NRS373.087. Local Fuel Tax Indexing Fund: Creation; investment; expenditures; nonreversion. [Effective through September 30, 2013, and effective after that date through December 31, 2016, if the board of county commissioners of a county whose population is 700,000 or more adopts the ordinance authorized by NRS 373.0663 on or before September 30, 2013, and effective after that date unless a majority of the registered voters in any county in this State voting on the question approve the question placed on the ballot at the 2016 General Election asking the voters in that county whether to authorize the board of county commissioners to impose, for the period beginning January 1, 2017, and ending on December 31, 2026, the taxes and the increases in those taxes authorized by NRS 373.0667.]

      1.  The Local Fuel Tax Indexing Fund is hereby created as an enterprise fund. The Department shall deposit in the Fund all fees collected by the Department pursuant to subsection 2 of NRS 373.083. The Director of the Department shall administer the Fund.

      2.  Money in the Fund must be invested as the money in other state funds is invested. The interest and income earned on the money in the Fund, after deducting any applicable charges, must be credited to the Fund. Claims against the Fund must be paid as other claims against the State are paid.

      3.  Money deposited in the Fund must only be expended:

      (a) To administer the system established by the Department pursuant to NRS 373.083; and

      (b) To reimburse a commission for any amounts paid by the commission pursuant to an intergovernmental agreement or contract entered into pursuant to subsection 3 of NRS 373.083.

      4.  The Director may maintain a reserve of not more than $500,000 in the Fund. The reserve must be accounted for separately in the Fund and must only be expended to administer the system established by the Department pursuant to NRS 373.083.

      5.  Any balance remaining in the Fund at the end of any fiscal year:

      (a) Does not revert to the State General Fund; and

      (b) Must be carried forward to the next fiscal year.

      (Added to NRS by 2013, 3547)