Nevada § 226.787 - Nevada State Infrastructure Bank Fund: Creation; administration by Board of Directors; establishment of accounts; acceptable deposits; compliance with federal laws; requirements for investment of earnings; authorized uses for money in Fund

§ 226.787. Nevada State Infrastructure Bank Fund: Creation; administration by Board of Directors; establishment of accounts; acceptable deposits; compliance with federal laws; requirements for investment of earnings; authorized uses for money in Fund

1. The Nevada State Infrastructure Bank Fund is hereby created as an enterprise fund. The Fund is a continuing fund without reversion. 2. The Fund is administered by the Board of Directors. 3. The Board of Directors may establish accounts and subaccounts within the Fund and

shall ensure that accounting for the Fund is performed in accordance with all applicable

laws and regulations governing the use of funds. 4. Except as otherwise provided in subsection 7, all money received by the Bank pursuant

to NRS 226.700 to 226.832 , inclusive, must be deposited in the Fund. 5. The Bank may accept for deposit into the Fund: (a) Any money appropriated by the Legislature or authorized for allocation by the

Interim Finance Committee; (b) Federal funds made available to the State; (c) Gifts, grants, donations and contributions from a governmental unit, private entity

or any other source; (d) Any money paid or credited to the Bank, by contract or otherwise, including, without

limitation: (1) Payment of principal and interest on a loan or other financial assistance provided

to a qualified borrower by the Bank; and (2) Interest earned from the investment or reinvestment of the Bank's money pursuant

to NRS 226.799 ; (e) Proceeds from the issuance of bonds or other securities pursuant to NRS 226.781 ; and (f) Any other lawful source of money that is made available to the Bank and is not

already dedicated for another purpose. 6. The Bank shall comply with all applicable federal laws governing the use of federal

funds, including, without limitation, statutes and regulations governing: (a) Any conditions or limitations on expenditures; (b) Reporting; and (c) The commingling of federal funds. 7. Earnings on balances in any federal accounts must be credited and invested in accordance

with federal law. Earnings on any state and local accounts must be deposited in the Fund to the credit

of the account that generates the earnings. 8. Money in the Fund may be used only: (a) For the capitalization of the Bank; and (b) To carry out the statutory purposes and powers of the Bank. 9. A local government may use money from any source that is made available to the

local government for the purposes of developing, constructing, repairing, improving,

operating, maintaining, decommissioning or owning a transportation facility, utility

infrastructure, water and wastewater infrastructure, renewable energy infrastructure,

recycling and sustainability infrastructure, digital infrastructure, K-12 school facility,

social infrastructure or other infrastructure related to economic development or for

any other purpose set forth in NRS 226.700 to 226.832 , inclusive, to make a gift, grant, donation or contribution to the Bank or to satisfy

any obligation owed by the local government to the Bank, including, without limitation,

payments of principal and interest.