1. Except as otherwise provided in subsection 3 and NRS 349.951 , all amounts received by the Director from an obligor in connection with any financing undertaken pursuant to NRS 349.935 to 349.961 , inclusive, must be deposited with the State Treasurer for credit to the Account for the Financing of Water Projects which is hereby created in the Fund for Natural Resources, which is hereby created as a special revenue fund. 2. Any revenue from water projects financed with state securities which is in the Account must be applied in the following order of priority: (a) Deposited into the Consolidated Bond Interest and Redemption Fund in amounts necessary to pay the principal of, interest on and redemption premiums due in connection with state securities issued for water projects. (b) Deposited into any reserve account created for the payment of the principal of, interest on and redemption premiums due in connection with state securities issued for water projects, in amounts and at times determined to be necessary. (c) Paid out for expenses of operation and maintenance. 3. Any revenue from water projects financed with revenue bonds may: (a) Be deposited in the Account for the Financing of Water Projects and subject to the provisions of subsection 2; or (b) Subject to any agreement with the holders of the bonds, be invested, deposited or held by the Director in such funds or accounts as the Director deems necessary or desirable. If the Director is acting pursuant to this subsection, he or she need not deposit the money in the State Treasury and the provisions of chapters 355 and 356 of NRS do not apply to any investments or deposits made pursuant to this subsection.
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