Nevada § 353.357 - Temporary advance from State General Fund for certain authorized expenses of the Nevada Office of the Western Interstate Commission for Higher Education

§ 353.357. Temporary advance from State General Fund for certain authorized expenses of the Nevada Office of the Western Interstate Commission for Higher Education

1. If the three Nevada State Commissioners on the Western Interstate Commission for

Higher Education, acting jointly, determine that current claims against the Nevada

Office of the Western Interstate Commission for Higher Education's Loan and Stipend

Fund created pursuant to NRS 397.063 exceed the amount of money available in the Fund to pay the claims because of a delay

in the receipt of revenue due the Fund, the three Nevada State Commissioners may request

from the Director of the Office of Finance a temporary advance from the State General

Fund to the Nevada Office of the Western Interstate Commission for Higher Education's

Loan and Stipend Fund for the payment of authorized expenses. 2. If the Director of the Office of Finance approves a request made pursuant to subsection

1, the Director shall notify the State Controller and the Fiscal Analysis Division

of the Legislative Counsel Bureau of that approval. The State Controller shall draw his or her warrant upon receipt of the approval

by the Director of the Office of Finance. 3. An advance from the State General Fund is limited to 50 percent of the revenue

expected to be received by the Nevada Office of the Western Interstate Commission

for Higher Education's Loan and Stipend Fund in the current fiscal year from any source

other than legislative appropriation. 4. Any money that is temporarily advanced from the State General Fund pursuant to

subsection 2 must be repaid by August 31 following the end of the fiscal year in which

the temporary advance is made.