1. There is hereby established a special fund to be known as the Social Security Revolving Fund. Such Fund shall consist of, and there shall be deposited in such Fund:

(a) All contributions, interest and penalties collected under NRS 287.170 and 287.180.

(b) All moneys appropriated thereto under NRS 287.050 to 287.240, inclusive.

(c) Any property or securities and earnings thereof acquired through the use of moneys belonging to the Fund.

(d) Interest earned upon any moneys in the Fund.

(e) All sums recovered upon the bond of the custodian or otherwise for losses sustained by the Fund.

(f) All other moneys received for the Fund from any other source.

All moneys in the Fund shall be mingled and undivided. Subject to the provisions of NRS 287.050 to 287.240, inclusive, the state agency is vested with full power, authority and jurisdiction over the Fund, including all moneys and property or securities belonging thereto, and may perform any and all acts, whether or not specifically designated, which are necessary to the administration thereof and are consistent with the provisions of NRS 287.050 to 287.240, inclusive.

2. The Social Security Revolving Fund shall be established and held separate and apart from any other funds or moneys of the State and shall be used and administered exclusively for the purposes of NRS 287.050 to 287.240, inclusive. Withdrawals from such Fund shall be made for:

(a) Payment of amounts required to be paid to the Secretary of the Treasury pursuant to the agreement entered into pursuant to section 218 of the Social Security Act.

(b) Payment of refunds provided for in subsection 3 of NRS 287.170.

(c) Refunds of overpayments, not otherwise adjustable, made by a political subdivision or instrumentality.

3. From the Social Security Revolving Fund the State Treasurer shall pay to the Secretary of the Treasury such amounts and at such time or times as may be directed by the state agency in accordance with any agreement entered into under NRS 287.150 and the Social Security Act.

4. The State Treasurer shall be ex officio treasurer and custodian of the Social Security Revolving Fund and shall administer such Fund in accordance with the provisions of NRS 287.050 to 287.240, inclusive, and the directions of the state agency and shall pay all warrants drawn upon it in accordance with the provisions of this section and with such regulations as the state agency may prescribe pursuant thereto.

5. All moneys in the Social Security Revolving Fund created under the provisions of chapter 103, Statutes of Nevada 1953, on March 29, 1955, including the sum of $750 transferred thereto by the State Treasurer from the General Fund pursuant to chapter 103, Statutes of Nevada 1953, shall remain in the Social Security Revolving Fund created by this section and shall not revert without further legislative enactment. These moneys, including the sum of $750, in addition to the contributions collected and paid into the Social Security Revolving Fund under NRS 287.170 and 287.180, are to be made available for the purposes of subsections 2 and 3 of this section until expended, along with such additional sums as are found to be necessary to make the payments to the Secretary of the Treasury which this state is obligated to make pursuant to the agreement of November 24, 1953, and modifications thereof entered into under NRS 287.150.

[7:420:1955]