381.0031 - Private money; Dedicated Trust Fund. - Nevada Statutes

381.0031  Private money; Dedicated Trust Fund.

      1.  All money and the proceeds from property received by the Division or any institution of the Division through any grant other than a grant of federal money, bequest or devise, and the proceeds from memberships, sales, interest and dividends from any sources other than appropriation by the Legislature, admission charges and sales of tickets for train rides, are private money and not state money. The Board shall establish a Division of Museums and History Dedicated Trust Fund. All private money must be accounted for in that Fund. No other money may be accounted for in that Fund.

      2.  Except as otherwise provided in this chapter, all of the money in the Dedicated Trust Fund must be deposited in a financial institution to draw interest or be expended, invested and reinvested pursuant to the specific instructions of the donor, or, where no such specific instructions exist, in the sound discretion of the Board. The provisions of subsections 3 and 4 of NRS 356.011 apply to any accounts in financial institutions maintained pursuant to this section.

      3.  The Board shall account separately for the portions of the private money received by each institution of the Division but may combine all or any portion of the private money for the purposes of investment and reinvestment.

      4.  The Board shall adopt an investment policy for the private money.

      (Added to NRS by 1989, 1518; A 1993, 1584)