1. If the three Nevada State Commissioners on the Western Interstate Commission for Higher Education, acting jointly, determine that current claims against 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 Western Interstate Commission for Higher Education’s Loan and Stipend Fund for the payment of authorized expenses.
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 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.
(Added to NRS by 1999, 806; A 2003, 943; 2015, 1513)