1. The Teach Nevada Scholarship Program Account is hereby created in the State General Fund. The Account must be administered by the State Board.
2. The interest and income earned on:
(a) The money in the Account, after deducting any applicable charges; and
(b) Unexpended appropriations made to the Account from the State General Fund,
must be credited to the Account.
3. Any money remaining in the Account at the end of a fiscal year including, without limitation, any unexpended appropriations made to the Account from the State General Fund does not revert to the State General Fund, and the balance in the Account must be carried forward to the next fiscal year.
4. The State Board may accept gifts and grants of money from any source for deposit in the Account.
5. The money in the Account may only be used to:
(a) Award grants to universities, colleges and other providers of an alternative licensure program that are approved to award Teach Nevada Scholarships pursuant to NRS 391A.585.
(b) Disburse the money retained pursuant to paragraph (b) of subsection 2 of NRS 391A.580 to a scholarship recipient who meets the requirements of subsection 4 of NRS 391A.585.
(Added to NRS by 2015, 2193; A 2017, 2611)