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Nevada System of Higher Education Chancellor Dan Klaich resigned Thursday following allegations that the state agency he headed misled lawmakers who were seeking to change state college and university funding formulas.

Klaich submitted his resignation at a special meeting of the Nevada System of Higher Education Board of Regents, the Las Vegas Review-Journal reported. The meeting was called after the Review-Journal wrote about emails obtained under a public records law, saying they indicated the Nevada System of Higher Education -- which oversees the state's public colleges and universities -- misled lawmakers studying state higher education support in 2011 and 2012. Klaich said he was resigning to avoid becoming a distraction but that the emails were taken out of context. The Board of Regents approved an agreement including no admission of wrongdoing that will allow Klaich to keep his pay through June 2017, which includes a base salary of $303,000 plus automobile and housing allowances.