408.240 - State Highway Revolving Account: Establishment; use; warrants; deposit; transfers to State Highway Fund. - Nevada Statutes

408.240  State Highway Revolving Account: Establishment; use; warrants; deposit; transfers to State Highway Fund.

      1.  The State Highway Revolving Account is hereby established in an amount not to exceed $500,000. The money in the Account may be used by the Department to provide advances to employees of the Department for travel expenses and subsistence allowances and for paying travel expenses and subsistence allowances and other charges and obligations requiring prompt payment, and for no other purposes.

      2.  The State Controller shall draw a warrant to establish an amount of $125,000 in the account. Thereafter, upon written request of the Board, as it deems increases in the Account to be necessary, the Controller shall draw additional warrants. Upon presentation of such a warrant to the State Treasurer, the State Treasurer shall pay it.

      3.  All money paid by the Department from the State Highway Revolving Account must, after payment thereof, be passed upon by the State Board of Examiners in the same manner as other claims against the State. When approved by the State Board of Examiners, the State Controller shall draw a warrant for the amount of the money paid in favor of the State Highway Revolving Account to be paid to the order of the Director, and the State Treasurer shall pay the warrant.

      4.  The Director shall deposit the State Highway Revolving Account in one or more banks or credit unions of reputable standing and secure the deposit by a depositary bond satisfactory to the State Board of Examiners.

      5.  A least once each calendar quarter, the Director shall transfer any interest and other income earned on the money in the State Highway Revolving Account to the State Highway Fund.

      (Added to NRS by 1957, 670; A 1961, 175; 1979, 1769; 1983, 393; 1987, 1802; 1989, 1301; 1993, 1940; 1999, 1491)