The Division shall:

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1.  Adopt regulations establishing criteria and standards for the eligibility for and use of any funding to be provided by the Division pursuant to NRS 233C.096.

2.  Report to each regular session of the Legislature:

(a) The amount of money expended from the Nevada Cultural Account;

(b) The specific purposes for which the money was expended; and

(c) The sources from which the money was obtained.