NRS 701.580 Interest and income; deposits; acceptance of gifts, grants and bequests; use of money to benefit renewable energy systems limited.

275 words·~1 min read·/nv/chapter-701-energy-policy/701-580

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

1. The interest and income earned on money in the Account for Renewable Energy, Energy Efficiency and Energy Conservation and the Account for Set-Aside Programs must be credited to the Account for Renewable Energy, Energy Efficiency and Energy Conservation and the Account for Set-Aside Programs, respectively.

2. All payments of principal and interest on all loans made to a qualified applicant and all proceeds from the sale, refunding or prepayment of obligations of a qualified applicant acquired or loans made in carrying out the purposes of the Account for Renewable Energy, Energy Efficiency and Energy Conservation must be deposited in the State Treasury for credit to the Account for Renewable Energy, Energy Efficiency and Energy Conservation.

3. The Director may accept gifts, contributions, grants and bequests of money from any public or private source. The money so accepted must be deposited in the State Treasury for credit to the Account for Renewable Energy, Energy Efficiency and Energy Conservation or the Account for Set-Aside Programs, and can be used to provide money from the State to match the federal grant, as required by the American Recovery and Reinvestment Act.

4. Only federal money deposited in a separate subaccount of the Account for Renewable Energy, Energy Efficiency and Energy Conservation, including repayments of principal and interest on loans made solely from federal money, and interest and income earned on federal money in the Account for Renewable Energy, Energy Efficiency and Energy Conservation, may be used to benefit a qualified applicant who is not a governmental entity.