1. The Silver State Industries Endowment Fund is hereby created as a trust fund in the State Treasury.
2. The State Treasurer shall deposit in the Fund:
(a) Any money received from any commercial or correctional activities relating to the use of the modern structures, buildings and other property of the Nevada State Prison; and
(b) Any gifts, grants or donations of money the State Treasurer receives from any person who wishes to contribute to the Fund.
The money described in paragraphs (a) and (b) must be accounted for separately.
3. The interest and income earned on the money in the Fund must be credited to the Fund.
4. The Fund must be administered by the Silver State Industries Division of the Department.
5. Except as otherwise provided in subsection 6, the money in the Fund must only be used for the purposes set forth in this subsection. The money which represents the reserved principal of the Fund, in an amount not to exceed $100,000, must not be spent and, except as otherwise provided in subsection 6, only the money which represents the principal in excess of $100,000 and the interest earned on the principal may be used to carry out the provisions of this section. The Silver State Industries Division may use:
(a) In addition to any interest earned on the principal of the Fund, not more than 50 percent of the money received during a fiscal year from any commercial or correctional activities relating to the use of the modern structures, buildings and other property of the Nevada State Prison for the maintenance of the modern structures, buildings and other property of the Nevada State Prison; and
(b) Not more than 10 percent of the interest earned on the principal of the Fund to pay administrative costs.
6. At the end of each fiscal year, the State Treasurer shall transfer from the Silver State Industries Endowment Fund to the Endowment Fund for the Historic Preservation of the Nevada State Prison created by NRS 381.239 50 percent of all the money received during the fiscal year from any commercial or correctional activities relating to the use of the modern structures, buildings and other property of the Nevada State Prison and deposited into and remaining in the Silver State Industries Endowment Fund. The State Treasurer shall not transfer the reserved principal of the Silver State Industries Endowment Fund or any interest earned on the principal.
7. As used in this section, “modern structures, buildings and other property of the Nevada State Prison” means the structures, buildings and other property described in paragraph (a) of subsection 1 of NRS 321.004.
(Added to NRS by 2015, 868)
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