1. The Account for Racing and Pari-Mutuel Wagering is hereby created within the State General Fund. The Board shall administer the Account.

2. The Board shall distribute the proceeds of the taxes collected pursuant to NRS 466.120 and subsection 1 of NRS 466.125 in the following order of priority:

(a) One percent of all pari-mutuel money handled on horse races which are not conducted by a state fair association, agricultural society, county fair and recreation board or other association to which state or county aid is given to the city in which the races are conducted or, if the races are conducted outside any city, to the county in which they are conducted.

(b) Not more than 1 percent of all pari-mutuel money handled on horse races which are not conducted by a state fair association, agricultural society, county fair and recreation board or other association to which state or county aid is given to the Account for Racing and Pari-Mutuel Wagering.

(c) The remainder to the State General Fund.

3. A licensee who has paid the taxes required by subsection 1 of NRS 466.125 may apply to the Board to receive a grant from the account for racing and pari-mutuel wagering. The Board may recommend approval and the Commission, in its discretion, may approve a grant to the licensee for the exclusive use of providing capital improvements to the racing facility of the licensee, a purse for racing or promotion of the facility, in proportion to the amount of taxes paid to the Commission by the licensee. The Board may not recommend approval and the Commission may not approve a grant if sufficient money is not available to pay the expenses of the Board and the Commission for the administration of this chapter.

[Part 7:231:1949; A 1951, 538; 1953, 701] + [17:321:1951] — (NRS A 1960, 185; 1965, 523; 1979, 110; 1981, 1703; 1983, 1998; 1991, 1112; 1993, 2123; 1997, 3131)