NRS 414.450: Nevada Hazard Mitigation Revolving Loan Account: Creation; administration; interest and income; nonreversion.

1. The Nevada Hazard Mitigation Revolving Loan Account is hereby created in the State General Fund as a revolving loan account. The Account must be administered by the Office.

2. The Account consists of:

(a) Capitalization grants received from the Federal Emergency Management Agency pursuant to the STORM Act;

(b) Money appropriated by the Legislature to satisfy any matching funding, as required by the STORM Act;

(c) Money from the repayment of any loan made by the Office from the Account to an eligible recipient; and

(d) Interest and income earned on the money in the Account.

3. All interest and income earned on the money in the Account must be credited to the Account.

4. Any money 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.