Skip to main content
Find a Lawyer

Nevada Revised Statutes Title 30. Public Borrowing and Obligations § 350.659. Investment and reinvestment of revenues and proceeds of taxes and certain securities in investment contract collateralized with federal securities by governing body in county whose population is 20,000 or more

Current as of January 01, 2025 | Updated by Findlaw Staff

The governing body of a local government in a county whose population is 20,000 or more, subject to any contractual limitations from time to time imposed upon the local government by any ordinance authorizing the issuance of outstanding securities of the local government or by any trust indenture or other proceedings appertaining thereto, may cause to be invested and reinvested, except as otherwise provided in NRS 350.698, any proceeds of taxes, any pledged revenues and any proceeds of bonds or other local government securities issued hereunder for which the amount of the principal of the original issuance was $5,000,000 or more in 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. In a county whose population is 20,000 or more but less than 55,000:

(a) The local government employs a full-time finance director; and

(b) The terms of the investment contract have been reviewed by independent bond counsel, who has determined that the contract complies with this section;

3. The local government receives a security interest in the collateral that is fully perfected and the collateral is held in custody for the local government or its trustee by a third-party agent of the local government which is a commercial bank authorized to exercise trust powers;

4. The market value of the collateral is determined not less frequently than weekly and, if the ratio required by subsection 1 is not met, sufficient additional collateral is deposited with the agent of the local government to meet that ratio within 2 business days after the determination; and

5. The party with whom the investment contract is executed is a commercial bank, or that party or a guarantor of the performance of that party is:

(a) 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

(b) 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.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Nevada Revised Statutes Title 30. Public Borrowing and Obligations § 350.659. Investment and reinvestment of revenues and proceeds of taxes and certain securities in investment contract collateralized with federal securities by governing body in county whose population is 20,000 or more - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-30-public-borrowing-and-obligations/nv-rev-st-350-659/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard