350A.190 - Fund for the Municipal Bond Bank: Creation; disposition of revenue. - Nevada Statutes

350A.190  Fund for the Municipal Bond Bank: Creation; disposition of revenue.

      1.  All revenues from lending projects must be deposited in the Fund for the Municipal Bond Bank in the State Treasury, which is hereby created as an enterprise fund.

      2.  Any revenue from lending projects which is in the Fund must be applied in the following order of priority:

      (a) Deposited into the Consolidated Bond Interest and Redemption Fund created pursuant to NRS 349.090 in amounts necessary to pay the principal of, interest on and redemption premiums due in connection with state securities issued pursuant to this chapter.

      (b) Deposited into any reserve account created for the payment of the principal of, interest on and redemption premiums due in connection with state securities issued pursuant to this chapter, in amounts and at times determined to be necessary.

      (c) Paid out for expenses of operation and maintenance.

      (d) On July 1 of each odd-numbered year, to the extent of any uncommitted balance in the Fund, deposited in the State General Fund.

      (Added to NRS by 1981, 770; A 1985, 711; 2001, 2751)