1. Except as otherwise provided in the covenants of bonds issued by the State of Nevada and as provided in subsection 2, all revenues derived from the sale, lease or use of water or power which become due to the State of Nevada pursuant to any lease, contract or sale, or otherwise, of water or power obtained from the Colorado River power and water system, and from other sources, must be deposited with the State Treasurer for credit to the Colorado River Commission Fund which is hereby created as a special revenue fund. The interest and income earned on the money in the Fund, after deducting any applicable charges, must be credited to the Fund.

2. There is hereby created the Colorado River Research and Development Account in the Colorado River Commission Fund for the purpose of defraying the costs of engineering studies, analysis, negotiation and such other efforts as are, in the opinion of the Commission, necessary and proper for the protection of the interests of this state in the development and acquisition of sources of water and power along and related to the Colorado River and elsewhere. The charge for water and power included in any lease or contract executed after April 18, 1963, between the Commission and water or power users must be sufficient in amount to maintain the Colorado River Research and Development Account in addition to defraying the cost to the Commission of water and power delivered. When collected, these additional revenues must be deposited with the State Treasurer for credit to the Account. The interest and income earned on the money in the Account, after deducting any applicable charges, must be credited to the Account.

3. Money in the Fund and Account provided for in this section must be paid out on claims as other claims against the State are paid, after the claims have been approved by the Commission.

[Part 7:71:1935; A 1943, 209; 1947, 738; 1943 NCL § 1443.07] — (NRS A 1963, 743; 1973, 1608; 1981, 264, 1440; 1983, 1519, 1588; 1991, 1786)