1. The board of trustees of a school district may insure for a reasonable amount the schoolhouses, furniture and school apparatus with some company authorized by law to transact business in the State of Nevada, and may comply with the conditions of the insurance policies. 2. Except as provided in subsection 3, any money received by a school district from insurance as payment for property loss shall be deposited with the county treasurer in a special fund to the credit of the school district, and may be expended in the manner provided by law for the repair, rebuilding or replacement of the property damaged or destroyed, without special budget provisions for such expenditure. 3. If the repair, rebuilding or replacement of the property damaged or destroyed is not in the best interest of the district, as determined by the board of trustees, the insurance proceeds may be transferred from the special fund to the school district buildings and sites fund. This subsection does not apply where, in order to obtain the maximum insurance proceeds, the insurance contract requires that the school improvement be reconstructed on the same site.
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