1. All money received by the Board of Regents of the University of Nevada pursuant to paragraph (b) of subsection 1 of NRS 375A.700 must be accounted for separately in the Endowment Fund of the Nevada System of Higher Education.
2. The money in the Estate Tax Account must be invested pursuant to the same investment policies as the other money in the Endowment Fund is invested. All interest and income earned on the money in the Account must be credited to the Account.
3. The Board of Regents of the University of Nevada may, upon approval by the Legislature when in regular session or by the Interim Finance Committee when the Legislature is not in regular session, expend any money in the Estate Tax Account.
(Added to NRS by 1987, 2110; A 1993, 398; 2003, 2621; 2005, 365)