NRS 624.540 Submission of biennial statement of condition of account to Legislature; employment of necessary persons; procurement of necessary equipment, supplies and services; interest credited to account; limit on expenditures.

263 words·~1 min read·/nv/chapter-624-contractors/624-540

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1. The Board shall:

(a)On or before February 1 of each odd-numbered year, prepare and submit to the Director of the Legislative Counsel Bureau for transmittal to the appropriate legislative committee a statement of the condition of the account that is prepared in accordance with generally accepted accounting principles.

(b)Employ accountants as necessary for the performance of the duties set forth in this section and pay any related expenses from the money in the account. Except as otherwise provided in subsection 3, the expenditures made by the Board pursuant to this paragraph must not exceed $10,000 in any fiscal year.

(c)Employ or contract with persons and procure necessary equipment, supplies and services to be paid from or purchased with the money in the account as may be necessary to monitor or process claims filed by injured persons that may result in a recovery from the account.

2. Any interest earned on the money in the account must be credited to the account. The Board may expend the interest earned on the money in the account to increase public awareness of the account. Except as otherwise provided in subsection 3, the expenditures made by the Board for this purpose must not exceed $50,000 in any fiscal year.

3. The total expenditures made by the Board pursuant to this section must not exceed 10 percent of the account in any fiscal year.