NRS353B.350. Administration by State Treasurer; establishment of Program, Administrative and Endowment Accounts.

      1.  The Trust Fund and any account established by the State Treasurer pursuant to this section must be administered by the State Treasurer.

      2.  The State Treasurer shall establish such accounts as he or she determines necessary to carry out his or her duties pursuant to NRS 353B.300 to 353B.370, inclusive, including, without limitation:

      (a) A Program Account in the Trust Fund; and

      (b) An Administrative Account and an Endowment Account in the State General Fund.

      3.  The Program Account must be used for the receipt, investment and disbursement of money pursuant to savings trust agreements.

      4.  The Administrative Account must be used for the deposit and disbursement of money to administer and market the Nevada College Savings Program and to supplement the administration and marketing of the Nevada Higher Education Prepaid Tuition Program set forth in NRS 353B.010 to 353B.190, inclusive.

      5.  The Endowment Account must be used for the deposit of any money received by the Nevada College Savings Program that is not received pursuant to a savings trust agreement and, in the determination of the State Treasurer, is not necessary for the use of the Administrative Account. The money in the Endowment Account may be expended:

      (a) For any purpose related to the Nevada College Savings Program;

      (b) To pay the costs of administering the Governor Guinn Millennium Scholarship Program created pursuant to NRS 396.926, but such costs must not exceed an amount equal to 3 percent of the anticipated annual revenue to the State of Nevada from the settlement agreements with and civil actions against manufacturers of tobacco products anticipated for deposit in the Trust Fund; or

      (c) In any other manner which assists the residents of this state to attain postsecondary education.

      (Added to NRS by 2001, 2161; A 2009, 1027, 1165)