1. The Account for the New Nevada Education Funding Plan is hereby created in the State General Fund, to be administered by the Superintendent of Public Instruction. The Superintendent of Public Instruction may accept gifts and grants of money from any source for deposit in the Account. Any money from gifts and grants may be expended in accordance with the terms and conditions of the gift or grant, or in accordance with subsection 2. The interest and income earned on the sum of:

(a) The money in the Account; and

(b) Unexpended appropriations made to the Account from the State General Fund,

must be credited to the Account. Any money remaining in the Account at the end of a fiscal year does not revert to the State General Fund, and the balance in the Account must be carried forward to the next fiscal year.

2. The money in the Account may only be used for public schools and public education pursuant to NRS 387.129 to 387.139, inclusive.

3. The board of trustees of each school district and the sponsor of each charter school shall establish a special revenue fund and direct that the money the board of trustees or sponsor receives pursuant to NRS 387.131 be deposited in the special revenue fund. Money in the special revenue fund must not be commingled with money from other sources. The board of trustees or the sponsor, as applicable, shall disburse money in the special revenue fund to public schools in the school district or sponsored by the sponsor, as applicable, in accordance with NRS 387.131. The money in the special revenue fund:

(a) Must be used only as provided in NRS 387.133;

(b) Must not be used to settle or arbitrate disputes between a recognized organization representing employees of the school district or the governing body of the charter school and the school district or governing body, as applicable, to settle any negotiation or to adjust the schedules of salaries and benefits of the employees of a school district or charter school, as applicable; and

(c) Which remains in the special revenue fund at the end of a fiscal year reverts to the Account for the New Nevada Education Funding Plan.

(Added to NRS by 2017, 2919; R 2019, 4253, effective July 1, 2021)