1. The governing authority of any city library is authorized to establish with any financial institution or the city treasurer, as custodian, a special fund, known as the “................ city library gift fund.” The moneys in such fund must be derived from all or any part of any gift, bequest or devise, including the interest thereon, and any additional money of the city library that is needed to supplement or match any gift, bequest or devise in the gift fund. The gift fund is a separate and continuing fund and no moneys in it revert to the general fund of the city at any time.
2. The moneys in a city library gift fund may be used for construction of new library buildings, capital improvements to library buildings, special library services, or other library purposes. No expenditure from a city library gift fund may be made until authorized by the governing authority.
3. The governing authority of a city library may invest or reinvest all or part of the moneys in the city library gift fund in any investment authorized for city and county moneys under chapter 355 of NRS.
4. The governing authority of a city library may transfer all or part of the moneys in a city library gift fund to a library foundation to be used solely for the support of the city library.
(Added to NRS by 1961, 354; A 1967, 1064; 1981, 1002; 2017, 520)
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