1. The Trust Fund and any account established by the State Treasurer pursuant to this section must be administered by the State Treasurer.
2. In carrying out the provisions of NRS 427A.882 to 427A.896, inclusive, the State Treasurer may use any administrative or investment agreements or arrangements used for the Nevada College Savings Program created pursuant to NRS 353B.300 to 353B.370, inclusive, without soliciting separate proposals for assistance with the management of all or part of the Nevada ABLE Savings Program.
3. The State Treasurer shall establish such accounts as he or she determines necessary to carry out his or her duties pursuant to NRS 427A.882 to 427A.896, inclusive, including, without limitation:
(a) A Program Account in the Trust Fund; and
(b) An Administrative Account and an Endowment Account in the State General Fund.
4. The Program Account must be used for the receipt, investment and disbursement of money pursuant to savings trust agreements.
5. The Administrative Account must be used for the deposit and disbursement of money to administer and market the Nevada ABLE Savings Program.
6. The Endowment Account must be used for the deposit of any money received by the Nevada ABLE Savings Program that is not received pursuant to a savings trust agreement and, in the determination of the State Treasurer, is not necessary for the use of the Administrative Account. The money in the Endowment Account may be expended for any purpose related to the Nevada ABLE Savings Program or in any other manner which assists residents of this State who are eligible individuals as defined in 26 U.S.C. § 529A, as amended.
(Added to NRS by 2015, 1431)
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