NAC354.241. Contents and filing of resolution adopted to create certain funds.

A resolution adopted by a local government to create a fund of a type which is listed in paragraph (a) of subsection 5 of NRS 354.624, must be filed with the Department immediately upon adoption and must contain:

     1. A statement of the purpose of the fund.

     2. The sources of the money that is expected to be deposited in the fund.

     3. A short-term and long-term plan for the expenditures from the fund.

     4. A plan for the retention or disposition of the balance, reserves and retained earnings of the fund.

     5. A mechanism for curing deficiencies in the balance, reserves and retained earnings of the fund.

     6. The method by which a determination will be made as to whether the balance, reserve and retained earnings of the fund are reasonable and necessary to carry out the purpose of the fund.

     7. A list of all statutes and regulations that apply to the fund.

     (Added to NAC by Tax Comm’n, eff. 7-9-96)