1. The Nevada System of Higher Education Accounts Payable Revolving Fund is hereby created. The Board of Regents may deposit the money of the Fund in one or more state or national banks or credit unions in the State of Nevada.
2. The chief business officer of each business center of the System shall:
(a) Pay from the fund such operating expenses of the System as the Board of Regents may by rule prescribe.
(b) Submit claims to the State Board of Examiners for money of the System on deposit in the State Treasury or elsewhere to replace money paid from the Nevada System of Higher Education Accounts Payable Revolving Fund.