432.037 - Creation of Trust Fund for Child Welfare; duties of Division; deposit of money in trust fund for child welfare established in county treasury in certain counties and disbursement from fund.
432.037 Creation of Trust Fund for Child Welfare; duties of Division; deposit of money in trust fund for child welfare established in county treasury in certain counties and disbursement from fund.
1. The Trust Fund for Child Welfare is hereby created. All benefits for survivors or other awards payable to children receiving child welfare services pursuant to NRS 432.010 to 432.085, inclusive, in a county whose population is less than 100,000 must be deposited in the State Treasury for credit to the Fund.
2. The Division shall:
(a) Keep a separate account for each child who receives money.
(b) Deduct from the account any services to the child provided by public money. Any surplus remaining may be expended for extraordinary items deemed beneficial to the child.
(c) Remit any surplus balance to the parent or legal guardian of the child, or to the child if the child is emancipated or has reached the age of 18 years, when the Division is no longer legally responsible for the child.
3. The Division shall pay interest to each child’s separate account maintained in the Trust Fund for Child Welfare at the end of each interest period. Interest must be paid at a rate equal to the average of the interest rates quoted by at least three banking institutions for interest-bearing savings accounts of $3,000 or less on the first day of each interest period. Interest must be paid on the child’s account commencing with the first interest period that the Division is legally responsible for the child. Interest must not be paid for the interest period during which the child ceases to be the legal responsibility of the Division.
4. All benefits for survivors or other awards payable to children receiving child welfare services in a county whose population is 100,000 or more pursuant to NRS 432.010 to 432.085, inclusive, must be deposited in the trust fund for child welfare established in the county treasury. A disbursement from the benefits for survivors or other awards of a child which is deposited in the fund may be made to the agency which provides child welfare services for any child welfare services provided to the child with public money.
5. As used in this section, “interest period” means that period not less frequent than quarterly, as determined by the State Treasurer, for which interest must be paid.
(Added to NRS by 1993, 2700; A 1995, 721; 2001 Special Session, 31)