1. There is hereby created in the State Treasury the Public Land Trust Fund. All money appropriated for the purpose of making payments to local governments in lieu of taxes on public lands must be deposited by the State Land Registrar in the State Treasury for credit to the Public Land Trust Fund. If the State obtains title to, trusteeship over or management of more than one-fifth of the public lands in Nevada, upon approval of the Interim Finance Committee the State Land Registrar shall pay out of that Trust Fund in each fiscal year to each local government in Nevada an amount equal to or more than the payment the local government received in lieu of taxes on federal lands pursuant to 31 U.S.C. §§ 1601 et seq., in the most recent fiscal year, less the payment in lieu of taxes which the local government is entitled to receive from the Federal Government in the next fiscal year after the State obtains those lands.
2. If the local governments receive reduced payments in lieu of taxes from the Federal Government during a portion of a fiscal year because of the State’s obtaining those lands, the payments provided for in subsection 1 must be prorated for that portion of the fiscal year in which the payments from the Federal Government are reduced.
3. Payments from the Trust Fund must be made as other claims against the State are paid.
(Added to NRS by 1981, 1574, effective on date State obtains unreserved, unappropriated public lands in Nevada pursuant to federal law)