1. The trustees of any consolidated, county, district or town library may establish with any financial institution or the county treasurer, as custodian, a special fund, to be known as the gift fund of the ........ consolidated library, the gift fund of the county library, the gift fund of the ........ district library or the gift fund of the ........ town library, as the case may be. The money in such a fund must be derived from all or any part of any gift, bequest or devise, including the interest thereon, and any additional money of the library that is needed to supplement or match any gift, bequest or devise in the gift fund. The fund must be a separate and continuing fund and no money in the fund reverts to the general fund of the county at any time.
2. The money in a gift fund of a library may be used for construction of new library buildings, capital improvements to library buildings, special library services or other library purposes. No expenditure from a gift fund of a library may be made until authorized by the trustees.
3. The trustees may invest or reinvest all or part of the money in the gift fund of a library in any investment authorized for city and county money under chapter 355 of NRS.
4. The trustees may transfer all or part of the money in any gift fund of a library to a library foundation to be used solely for the support of the library.
(Added to NRS by 1961, 354; A 1967, 1061; 1985, 10; 2017, 519)