USA Statutes : nevada
Title : Title 31 - PUBLIC FINANCIAL ADMINISTRATION
Chapter : CHAPTER 355 - PUBLIC INVESTMENTS
The State Treasurer
shall adopt regulations which he deems necessary to carry out his duties
pursuant to the provisions of this chapter.
(Added to NRS by 1995, 407)
STATE BOARD OF FINANCE
1. The State Board of Finance is hereby created.
2. The State Board of Finance shall consist of the Governor, the
State Controller, the State Treasurer and two other members to be
appointed by the Governor for terms of 4 years each.
3. At least one of the members appointed by the Governor shall be
actively engaged in commercial banking in this state.
[Part 1:212:1917; A 1919, 284; 1919 RL p. 3146; NCL § 6962] + [Part
1:93:1919; 1919 RL p. 3109; NCL § 6956] + [Part 2:93:1919; 1919 RL p.
3109; NCL § 6957]—(NRS A 1969, 1200)
1. The two members appointed by the Governor are each entitled to
receive a salary of not more than $80 per day, as fixed by the Board, for
their services while actually engaged in the performance of their duties
as members of the Board.
2. While engaged in the business of the Board, each member and
employee of the Board is entitled to receive the per diem allowance and
travel expenses provided for state officers and employees generally.
[Part 2:93:1919; 1919 RL p. 3109; NCL § 6957]—(NRS A 1969, 1200;
1975, 298; 1981, 1980; 1989, 1712)
1. The Attorney General is the legal adviser of the State Board of
Finance.
2. The Chief Deputy State Treasurer is ex officio Secretary of the
State Board of Finance.
[3:93:1919; 1919 RL p. 3110; NCL § 6958] + [4:93:1919; 1919 RL p.
3111; NCL § 6959]—(NRS A 1969, 1201; 1977, 561)
The State Board of Finance shall keep a
permanent record of all its meetings, in which record shall be:
1. Recorded the aye and nay vote of the members of the Board upon
all questions presented to the Board.
2. Kept all opinions of the Attorney General as required by the
provisions of this chapter.
[3:212:1917; 1919 RL p. 3147; NCL § 6964]
The State Board of Finance shall
review and approve or disapprove the policies established by the State
Treasurer for investment of money of the State and of money in the Local
Government Pooled Investment Fund. The Board shall review both sets of
policies at least every 4 months.
(Added to NRS by 1979, 723; A 1981, 496; 1997, 1282)
INVESTMENTS AND LOANS FROM STATE PERMANENT SCHOOL FUND
The State Treasurer shall have charge of all the investments of
money and the sale of all securities of the State Permanent School Fund.
[Part 1:212:1917; A 1919, 284; 1919 RL p. 3146; NCL § 6962]—(NRS A
1979, 724)
1. The State Controller shall notify the State Treasurer monthly
of the amount of uninvested money in the State Permanent School Fund.
2. Whenever there is a sufficient amount of money for investment
in the State Permanent School Fund, the State Treasurer shall proceed to
negotiate for the investment of the money in:
(a) United States bonds.
(b) Obligations or certificates of the Federal National Mortgage
Association, the Federal Home Loan Banks, the Federal Home Loan Mortgage
Corporation, the Federal Farm Credit Banks Funding Corporation or the
Student Loan Marketing Association, whether or not guaranteed by the
United States.
(c) Bonds of this state or of other states.
(d) Bonds of any county of the State of Nevada.
(e) United States treasury notes.
(f) Farm mortgage loans fully insured and guaranteed by the Farmers
Home Administration of the United States Department of Agriculture.
(g) Loans at a rate of interest of not less than 6 percent per
annum, secured by mortgage on agricultural lands in this state of not
less than three times the value of the amount loaned, exclusive of
perishable improvements, of unexceptional title and free from all
encumbrances.
(h) Money market mutual funds that:
(1) Are registered with the Securities and Exchange
Commission;
(2) Are rated by a nationally recognized rating service as
“AAA” or its equivalent; and
(3) Invest only in securities issued or guaranteed as to
payment of principal and interest by the Federal Government, or its
agencies or instrumentalities, or in repurchase agreements that are fully
collateralized by such securities.
(i) Common or preferred stock of a corporation created by or
existing under the laws of the United States or of a state, district or
territory of the United States, if:
(1) The stock of the corporation is:
(I) Listed on a national stock exchange; or
(II) Traded in the over-the-counter market, if the
price quotations for the over-the-counter stock are quoted by the
National Association of Securities Dealers Automated Quotations System
(NASDAQ);
(2) The outstanding shares of the corporation have a total
market value of not less than $50,000,000;
(3) The maximum investment in stock is not greater than 50
percent of the book value of the total investments of the State Permanent
School Fund;
(4) Except for investments made pursuant to paragraph (k),
the amount of an investment in a single corporation is not greater than 3
percent of the book value of the assets of the State Permanent School
Fund; and
(5) Except for investments made pursuant to paragraph (k),
the total amount of shares owned by the State Permanent School Fund is
not greater than 5 percent of the outstanding stock of a single
corporation.
(j) A pooled or commingled real estate fund or a real estate
security that is managed by a corporate trustee or by an investment
advisory firm that is registered with the Securities and Exchange
Commission, either of which may be retained by the State Treasurer as an
investment manager. The shares and the pooled or commingled fund must be
held in trust. The total book value of an investment made under this
paragraph must not at any time be greater than 5 percent of the total
book value of all investments of the State Permanent School Fund.
(k) Mutual funds or common trust funds that consist of any
combination of the investments listed in paragraphs (a) to (j), inclusive.
3. The State Treasurer shall not invest any money in the State
Permanent School Fund pursuant to paragraph (i), (j) or (k) of subsection
2 unless the State Treasurer obtains a judicial determination that the
proposed investment or category of investments will not violate the
provisions of Section 9 of Article 8 of the Constitution of the State of
Nevada. The State Treasurer shall contract for the services of
independent contractors to manage any investments of the State Treasurer
made pursuant to paragraph (i), (j) or (k) of subsection 2. The State
Treasurer shall establish such criteria for the qualifications of such an
independent contractor as are appropriate to ensure that each independent
contractor has expertise in the management of such investments.
4. In addition to the investments authorized by subsection 2, the
State Treasurer may make loans of money from the State Permanent School
Fund to school districts pursuant to NRS 387.526 .
5. No part of the State Permanent School Fund may be invested
pursuant to a reverse-repurchase agreement.
[Part 2:212:1917; A 1925, 221; 1919 RL p. 3146; NCL § 6963] +
[2a:212:1917; added 1953, 304]—(NRS A 1969, 822; 1979, 724; 1989, 2178;
1991, 175; 1993, 2282; 1997, 2713, 2879; 1999, 599 ; 2001, 2291 )
1. Except as otherwise provided in subsection 3, the State
Treasurer shall:
(a) Make diligent inquiry as to the financial standing and
responsibility of any state, county or person in whose bonds or
securities on agricultural lands he proposes to invest.
(b) Require the Attorney General to:
(1) Give his written legal opinion as to the validity of any
act of any state or county under which the bonds or securities are issued
and authorized and in which the State Treasurer contemplates investment.
(2) Examine and give his written opinion upon the title and
the abstract of title of all agricultural land on which the State
contemplates taking mortgages.
2. If the State Treasurer is satisfied as to the financial
standing and responsibility of the state or county whose bonds or
securities he proposes to purchase, or is satisfied of the financial
standing and responsibility of the person whose mortgages on agricultural
land are offered to the State, and the Attorney General gives his written
opinion that the act under which the bonds or securities are issued is
valid and that the issues were regularly made, or approves the abstract
of title of the agricultural land proposed to be mortgaged, the State
Treasurer may make the investment.
3. The provisions of this section do not apply to loans of money
from the State Permanent School Fund made pursuant to NRS 387.526 .
[Part 2:212:1917; A 1925, 221; 1919 RL p. 3146; NCL § 6963]—(NRS A
1979, 570; 1981, 361; 1997, 2713; 1999, 599 )
No part
of the State Permanent School Fund may be invested in the bonds of any
county whose entire bonded indebtedness for all purposes exceeds 10
percent of its assessed valuation; and the amount of bonds of any county
purchased or invested in by the State Treasurer may not, in the
aggregate, exceed 4 percent of the assessed valuation of any county.
[5:212:1917; A 1928, 30; 1947, 267; 1943 NCL § 6966]—(NRS A 1979,
724)
The State Treasurer may convert into cash any of the bonds
or securities in which any part of the State Permanent School Fund is
invested by selling them in the open market to the highest bidder or
bidders, the proceeds thereof to be placed by the State Treasurer in the
State Permanent School Fund to be reinvested as provided in NRS 355.060
and 355.070 .
[4:212:1917; 1919 RL p. 3147; NCL § 6965]—(NRS A 1979, 724)
1. Any person desiring to obtain a loan from the State Permanent
School Fund on agricultural land shall:
(a) Make written application to the State Board of Finance; and
(b) At the same time, furnish to the State Board of Finance a full
and complete abstract of title to the property offered as security for
the loan.
2. If the abstract is approved by the Attorney General and it
appears that the person offering such mortgage has an exceptional title
free from all encumbrances, the State Board of Finance forthwith shall
appoint an appraiser or appraisers to view the land and improvements
thereon and make a report to the State Board of Finance of the value
thereof. The person desiring to obtain the loan shall pay the cost of the
appraiser or appraisers which may be incurred, not to exceed $5 per day
and expenses.
[6:212:1917; 1919 RL p. 3147; NCL § 6967] + [8:212:1917; 1919 RL p.
3147; NCL § 6969]
1. If the abstract is approved by the Attorney General and the
title is in accordance with the requirements of NRS 355.100 , and the written report of the appraiser or
appraisers is satisfactory to the State Board of Finance, the loan shall
be made. The person obtaining the loan shall execute a note payable to
the State of Nevada for the State Permanent School Fund for the amount
thereof, and shall execute as security for the payment of the note a
mortgage upon the lands to be given as security in a form and manner to
be approved by the Attorney General. The mortgage shall be recorded as
other mortgages of real property are recorded.
2. Every loan made upon a mortgage on agricultural land shall be
payable in not to exceed 10 years, and provision shall be made for
partial payments annually or semiannually to the State Treasurer, but no
payments shall be made in an amount less than $100 and interest accruing.
All payments of interest and payments upon principal shall be made
semiannually on June 1 and December 1 of each year.
[7:212:1917; 1919 RL p. 3147; NCL § 6968]
OTHER AUTHORIZED STATE INVESTMENTS AND LOANS
The State Treasurer may invest any available
money in the State Treasury, other than that in the State Permanent
School Fund and that in the State Insurance Fund, in farm mortgage loans
fully insured and guaranteed by the Farmers Home Administration of the
United States Department of Agriculture, farm loan bonds, consolidated
farm loan bonds, debentures, consolidated debentures and other
obligations issued by federal land banks and federal intermediate credit
banks under the authority of the Federal Farm Loan Act, formerly 12
U.S.C. §§ 636 to 1012, inclusive, and §§ 1021 to 1129, inclusive, and the
Farm Credit Act of 1971, 12 U.S.C. §§ 2001 to 2259, inclusive, as now or
hereafter amended, and bonds, debentures, consolidated debentures and
other obligations issued by banks for cooperatives under the authority of
the Farm Credit Act of 1933, formerly 12 U.S.C. §§ 1131 to 1138e,
inclusive, and the Farm Credit Act of 1971, 12 U.S.C. §§ 2001 to 2259,
inclusive, as now or hereafter amended.
[5a:93:1919; added 1953, 303]—(NRS A 1959, 34; 1973, 1089; 1979,
724; 1991, 471)
1. By unanimous vote of its members and with the approval of the
State Board of Examiners, the State Board of Finance may lend any
available money in the State Treasury, other than that in the State
Permanent School Fund and the State Insurance Fund, to local governments
situated within the boundaries of the State of Nevada. Such loans must be
made only to local governments which have observed the regulations and
followed the procedure for obtaining a medium-term obligation set forth
in chapter 350 of NRS. Such loans must be
made for a period of not longer than 10 years and must bear interest at a
rate which does not exceed by more than 3 percent the Index of Twenty
Bonds which was most recently published before the bids are received or a
negotiated offer is accepted.
2. In making loans to local governments, the State Board of
Finance shall follow the procedure for making other loans set forth in
this chapter.
[5:93:1919; 1919 RL p. 3111; NCL § 6960]—(NRS A 1959, 422; 1965,
745; 1969, 802; 1973, 16; 1975, 870; 1981, 1415; 1983, 583; 1989, 53;
1995, 1820)
The State Treasurer may lend securities from the investment portfolio of
this state if he receives collateral from the borrower which represents
at least 102 percent of the value of the securities borrowed. For the
purposes of this section, the value of the securities borrowed must be
determined on a daily basis.
(Added to NRS by 1995, 407)
1. In addition to other investments provided for by a specific
statute, the following bonds and other securities are proper and lawful
investments of any of the money of this state, of its various
departments, institutions and agencies, and of the State Insurance Fund:
(a) Bonds and certificates of the United States;
(b) Bonds, notes, debentures and loans if they are underwritten by
or their payment is guaranteed by the United States;
(c) Obligations or certificates of the United States Postal
Service, the Federal National Mortgage Association, the Government
National Mortgage Association, the Federal Agricultural Mortgage
Corporation, the Federal Home Loan Banks, the Federal Home Loan Mortgage
Corporation or the Student Loan Marketing Association, whether or not
guaranteed by the United States;
(d) Bonds of this state or other states of the Union;
(e) Bonds of any county of this state or of other states;
(f ) Bonds of incorporated cities in this state or in other states
of the Union, including special assessment district bonds if those bonds
provide that any deficiencies in the proceeds to pay the bonds are to be
paid from the general fund of the incorporated city;
(g) General obligation bonds of irrigation districts and drainage
districts in this state which are liens upon the property within those
districts, if the value of the property is found by the board or
commission making the investments to render the bonds financially sound
over all other obligations of the districts;
(h) Bonds of school districts within this state;
(i) Bonds of any general improvement district whose population is
200,000 or more and which is situated in two or more counties of this
state or of any other state, if:
(1) The bonds are general obligation bonds and constitute a
lien upon the property within the district which is subject to taxation;
and
(2) That property is of an assessed valuation of not less
than five times the amount of the bonded indebtedness of the district;
(j ) Medium-term obligations for counties, cities and school
districts authorized pursuant to chapter 350
of NRS;
(k) Loans bearing interest at a rate determined by the State Board
of Finance when secured by first mortgages on agricultural lands in this
state of not less than three times the value of the amount loaned,
exclusive of perishable improvements, and of unexceptional title and free
from all encumbrances;
(l) Farm loan bonds, consolidated farm loan bonds, debentures,
consolidated debentures and other obligations issued by federal land
banks and federal intermediate credit banks under the authority of the
Federal Farm Loan Act, formerly 12 U.S.C. §§ 636 to 1012, inclusive, and
§§ 1021 to 1129, inclusive, and the Farm Credit Act of 1971, 12 U.S.C. §§
2001 to 2259, inclusive, and bonds, debentures, consolidated debentures
and other obligations issued by banks for cooperatives under the
authority of the Farm Credit Act of 1933, formerly 12 U.S.C. §§ 1131 to
1138e, inclusive, and the Farm Credit Act of 1971, 12 U.S.C. §§ 2001 to
2259, inclusive, excluding such money thereof as has been received or
which may be received hereafter from the Federal Government or received
pursuant to some federal law which governs the investment thereof;
(m) Negotiable certificates of deposit issued by commercial banks,
insured credit unions or savings and loan associations;
(n) Bankers’ acceptances of the kind and maturities made eligible
by law for rediscount with Federal Reserve banks or trust companies which
are members of the Federal Reserve System, except that acceptances may
not exceed 180 days’ maturity, and may not, in aggregate value, exceed 20
percent of the total par value of the portfolio as determined on the date
of purchase;
(o) Commercial paper issued by a corporation organized and
operating in the United States or by a depository institution licensed by
the United States or any state and operating in the United States that:
(1) At the time of purchase has a remaining term to maturity
of not more than 270 days; and
(2) Is rated by a nationally recognized rating service as
“A-1,” “P-1” or its equivalent, or better,
Ê except that investments pursuant to this paragraph may not, in
aggregate value, exceed 20 percent of the total par value of the
portfolio as determined on the date of purchase, and if the rating of an
obligation is reduced to a level that does not meet the requirements of
this paragraph, it must be sold as soon as possible;
(p) Notes, bonds and other unconditional obligations for the
payment of money, except certificates of deposit that do not qualify
pursuant to paragraph (m), issued by corporations organized and operating
in the United States or by depository institutions licensed by the United
States or any state and operating in the United States that:
(1) Are purchased from a registered broker-dealer;
(2) At the time of purchase have a remaining term to
maturity of not more than 5 years; and
(3) Are rated by a nationally recognized rating service as
“A” or its equivalent, or better,
Ê except that investments pursuant to this paragraph may not, in
aggregate value, exceed 20 percent of the total par value of the
portfolio, and if the rating of an obligation is reduced to a level that
does not meet the requirements of this paragraph, it must be sold as soon
as possible;
(q) Money market mutual funds which:
(1) Are registered with the Securities and Exchange
Commission;
(2) Are rated by a nationally recognized rating service as
“AAA” or its equivalent; and
(3) Invest only in securities issued by the Federal
Government or agencies of the Federal Government or in repurchase
agreements fully collateralized by such securities;
(r) Collateralized mortgage obligations that are rated by a
nationally recognized rating service as “AAA” or its equivalent; and
(s) Asset-backed securities that are rated by a nationally
recognized rating service as “AAA” or its equivalent.
2. Repurchase agreements are proper and lawful investments of
money of the State and the State Insurance Fund for the purchase or sale
of securities which are negotiable and of the types listed in subsection
1 if made in accordance with the following conditions:
(a) The State Treasurer shall designate in advance and thereafter
maintain a list of qualified counterparties which:
(1) Regularly provide audited and, if available, unaudited
financial statements to the State Treasurer;
(2) The State Treasurer has determined to have adequate
capitalization and earnings and appropriate assets to be highly credit
worthy; and
(3) Have executed a written master repurchase agreement in a
form satisfactory to the State Treasurer and the State Board of Finance
pursuant to which all repurchase agreements are entered into. The master
repurchase agreement must require the prompt delivery to the State
Treasurer and the appointed custodian of written confirmations of all
transactions conducted thereunder, and must be developed giving
consideration to the Federal Bankruptcy Act, 11 U.S.C. §§ 101 et seq.
(b) In all repurchase agreements:
(1) At or before the time money to pay the purchase price is
transferred, title to the purchased securities must be recorded in the
name of the appointed custodian, or the purchased securities must be
delivered with all appropriate, executed transfer instruments by physical
delivery to the custodian;
(2) The State must enter into a written contract with the
custodian appointed pursuant to subparagraph (1) which requires the
custodian to:
(I) Disburse cash for repurchase agreements only upon
receipt of the underlying securities;
(II) Notify the State when the securities are marked
to the market if the required margin on the agreement is not maintained;
(III) Hold the securities separate from the assets of
the custodian; and
(IV) Report periodically to the State concerning the
market value of the securities;
(3) The market value of the purchased securities must exceed
102 percent of the repurchase price to be paid by the counterparty and
the value of the purchased securities must be marked to the market weekly;
(4) The date on which the securities are to be repurchased
must not be more than 90 days after the date of purchase; and
(5) The purchased securities must not have a term to
maturity at the time of purchase in excess of 10 years.
3. As used in subsection 2:
(a) “Counterparty” means a bank organized and operating or licensed
to operate in the United States pursuant to federal or state law or a
securities dealer which is:
(1) A registered broker-dealer;
(2) Designated by the Federal Reserve Bank of New York as a
“primary” dealer in United States government securities; and
(3) In full compliance with all applicable capital
requirements.
(b) “Repurchase agreement” means a purchase of securities by the
State or State Insurance Fund from a counterparty which commits to
repurchase those securities or securities of the same issuer,
description, issue date and maturity on or before a specified date for a
specified price.
4. No money of this state may be invested pursuant to a
reverse-repurchase agreement, except money invested pursuant to chapter
286 of NRS.
[1:191:1943; A 1951, 318; 1953, 38, 586; 1954, 5]—(NRS A 1959, 35,
423; 1967, 1712; 1971, 269; 1973, 16, 334, 1090; 1981, 489; 1983, 961;
1985, 353; 1989, 2178; 1991, 346, 471, 499; 1993, 2283; 1995, 167, 1820;
1997, 1282; 1999, 798 , 1477 , 1821 ; 2001, 2293 )
140 . In investing pursuant to NRS
355.140 , the State Treasurer shall
exercise the judgment and care, under the circumstances then prevailing,
which a person of prudence, discretion and intelligence exercises in the
management of his own affairs, not in regard to speculation, but in
regard to the investment of his money, considering the probable income as
well as the probable safety of his capital.
(Added to NRS by 1993, 2282)
1. Before making any investment in the bonds and other securities
designated in NRS 355.140 , the State
Board of Finance, or other board, commission or agency of the State
contemplating the making of any such investments shall make due and
diligent inquiry as to:
(a) Whether the bonds of such federal agencies are actually
underwritten or payment thereof is guaranteed by the United States.
(b) The financial standing and responsibility of the state or
states, county or counties, incorporated cities, irrigation districts,
drainage districts, school districts, and general improvement districts
in the bonds or securities of which such investments are contemplated or
are to be made.
(c) Whether such bonds and other securities are valid and duly
authorized and issued, and the proceedings incident thereto have been
fully complied with.
(d) The financial standing and responsibility of the person or
persons, company or companies, corporation or corporations to whom or to
which such loans are contemplated.
(e) The value of the lands so mortgaged.
2. Such commission, board or other state agency shall require the
Attorney General:
(a) To give his legal opinion in writing as to:
(1) The validity of any laws under which such bonds or
securities are issued and authorized and in which such investments are
contemplated.
(2) The validity of such bonds or other securities.
(b) To examine and pass upon and to give his official opinion in
writing upon the title and abstract of title or title insurance of all
agricultural lands so mortgaged to secure such loans.
3. Unless such commission, board or other state agency is
satisfied from such inquiry and opinion that the bonds of such federal
agencies are underwritten or payment thereof guaranteed by the United
States and of the financial standing and responsibility of the state,
county, incorporated city or district issuing such bonds, then such
commission, board or other state agency shall not invest such funds
therein, but if satisfied, such commission, board or other state agency
may, at its option, so invest such funds in such bonds.
[2:191:1943; 1943 NCL § 7058.01]—(NRS A 1967, 1713; 1979, 1641;
1981, 1525; 1999, 1825 )
140 and 355.150 .
Except as otherwise provided in NRS 355.140 and 355.150 ,
the State Board of Finance, State Board of Education or other state
agency shall proceed in the same manner as the law relating to each of
them requires in the making of such investments, the purpose of NRS
355.140 and 355.150 , being merely to designate the classes of
bonds and other securities and loans in which the funds mentioned in NRS
355.140 lawfully may be invested and
the other matters relating thereto as specified in NRS 355.140 and 355.150 .
[3:191:1943; 1943 NCL § 7058.02]—(NRS A 1981, 1525; 1999, 1825
)
INVESTMENTS AND LOANS BY LOCAL GOVERNMENTS
167 ; permissible investments; assessment of costs;
computation of interest; establishment of subaccounts.
1. The Local Government Pooled Long-Term Investment Account is
hereby created. The Account must be administered by the State Treasurer.
2. All of the provisions of NRS 355.167 apply to the Local Government Pooled Long-Term
Investment Account.
3. In addition to the investments which are permissible pursuant
to subsection 3 of NRS 355.167 , the
Treasurer may invest the money in the Local Government Pooled Long-Term
Investment Account in:
(a) Mutual funds which:
(1) Are registered with the Securities and Exchange
Commission;
(2) Are rated in the highest rating category by at least one
nationally recognized rating service; and
(3) Invest only in securities issued by the Federal
Government or agencies of the Federal Government or in repurchase
agreements fully collateralized by such securities.
(b) An investment contract that is collateralized with securities
issued by the Federal Government or agencies of the Federal Government if:
(1) The collateral has a market value of at least 102
percent of the amount invested and any accrued unpaid interest thereon;
(2) The Treasurer receives a security interest in the
collateral that is fully perfected and the collateral is held in custody
for the State by a third-party agent of the State which is a commercial
bank authorized to exercise trust powers;
(3) The market value of the collateral is determined not
less frequently than weekly and, if the ratio required by subparagraph
(1) is not met, sufficient additional collateral is deposited with the
agent of this state to meet that ratio within 2 business days after the
determination; and
(4) The party with whom the investment contract is executed
is a commercial bank or credit union, or that party or a guarantor of the
performance of that party is:
(I) An insurance company which has a rating on its
ability to pay claims of not less than “Aa2” by Moody’s Investors
Service, Inc., or “AA” by Standard and Poor’s Ratings Services, or their
equivalent; or
(II) An entity which has a credit rating on its
outstanding long-term debt of not less than “A2” by Moody’s Investors
Service, Inc., or “A” by Standard and Poor’s Ratings Services, or their
equivalent.
4. In addition to the reasonable charges against the Account which
the State Treasurer may assess pursuant to subsection 8 of NRS 355.167
, the State Treasurer may, in the case
of a local government pooled long-term investment account, assess the
costs:
(a) Associated with a calculation of any rebate of arbitrage
profits which is required to be paid to the Federal Government by 26
U.S.C. § 148; and
(b) Of contracting with qualified persons to assist in the:
(1) Calculation of any rebate of arbitrage profits which is
required to be paid to the Federal Government by 26 U.S.C. § 148; and
(2) Administration of the Account.
5. In addition to the quarterly computations of interest to be
reinvested for or paid to each participating local government pursuant to
subsection 9 of NRS 355.167 , the State
Treasurer may, in the case of a local government pooled long-term
investment account, compute and reinvest or pay the interest more
frequently. He may also base his computations on the amount of interest
accrued rather than the amount received.
6. The Treasurer may establish one or more separate subaccounts in
the Local Government Pooled Long-Term Investment Account for identified
investments that are made for and allocated to specific participating
local governments.
(Added to NRS by 1993, 257; A 1997, 2879; 1999, 1480 )
1. The Local Government Pooled Investment Fund is hereby created
as an agency fund to be administered by the State Treasurer.
2. Any local government, as defined in NRS 354.474 , may deposit its money with the State
Treasurer for credit to the Fund for purposes of investment.
3. The State Treasurer may invest the money of the Fund:
(a) In securities which have been authorized as investments for a
local government by any provision of NRS or any special law.
(b) In time certificates of deposit in the manner provided by NRS
356.015 .
4. The State Treasurer may lend securities in which he invests
pursuant to subsection 3 or NRS 355.165
if he receives collateral from the borrower in the form of cash or
marketable securities that are:
(a) Acceptable to the State Treasurer; and
(b) At least 102 percent of the value of the securities borrowed.
Ê The State Treasurer may enter into such contracts as are necessary to
extend and manage loans pursuant to this subsection.
5. Each local government that elects to deposit money with the
State Treasurer for such an investment must:
(a) Upon the deposit, inform him in writing how long a period the
money is expected to be available for investment.
(b) At the end of the period, notify him in writing whether it
wishes to extend the period.
6. If a local government wishes to withdraw any of its money
before the end of the period of investment, it must make a written
request to the State Treasurer. Whenever he is required to sell or
liquidate invested securities because of a request for early withdrawal,
any penalties or loss of interest incurred must be charged against the
deposit of the local government which requested the early withdrawal.
7. All interest received on money of the Fund must be deposited
for credit to the Fund.
8. The State Treasurer may assess reasonable charges against the
Fund for reimbursement of the expenses which he incurs in administering
the Fund. The amount of the assessments must be transferred to an account
within the State General Fund for use of the State Treasurer in carrying
out the provisions of this section.
9. At the end of each quarter of each fiscal year, the State
Treasurer shall:
(a) Compute the proportion of the total deposits in the Fund which
were attributable during the quarter to each local government;
(b) Apply that proportion to the total amount of interest received
during the quarter on invested money of the Fund; and
(c) Pay to each participating local government or reinvest upon its
instructions its proportionate share of the interest, as computed
pursuant to paragraphs (a) and (b), less the proportionate amounts of the
assessments for the expenses of administration.
10. The State Treasurer may adopt reasonable regulations to carry
out the provisions of this section.
(Added to NRS by 1979, 701; A 1981, 342; 1989, 309; 1999, 926
)
1. Except as otherwise provided in this section or by statute or
contract regarding money from a particular source, the county treasurer
of any county may pool, for purposes of investment, any money held by him
for local governments, as defined in NRS 354.474 , which he is otherwise authorized by statute
to invest.
2. Before a county treasurer pools any money pursuant to
subsection 1, he shall notify in writing each local government whose
money is to be included in the pool. The county treasurer may pool the
money of the various local governments notified unless he is directed by
a local government, within 15 days after receipt of the notice, to invest
all or a portion of its money separately from any money so pooled. The
notice must include a copy of the guidelines established by the county
treasurer pursuant to subsection 3 and must state the time within which
the local government must respond, as provided in this subsection.
3. The county treasurer must establish written guidelines for the
pooling of money for investments, including provisions concerning:
(a) The method of allocating any income or loss from any
investments among the participating local governments;
(b) The procedures for notification of the county treasurer by a
local government of how long a period the money is expected to be
available for investment;
(c) Early withdrawals, of money invested through the pool, by
request of a participating local government, and the charging of any
penalties or loss of interest incurred because of the early withdrawal,
against the money of that local government; and
(d) The method by which a local government may partially or
completely terminate its participation in the pool.
(Added to NRS by 1985, 2109)
1. If an investment of the money of a county or other local
government is made by the county treasurer, whether separately or through
a pooling arrangement as provided in NRS 355.168 , the county may, on behalf of that local
government, take any lawful action necessary to recover the money
invested if:
(a) The principal of and interest on any investment is not received
when due; or
(b) The corporation, bank, credit union, broker or other person
with whom the investment is made becomes insolvent or bankrupt or is
placed in receivership.
2. The expenses of any action taken pursuant to this section must
be paid from the money recovered and allocated among the funds from which
the investment is made in the same manner as any loss on an investment is
allocated. If the total amount of money recovered is insufficient to pay
those expenses, the excess amount is a charge against the county.
(Added to NRS by 1985, 2110; A 1999, 1481 )
1. Except as otherwise provided in this section and NRS 354.750
and 355.171 , the governing body of a local government may
purchase for investment the following securities and no others:
(a) Bonds and debentures of the United States, the maturity dates
of which do not extend more than 10 years after the date of purchase.
(b) Farm loan bonds, consolidated farm loan bonds, debentures,
consolidated debentures and other obligations issued by federal land
banks and federal intermediate credit banks under the authority of the
Federal Farm Loan Act, formerly 12 U.S.C. §§ 636 to 1012, inclusive, and
§§ 1021 to 1129, inclusive, and the Farm Credit Act of 1971, 12 U.S.C. §§
2001 to 2259, inclusive, and bonds, debentures, consolidated debentures
and other obligations issued by banks for cooperatives under the
authority of the Farm Credit Act of 1933, formerly 12 U.S.C. §§ 1131 to
1138e, inclusive, and the Farm Credit Act of 1971, 12 U.S.C. §§ 2001 to
2259, inclusive.
(c) Bills and notes of the United States Treasury, the maturity
date of which is not more than 10 years after the date of purchase.
(d) Obligations of an agency or instrumentality of the United
States of America or a corporation sponsored by the government, the
maturity date of which is not more than 10 years after the date of
purchase.
(e) Negotiable certificates of deposit issued by commercial banks,
insured credit unions or savings and loan associations.
(f) Securities which have been expressly authorized as investments
for local governments by any provision of Nevada Revised Statutes or by
any special law.
(g) Nonnegotiable certificates of deposit issued by insured
commercial banks, insured credit unions or insured savings and loan
associations, except certificates that are not within the limits of
insurance provided by an instrumentality of the United States, unless
those certificates are collateralized in the same manner as is required
for uninsured deposits by a county treasurer pursuant to NRS 356.133
. For the purposes of this paragraph,
any reference in NRS 356.133 to a
“county treasurer” or “board of county commissioners” shall be deemed to
refer to the appropriate financial officer or governing body of the local
government purchasing the certificates.
(h) Subject to the limitations contained in NRS 355.177 , negotiable notes medium-term obligations
issued by local governments of the State of Nevada pursuant to NRS
350.087 to 350.095 , inclusive.
(i) Bankers’ acceptances of the kind and maturities made eligible
by law for rediscount with Federal Reserve Banks, and generally accepted
by banks or trust companies which are members of the Federal Reserve
System. Eligible bankers’ acceptances may not exceed 180 days’ maturity.
Purchases of bankers’ acceptances may not exceed 20 percent of the money
available to a local government for investment as determined on the date
of purchase.
(j) Obligations of state and local governments if:
(1) The interest on the obligation is exempt from gross
income for federal income tax purposes; and
(2) The obligation has been rated “A” or higher by one or
more nationally recognized bond credit rating agencies.
(k) Commercial paper issued by a corporation organized and
operating in the United States or by a depository institution licensed by
the United States or any state and operating in the United States that:
(1) Is purchased from a registered broker-dealer;
(2) At the time of purchase has a remaining term to maturity
of no more than 270 days; and
(3) Is rated by a nationally recognized rating service as
“A-1,” “P-1” or its equivalent, or better,
Ê except that investments pursuant to this paragraph may not, in
aggregate value, exceed 20 percent of the total portfolio as determined
on the date of purchase, and if the rating of an obligation is reduced to
a level that does not meet the requirements of this paragraph, it must be
sold as soon as possible.
(l) Money market mutual funds which:
(1) Are registered with the Securities and Exchange
Commission;
(2) Are rated by a nationally recognized rating service as
“AAA” or its equivalent; and
(3) Invest only in:
(I) Securities issued by the Federal Government or
agencies of the Federal Government;
(II) Master notes, bank notes or other short-term
commercial paper rated by a nationally recognized rating service as
“A-1,” “P-1” or its equivalent, or better, issued by a corporation
organized and operating in the United States or by a depository
institution licensed by the United States or any state and operating in
the United States; or
(III) Repurchase agreements that are fully
collateralized by the obligations described in sub-subparagraphs (I) and
(II).
(m) Obligations of the Federal Agricultural Mortgage Corporation.
2. Repurchase agreements are proper and lawful investments of
money of a governing body of a local government for the purchase or sale
of securities which are negotiable and of the types listed in subsection
1 if made in accordance with the following conditions:
(a) The governing body of the local government shall designate in
advance and thereafter maintain a list of qualified counterparties which:
(1) Regularly provide audited and, if available, unaudited
financial statements;
(2) The governing body of the local government has
determined to have adequate capitalization and earnings and appropriate
assets to be highly creditworthy; and
(3) Have executed a written master repurchase agreement in a
form satisfactory to the governing body of the local government pursuant
to which all repurchase agreements are entered into. The master
repurchase agreement must require the prompt delivery to the governing
body of the local government and the appointed custodian of written
confirmations of all transactions conducted thereunder, and must be
developed giving consideration to the Federal Bankruptcy Act.
(b) In all repurchase agreements:
(1) At or before the time money to pay the purchase price is
transferred, title to the purchased securities must be recorded in the
name of the appointed custodian, or the purchased securities must be
delivered with all appropriate, executed transfer instruments by physical
delivery to the custodian;
(2) The governing body of the local government must enter a
written contract with the custodian appointed pursuant to subparagraph
(1) which requires the custodian to:
(I) Disburse cash for repurchase agreements only upon
receipt of the underlying securities;
(II) Notify the governing body of the local government
when the securities are marked to the market if the required margin on
the agreement is not maintained;
(III) Hold the securities separate from the assets of
the custodian; and
(IV) Report periodically to the governing body of the
local government concerning the market value of the securities;
(3) The market value of the purchased securities must exceed
102 percent of the repurchase price to be paid by the counterparty and
the value of the purchased securities must be marked to the market weekly;
(4) The date on which the securities are to be repurchased
must not be more than 90 days after the date of purchase; and
(5) The purchased securities must not have a term to
maturity at the time of purchase in excess of 10 years.
3. The securities described in paragraphs (a), (b) and (c) of
subsection 1 and the repurchase agreements described in subsection 2 may
be purchased when, in the opinion of the governing body of the local
government, there is sufficient money in any fund of the local government
to purchase those securities and the purchase will not result in the
impairment of the fund for the purposes for which it was created.
4. When the governing body of the local government has determined
that there is available money in any fund or funds for the purchase of
bonds as set out in subsection 1 or 2, those purchases may be made and
the bonds paid for out of any one or more of the funds, but the bonds
must be credited to the funds in the amounts purchased, and the money
received from the redemption of the bonds, as and when redeemed, must go
back into the fund or funds from which the purchase money was taken
originally.
5. Any interest earned on money invested pursuant to subsection 3,
may, at the discretion of the governing body of the local government, be
credited to the fund from which the principal was taken or to the general
fund of the local government.
6. The governing body of a local government may invest any money
apportioned into funds and not invested pursuant to subsection 3 and any
money not apportioned into funds in bills and notes of the United States
Treasury, the maturity date of which is not more than 1 year after the
date of investment. These investments must be considered as cash for
accounting purposes, and all the interest earned on them must be credited
to the general fund of the local government.
7. This section does not authorize the investment of money
administered pursuant to a contract, debenture agreement or grant in a
manner not authorized by the terms of the contract, agreement or grant.
8. As used in this section:
(a) “Counterparty” means a bank organized and operating or licensed
to operate in the United States pursuant to federal or state law or a
securities dealer which is:
(1) A registered broker-dealer;
(2) Designated by the Federal Reserve Bank of New York as a
“primary” dealer in United States government securities; and
(3) In full compliance with all applicable capital
requirements.
(b) “Local government” has the meaning ascribed to it in NRS
354.474 .
(c) “Repurchase agreement” means a purchase of securities by the
governing body of a local government from a counterparty which commits to
repurchase those securities or securities of the same issuer,
description, issue date and maturity on or before a specified date for a
specified price.
[1:95:1945; 1943 NCL § 1987.01] + [2:95:1945; 1943 NCL §
1987.02]—(NRS A 1959, 36, 424; 1967, 275; 1969, 1087; 1971, 270; 1973,
1091; 1975, 268; 1979, 448, 1887; 1985, 2110; 1989, 1260; 1991, 106, 341,
343; 1993, 211, 2286, 2289; 1995, 1823; 1999, 1481 ; 2001, 598 , 2296 , 2327 ; 2003, 162 ; 2003, 20th Special Session, 281 )
1. Except as otherwise provided in this section, a board of county
commissioners, a board of trustees of a county school district or the
governing body of an incorporated city may purchase for investment:
(a) Notes, bonds and other unconditional obligations for the
payment of money issued by corporations organized and operating in the
United States that:
(1) Are purchased from a registered broker-dealer;
(2) At the time of purchase have a remaining term to
maturity of no more than 5 years; and
(3) Are rated by a nationally recognized rating service as
“A” or its equivalent, or better.
(b) Collateralized mortgage obligations that are rated by a
nationally recognized rating service as “AAA” or its equivalent.
(c) Asset-backed securities that are rated by a nationally
recognized rating service as “AAA” or its equivalent.
2. With respect to investments purchased pursuant to paragraph (a)
of subsection 1:
(a) Such investments must not, in aggregate value, exceed 20
percent of the total portfolio as determined on the date of purchase;
(b) Not more than 25 percent of such investments may be in notes,
bonds and other unconditional obligations issued by any one corporation;
and
(c) If the rating of an obligation is reduced to a level that does
not meet the requirements of that paragraph, the obligation must be sold
as soon as possible.
3. Subsections 1 and 2 do not:
(a) Apply to a:
(1) Board of county commissioners of a county whose
population is less than 100,000;
(2) Board of trustees of a county school district in a
county whose population is less than 100,000; or
(3) Governing body of an incorporated city whose population
is less than 100,000,
Ê unless the purchase is effected by the State Treasurer pursuant to his
investment of a pool of money from local governments or by an investment
adviser who is registered with the Securities and Exchange Commission and
approved by the State Board of Finance.
(b) Authorize the investment of money administered pursuant to a
contract, debenture agreement or grant in a manner not authorized by the
terms of the contract, agreement or grant.
(Added to NRS by 2001, 597 )
1. Except as otherwise provided in NRS 355.178 , any securities purchased as an investment of
money by or on behalf of a local government, as defined in NRS 354.474
, must remain in the possession of the
county treasurer, the appropriate officer of that local government or a
qualified bank or trust, throughout the period of the investment, except
that any securities subject to repurchase by the seller may be evidenced
by a fully perfected, first-priority security interest, as provided in
subsection 3.
2. The county treasurer or the appropriate officer of a local
government may physically possess those securities, which must be
registered in the name of the local government, or may make an agreement,
in writing, with any qualified bank or trust to hold those securities
for, and in the name of, that local government. If such an agreement is
made, the bank or trust shall furnish the county treasurer or the
appropriate officer of the local government with a written statement
acknowledging that it is so holding the securities.
3. If the securities purchased are subject to an arrangement for
the repurchase of those securities by the seller thereof, the county
treasurer, the appropriate officer of the local government or a qualified
bank or trust may, in lieu of the requirement of possession, obtain the
sole, fully perfected, first-priority security interest in those
securities. If the bank or trust obtains such a security interest, it
shall furnish the county treasurer or the appropriate officer of the
local government with a written statement acknowledging that fact. Any
securities so purchased must, at the time of purchase by or for a local
government, have a fair market value equal to or greater than the
repurchase price of the securities.
4. For the purposes of this section, a bank or trust is qualified
to hold securities for a local government if the bank or trust is rated
by a nationally recognized rating service as “AA-” or its equivalent, or
better.
(Added to NRS by 1985, 2109; A 1987, 1306; 1999, 927 ; 2005, 1346 )
1. The governing body of any local government or agency, whether
or not it is included in the provisions of chapter 354 of NRS, may:
(a) Direct its treasurer or other appropriate officer to invest its
money or any part thereof in any investment which is lawful for a local
government pursuant to NRS 355.170 ; or
(b) Allow a county treasurer to make such investments through a
pool as provided in NRS 355.168 .
2. In case of conflict, any order made pursuant to paragraph (a)
of subsection 1 takes precedence over any other order concerning the same
money or funds pursuant to subsection 5 of NRS 355.170 .
3. Any interest earned from investments made pursuant to this
section must be credited, at the discretion of the local governing unit,
to any fund under its control, but the designation of the fund must be
made at the time of investment of the principal.
(Added to NRS by 1967, 276; A 1985, 2112; 1993, 213, 2289; 2003,
20th Special Session, 284 )
Any money held by a local government pursuant to a
deferred compensation plan may be invested in the types of investments
set forth in paragraphs (a) to (f), inclusive, of subsection 1 of NRS
355.170 and may additionally be
invested in corporate stocks, bonds and securities, mutual funds, savings
and loan accounts, credit union accounts, life insurance policies,
annuities, mortgages, deeds of trust or other security interests in real
or personal property.
(Added to NRS by 1979, 801)—(Substituted in revision for part of
NRS 355.170)
No governing body of any local government or agency, as
defined in NRS 354.474 , may invest any
of its moneys, or any part thereof, in:
1. Its own securities of any kind.
2. Interim warrants from any source.
(Added to NRS by 1969, 1087)
1. The governing body of a city whose population is 150,000 or
more or a county whose population is 100,000 or more may lend securities
from its investment portfolio if:
(a) The investment portfolio has a value of at least $100,000,000;
(b) The treasurer of the city or county:
(1) Establishes a policy for investment that includes
provisions which set forth the procedures to be used to lend securities
pursuant to this section; and
(2) Submits the policy established pursuant to subparagraph
(1) to the city or county manager and prepares and submits to the city or
county manager a monthly report that sets forth the securities that have
been lent pursuant to this section and any other information relating
thereto, including, without limitation, the terms of each agreement for
the lending of those securities; and
(c) The governing body receives collateral from the borrower in the
form of cash or marketable securities that are:
(1) Authorized pursuant to NRS 355.170 , if the collateral is in the form of
marketable securities; and
(2) At least 102 percent of the value of the securities
borrowed.
2. The governing body of a city or consolidated municipality whose
population is 60,000 or more but less than 150,000 may lend securities
from its investment portfolio if:
(a) The investment portfolio has a value of at least $50,000,000;
(b) The governing body is currently authorized to lend securities
pursuant to subsection 5;
(c) The treasurer of the city or consolidated municipality:
(1) Establishes a policy for investment that includes
provisions which set forth the procedures to be used to lend securities
pursuant to this section; and
(2) Submits the policy established pursuant to subparagraph
(1) to the manager of the city or consolidated municipality and prepares
and submits to the manager of the city or consolidated municipality a
monthly report that sets forth the securities that have been lent
pursuant to this section and any other information relating thereto,
including, without limitation, the terms of each agreement for the
lending of those securities; and
(d) The governing body receives collateral from the borrower in the
form of cash or marketable securities that are:
(1) Authorized pursuant to NRS 355.170 , if the collateral is in the form of
marketable securities; and
(2) At least 102 percent of the value of the securities
borrowed.
3. The governing body of a city, county or consolidated
municipality may enter into such contracts as are necessary to extend and
manage loans pursuant to this section.
4. The total of investments made by a particular city, county or
consolidated municipality with collateral received pursuant to subsection
1 or 2 must have an average weighted maturity of not more than 90 days.
5. The governing body of a city or consolidated municipality whose
population is 60,000 or more but less than 150,000 shall not lend
securities from its investment portfolio unless it has been authorized to
do so by the State Board of Finance. The State Board of Finance shall
adopt regulations that establish minimum standards for granting
authorization pursuant to this subsection. Such an authorization is valid
for 2 years and may be renewed by the State Board of Finance for
additional 2-year periods.
6. As used in this section, “average weighted maturity” means the
average length of time until the securities in which a particular city,
county or consolidated municipality has invested with collateral received
pursuant to subsection 1 or 2 will mature or be redeemed by their
issuers, with the length of time of each individual security
proportionally weighted according to the total dollar amount that the
particular city, county or consolidated municipality has invested in that
individual security with collateral received pursuant to subsection 1 or
2.
(Added to NRS by 1999, 925 ; A 2001, 1979 ; 2003, 823 )
INVESTMENT IN BONDS OF HOME OWNERS’ LOAN CORPORATION AND FEDERAL HOME
LOAN BANK; LOANS AND ADVANCES INSURED BY FEDERAL HOUSING ADMINISTRATOR
It shall be legal for this state
and any of its departments or political subdivisions, or any political or
public corporation, or any instrumentality of the State to invest their
funds, or moneys in their custody, in the bonds of the Home Owners’ Loan
Corporation or in the bonds of any Federal Home Loan Bank, or in
consolidated Federal Home Loan Bank bonds, debentures or notes.
[Part 1:61:1935; 1931 NCL § 3695.01]
1. Subject to such regulations as may be prescribed by the Federal
Housing Administrator, the State of Nevada and any city or county or
instrumentality thereof are authorized:
(a) To make such loans and advances of credit, and purchases of
obligations representing the loans and advances of credit, as are
eligible for insurance by the Federal Housing Administrator, and to
obtain such insurance.
(b) To make such loans secured by mortgage on real property as are
eligible for insurance by the Federal Housing Administrator, and to
obtain such insurance.
(c) To purchase, invest in, and dispose of notes or bonds secured
by mortgage insured by the Federal Housing Administrator, securities of
national mortgage associations, and debentures issued by the Federal
Housing Administrator.
2. No law of this state prescribing the nature, amount or form of
security or requiring security upon which loans or advances of credit may
be made, or prescribing or limiting interest rates upon loans or advances
of credit, or prescribing or limiting the period for which loans or
advances of credit may be made, shall apply to loans, advances of credit
or purchases made pursuant to subsection 1.
3. All loans, advances of credit, and purchases of obligations
described in this section heretofore made and insured pursuant to the
terms of the National Housing Act are hereby validated and confirmed.
[Part 1:58:1935; A 1937, 147; 1939, 43; 1931 NCL § 3652.01] + [Part
2:58:1935; 1931 NCL § 3652.02] + [3:58:1935; 1931 NCL § 3652.03]
1. Whenever by the terms of any general or special law
depositaries of public or other funds are required by law to give
security therefor, the bonds of any Federal Home Loan Bank or the bonds
of the Home Owners’ Loan Corporation, or consolidated Federal Home Loan
Bank bonds, debentures or notes may be used as security for any
depositary bonds or obligations wherein any kind of bonds or other
security are required or may by law be deposited as security.
2. Whenever collateral must or may be furnished by any depositary
of the State of Nevada as security for the deposit of any funds whatever,
or whenever collateral must or may be deposited with any official of the
State of Nevada pursuant to any statute of this state, notes and bonds
insured and debentures issued by the Federal Housing Administrator and
obligations of national mortgage associations shall be considered
eligible collateral for such purposes.
[4:58:1935; added 1937, 147; A 1939, 43; 1931 NCL § 3652.03a] +
[2:61:1935; 1931 NCL § 3695.02]
INVESTMENT OF MONEY DEPOSITED IN COURT
1. When any money has been deposited in any court pursuant to law
or rule of court, and when in the judgment of the clerk of the court, or
the judge thereof if there is no clerk, payment out of the deposit will
not be required for 90 days or more, the clerk or the judge, as the case
may be, may invest the money so deposited, either alone or by commingling
it with other money deposited.
2. The investment may be made:
(a) By deposit at interest in a state or national bank or credit
union in the State of Nevada; or
(b) In bills, bonds, debentures, notes or other securities whose
purchase by a board of county commissioners is authorized by NRS 355.170
.
3. The interest earned from any investment of money pursuant to
this section shall be deposited to the credit of the general fund of the
political subdivision or municipality which supports the court.
4. The requirements of this section may be modified by an
ordinance adopted pursuant to the provisions of NRS 244.207 .
(Added to NRS by 1971, 657; A 1973, 1684; 1999, 1485 )
