Lease of state land to certain state officers or employees for reduced charge; approval of lease; determination of rent; waiver of fee; separate accounting and use of money collected from leases; nonreversion

1. The Administrator of the Division of State Lands of the State Department of Conservation and Natural Resources, as ex officio State Land Registrar, may, pursuant to NRS 322.060, lease residential property owned by the State of Nevada for less than the fair market value of the property to an officer or employee of this State if: (a) The officer or employee is required as a condition of his or her employment to reside in residential property owned by this State. (b) A state agency that manages residential property owned by this State determines that it is beneficial to the State of Nevada for the officer or employee to reside in the residential property. 2. Before residential property may be leased pursuant to this section, the State Land Registrar, in cooperation with the head of the state agency that manages the property, must approve the lease and determine the amount of rent for the lease of the property. 3. The State Land Registrar may waive any fee for the consideration of an application to lease property pursuant to this section. 4. Any money collected by a state agency as rent for the lease of residential property pursuant to this section must be accounted for separately by the state agency and used for the operation and maintenance of residential property owned by this State that is managed by the state agency. 5. Any money collected by a state agency as rent for the lease of residential property pursuant to this section that is remaining at the end of a fiscal year does not revert to the State General Fund and the balance of that money must be carried forward to the next fiscal year.