Nev. Admin. Code § 373.160 — 373.160

NAC 373.160    Department to establish and administer interest-bearing trust
accounts for deposit of certain taxes collected by county; money in trust
accounts to be used to pay requests for reimbursement; pro-rata payments;
distribution of balance to county at end of fiscal year. ( NRS 373.083 )
1.  For each county in which a tax is imposed
pursuant to NRS 373.062 and in
which the total number of gallons of diesel fuel sold in the county during the
immediately preceding fiscal year is 10,000,000 gallons or more, the Department
will establish and administer an interest-bearing trust account and will
deposit into the trust account an amount equal to 20 percent of the total
amount of taxes collected by the county pursuant to NRS 373.062 . For each county in
which a tax is imposed pursuant to NRS
373.0663 , the Department will establish and administer an interest-bearing
trust account and will deposit into the trust account an amount equal to 20
percent of the total amount of taxes collected by the county pursuant to NRS 373.0663 , as applicable, each
month. After the expiration of the term of any bonds outstanding on June 12,
2013, secured by the proceeds of any tax imposed pursuant to NRS 373.066 , for each county in
which a tax is imposed pursuant to NRS
373.066 , the Department will establish and administer an interest-bearing
trust account and will deposit into the trust account an amount equal to 20 percent
of the total amount of taxes collected by the county pursuant to NRS 373.066 each month.
2.  Except as otherwise provided in
subsection 4, the money deposited by the Department into any trust account
created pursuant to subsection 1 must be used only to pay requests for
reimbursement approved by the Department pursuant to NAC 373.150 .
3.  If in any year the total amount of
requests for reimbursement approved by the Department exceeds the amount of
money deposited into the trust account of the county during the current fiscal
year, the Department will pay the approved requests for reimbursement on a pro
rata basis. For the purposes of this subsection, “pro rata basis” means that
the amount of each request for reimbursement approved by the Department will be
proportionally reduced by multiplying the amount of reimbursement approved by
the ratio of the total amount of money deposited into the trust account during
the current fiscal year, exclusive of interest, divided by the total amount of
requests for reimbursement approved by the Department.
4.  At the end of each fiscal year and after
the payment of all requests for reimbursement approved by the Department, the
Department will distribute to each county for which a trust account has been
created pursuant to subsection 1 any balance remaining in the trust account,
including the amount of any accrued interest.
(Added to NAC by Dep’t of Motor Veh. by R071-14, eff. 1-16-2015;
A by R010-20, 11-2-2020)