Nevada Revised Statutes 353.357 – Temporary advance from State General Fund for certain authorized expenses of the Nevada Office of the Western Interstate Commission for Higher Education
1. If the three Nevada State Commissioners on the Western Interstate Commission for Higher Education, acting jointly, determine that current claims against the Nevada Office of the Western Interstate Commission for Higher Education’s Loan and Stipend Fund created pursuant to NRS 397.063 exceed the amount of money available in the Fund to pay the claims because of a delay in the receipt of revenue due the Fund, the three Nevada State Commissioners may request from the Director of the Office of Finance a temporary advance from the State General Fund to the Nevada Office of the Western Interstate Commission for Higher Education’s Loan and Stipend Fund for the payment of authorized expenses.
Terms Used In Nevada Revised Statutes 353.357
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
2. If the Director of the Office of Finance approves a request made pursuant to subsection 1, the Director shall notify the State Controller and the Fiscal Analysis Division of the Legislative Counsel Bureau of that approval. The State Controller shall draw his or her warrant upon receipt of the approval by the Director of the Office of Finance.
3. An advance from the State General Fund is limited to 50 percent of the revenue expected to be received by the Nevada Office of the Western Interstate Commission for Higher Education’s Loan and Stipend Fund in the current fiscal year from any source other than legislative appropriation.
4. Any money that is temporarily advanced from the State General Fund pursuant to subsection 2 must be repaid by August 31 following the end of the fiscal year in which the temporary advance is made.