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.
(Added to NRS by 1997, 3412; A 2011, 445)
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