May contract with vendors for any good or service that is necessary to carry out the provisions of this section; and
(f) May perform any other duties that are necessary to administer the Account.
3. The interest and income earned on the money in the Account must, after deducting any applicable charges, be credited to the Account. All claims against the Account must be paid as other claims against the State are paid.
4. Not more than 2 percent of the money in the Account may be used to pay the costs of administering the Account.
5. The money in the Account remains in the Account and does not revert to the State General Fund at the end of any fiscal year.
6. All money that is deposited or paid into the Account may only be expended pursuant to an allocation made by the Director. Money expended from the Account must not be used to supplant existing methods of funding that are available to public agencies.