Nev. Rev. Stat. § 361.920 — Allodial Title Trust Account; regulations of State Treasurer

1.  The Allodial Title Trust Account is
hereby created in the State General Fund. The State Treasurer shall administer
the Account. The interest and income earned on the money in the Account must be
credited to the Account. The State Treasurer shall expend the money in the Account
to make the payments of property tax on behalf of the residential properties
for which allodial title has been established and not relinquished and for no
other purposes except that not more than 2 percent of the money in the Account
may be used as necessary to pay expenses of the State Treasurer that are
directly related to the cost to invest the money in the Account and to
administer the program. The State Treasurer shall not make any payment from the
money in the Account more than 5 business days before the day on which the
payment becomes due.
2.  The State Treasurer shall invest the
money in the Account in obligations which would be legal investments for the
state pursuant to NRS 355.140 .
3.  The State Treasurer shall maintain a
separate subaccount in the Account for each allodial title and an Allodial
Title Subaccount for Stabilization. Any interest or other income earned on the
money in a subaccount that exceeds the projection of estimated interest and
income made pursuant to subsection 3 of NRS
361.900 for the fiscal year must be transferred to the Allodial Title
Subaccount for Stabilization as soon as practicable after June 30 of that year.
4.  The State Treasurer shall adopt such
regulations as are necessary to carry out the provisions of NRS 361.900 to 361.920 , inclusive, to ensure that the
Allodial Title Trust Account is efficiently and securely maintained.