NRS 695K.300 Creation; administration; sources of money; interest; nonreversion; uses.

254 words·~1 min read·/nv/chapter-695k-public-option/695k-300·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. There is hereby created in the State Treasury the Public Option Trust Fund as a nonreverting trust fund. The Trust Fund must be administered by the State Treasurer.

2. The Trust Fund consists of:

(a)Any money deposited in the Trust Fund pursuant to NRS 695K.210 and 695K.220 ;

(b)Any money appropriated by the Legislature for the purpose of carrying out the provisions of this chapter; and

(c)All income and interest earned on the money in the Trust Fund.

3. Any interest earned on money in the Trust Fund, after deducting any applicable charges, must be credited to the Trust Fund. Money that remains in the Trust Fund at the end of a fiscal year does not revert to the State General Fund, and the balance in the Trust Fund must be carried forward to the next fiscal year.

4. Except as otherwise provided in subsection 5, the money in the Trust Fund must be used to carry out the provisions of this chapter. Such money must not be used to pay administrative costs that are not directly related to the operations of the Public Option.

5. If the State Treasurer determines that there is sufficient money in the Trust Fund to carry out the provisions of this chapter for the current fiscal year, the Director may use a portion determined by the State Treasurer of any additional money in the Trust Fund to increase the affordability of the Public Option.