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2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.050 - State Treasurer charged with investment of money in 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)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.070 - Determinations to be made before investment; opinion of Attorney General.

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 the State Treasurer proposes to invest.
(b) Require the Attorney General to:
(1) Give his or her 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 or her 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 the State Treasurer 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 or her 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)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.080 - Restrictions on investment in county bonds.

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)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.090 - Conversion of bonds or securities into cash; reinvestment.

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)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.100 - Loans on agricultural lands: Abstract; appraisal.

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]
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.110 - Loans on agricultural lands: Execution and recording of note and mortgage; provisions.

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]
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.120 - Investment in farm mortgage loans, farm loan bonds and other obligations issued by federal land banks and banks for cooperatives; limitations.

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)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.130 - Loans to local governments.

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)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.135 - Lending of securities from state investment portfolio.

The State Treasurer may lend securities from the investment portfolio of this state if he or she 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)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.145 - Standard of care for investments made pursuant to NRS 355.140.

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 or her own affairs, not in regard to speculation, but in regard to the investment of his or her money, considering the probable income as well as the probable safety of his or her capital.
(Added to NRS by 1993, 2282)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.150 - Determinations to be made before investment; opinion of Attorney General.

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 or her 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 or her 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)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.160 - Purpose of NRS 355.140 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)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.168 - Pooling of money of local governments within county for investment.

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 or her for local governments, as defined in NRS 354.474, which the county treasurer is otherwise authorized by statute to invest.
2. Before pooling any money pursuant to subsection 1, the county treasurer 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 or she 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)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.169 - Legal action by county to recover investment; expenses.

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)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.171 - Additional authorized investments; exceptions.

1. Except as otherwise provided in this section, the governing body of a local government or an administrative entity established pursuant to NRS 277.080 to 277.180, inclusive, that is not a local government 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 25 percent of the total par value of the portfolio as determined at the time of purchase;
(b) Not more than 5 percent of the total par value of the portfolio 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 investment adviser must, as soon as possible, report the reduction in the rating to the governing body of the local government or administrative entity that purchased the investment.
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;
(3) Governing body of an incorporated city whose population is less than 150,000;
(4) Governing body of a local government not specified in subparagraph (1), (2) or (3) if the population subject to the jurisdiction of the governing body or served by the governing body is less than 100,000; or
(5) Governing body of an administrative entity established pursuant to NRS 277.080 to 277.180, inclusive, that is not a local government if the population subject to the jurisdiction of the governing body or served by the governing body is less than 150,000,
unless the purchase is effected by the State Treasurer pursuant to his or her 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.
4. As used in this section, "local government" has the meaning ascribed to it in NRS 354.474.
(Added to NRS by 2001, 597; A 2011, 1219; 2019, 665)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.172 - Possession of securities purchased by or for local government; security interest in lieu of possession.

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)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.175 - Authority for investments; priority in case of conflicting orders concerning same money; disposition of interest.

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)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.176 - Investment of money held by local government pursuant to deferred compensation plan.

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 (h), inclusive, of subsection 1 of NRS 355.170 and may additionally be invested in corporate stocks, bonds and securities, mutual funds, savings and loan or savings bank 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; A 2019, 666)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.177 - Investment in own securities or interim warrants prohibited.

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)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.180 - Bonds of Home Owners’ Loan Corporation and Federal Home Loan Bank are legal investments.

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]
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.190 - Loans and advances of credit by Federal Housing Administrator.

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]
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.200 - Depositary bonds.

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]
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.210 - Conditions and requirements for investment.

1. Except as otherwise provided in subsection 2, 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. If money has been deposited in any court pursuant to chapter 37 of NRS, the money must be kept in a separate account and invested.
3. 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.
4. Except as otherwise provided in NRS 37.280, the interest earned from any investment of money pursuant to this section must be deposited to the credit of the general fund of the political subdivision or municipality which supports the court.
5. The requirements of this section may be modified by an ordinance adopted pursuant to the provisions of NRS 244.207, except the requirements of subsection 2.
(Added to NRS by 1971, 657; A 1973, 1684; 1999, 1485; 2007, 752)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.220 - Retirement Benefits Investment Board: Creation; membership; powers and duties.

1. The Retirement Benefits Investment Board is hereby created. The membership of the Board consists of the members of the Public Employees’ Retirement Board, who shall serve in that capacity ex officio and without any additional compensation.
2. The Board shall establish and administer a fund to be known as the Retirement Benefits Investment Fund for the investment of money deposited with the Board pursuant to subsection 6 or NRS 287.017. Any money received by the Board pursuant to subsection 6 or NRS 287.017 shall be deemed to be held for investment purposes only and not in any fiduciary capacity. Any money in the Fund must be invested in the same manner as money in the Public Employees’ Retirement Fund is invested. The interest and income earned on the money in the Fund, after deducting any applicable charges, must be credited to the Fund.
3. Money in the Fund may be transferred to the State Retirees’ Health and Welfare Benefits Fund created by NRS 287.0436 to be used for the purposes specified in NRS 287.0436.
4. The Board may assess reasonable charges against the Fund for the payment of its expenses in administering the Fund. Except as otherwise provided in subsection 3, no other money may be withdrawn from the Fund except as directed by the board responsible for that money pursuant to subsection 6 or NRS 287.017, as applicable.
5. Except as otherwise provided in this section, the Board has the same powers and duties in carrying out the provisions of this section as those pertaining to the administration of the Public Employees’ Retirement Fund by the Public Employees’ Retirement Board. The Retirement Benefits Investment Board may employ such staff and contract for the provision of such management, investment and other services, including, without limitation, the services of accountants, actuaries, attorneys and investment managers, as are necessary for the administration of the Fund and to carry out the provisions of this section.
6. Notwithstanding any other provision of law, the Board of the Public Employees’ Benefits Program may deposit any of the assets of the Public Employees’ Benefits Program in the Fund for purposes of investment if it obtains an opinion from its legal counsel that the investment of those assets in accordance with this section will not violate any of the provisions of Sections 9 and 10 of Article 8 of the Nevada Constitution.
7. As used in this section, unless the context otherwise requires:
(a) "Board" means the Retirement Benefits Investment Board created pursuant to this section.
(b) "Fund" means the Retirement Benefits Investment Fund created pursuant to this section.
(Added to NRS by 2007, 903; A 2010, 26th Special Session, 12)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.250 - Definitions.

As used in NRS 355.250 to 355.285, inclusive, unless the context otherwise requires, the words and terms defined in NRS 355.255, 355.260 and 355.265 have the meanings ascribed to them in those sections.
(Added to NRS by 2011, 2581)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.265 - "Venture capital" defined.

"Venture capital" means equity, near-equity and seed capital financing, including, without limitation, early stage research and development capital for start-up enterprises, and other equity, near-equity or seed capital for growth and expansion of entrepreneurial enterprises.
(Added to NRS by 2011, 2581)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.275 - Corporation for public benefit: Placement of investments; use of money received from State Permanent School Fund.

1. The corporation for public benefit may place investments through the use or assistance of:
(a) External asset managers; or
(b) Private equity investment firms.
2. Money received pursuant to NRS 355.280 by the corporation for public benefit may be used to make venture capital investments.
(Added to NRS by 2011, 2582)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.280 - Transfer of money from State Permanent School Fund to corporation for public benefit: Prerequisites; maximum amount.

If the State Treasurer obtains the judicial determination required by subsection 3 of NRS 355.060, the State Treasurer may transfer an amount not to exceed $75,000,000 from the State Permanent School Fund to the corporation for public benefit. Such a transfer must be made pursuant to an agreement that requires the corporation for public benefit to:
1. Provide, through the limited partnerships or limited-liability companies described in subsection 1 of NRS 355.270, private equity funding; and
2. Ensure that more than 50 percent of all private equity funding provided by the corporation for public benefit, including, without limitation, private equity funding provided by a corporation for public benefit to a pooled fund that includes businesses located outside of this State, is provided to businesses:
(a) Located in this State or seeking to locate in this State; and
(b) Engaged primarily in one or more of the following industries:
(1) Health care and life sciences.
(2) Cyber security.
(3) Homeland security and defense.
(4) Alternative energy.
(5) Advanced materials and manufacturing.
(6) Information technology.
(7) Any other industry that the board of directors of the corporation for public benefit determines will likely meet the targets for investment returns established by the corporation for public benefit for investments authorized by NRS 355.250 to 355.285, inclusive, and comply with sound fiduciary principles.
(Added to NRS by 2011, 2582; A 2021, 1943; 2023, 1034)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.285 - State Treasurer: Regulations; authority to establish Business Leadership Council; duties.

The State Treasurer:
1. May adopt such regulations as he or she deems necessary to carry out the provisions of NRS 355.250 to 355.285, inclusive.
2. Shall adopt regulations:
(a) Requiring the performance of audits and the submission of reports to ensure compliance with the provisions of NRS 355.250 to 355.285, inclusive, and the regulations adopted pursuant to this section;
(b) Providing for appropriate leveraging of investments to ensure that investments consist of money transferred from the State Permanent School Fund pursuant to NRS 355.280 and money from private sources;
(c) Establishing a range or cap on servicing fees;
(d) Establishing limits on the amount or percentage of investment in a single venture capital project or by a fund manager; and
(e) Requiring the return of the corpus of investments after a defined investment period.
3. May adopt regulations which include, without limitation, criteria for determining eligibility for and use of private equity funding, but the corporation for public benefit must have sole authority for the approval of applications for and the management of private equity funding provided pursuant to NRS 355.250 to 355.285, inclusive.
4. May, by regulation, establish a Business Leadership Council. The members of the Business Leadership Council must serve without compensation and are subject to the provisions of chapter 281A of NRS.
5. Shall provide the corporation for public benefit with such assistance as is necessary to carry out the provisions of NRS 355.250 to 355.285, inclusive, and comply with the regulations adopted pursuant to this section.
6. Shall ensure that businesses receiving venture capital investments pursuant to NRS 355.250 to 355.285, inclusive, have a presence in this State as evidenced by:
(a) Being domiciled in this State;
(b) Having a headquarters in this State;
(c) Having a significant percentage of employees residing in this State; or
(d) Being in the process of expanding in this State or relocating to this State.
(Added to NRS by 2011, 2583)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.300 - Definitions.

As used in NRS 355.300 to 355.350, inclusive, unless the context otherwise requires, the words and terms defined in NRS 355.305 to 355.330, inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 2017, 1614)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.305 - "Boycott of Israel" defined.

1. "Boycott of Israel" means, except as otherwise provided in subsection 2, refusing to deal or conduct business with, abstaining from dealing or conducting business with, terminating business or business activities with or performing any other action that is intended to limit commercial relations with:
(a) Israel; or
(b) A person or entity doing business in Israel or in territories controlled by Israel,
if such an action is taken in a manner that discriminates on the basis of nationality, national origin or religion.
2. The term does not include an action that is described in subsection 1 if the action:
(a) Is based on a bona fide business or economic reason;
(b) Is taken pursuant to a boycott against a public entity of Israel if the boycott is applied in a nondiscriminatory manner; or
(c) Is taken in compliance with or adherence to calls for a boycott of Israel if that action is authorized in 50 U.S.C. § 4607 or any other federal or state law.
(Added to NRS by 2017, 1614)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.310 - "Company" defined.

"Company" means any domestic or foreign sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited-liability partnership, limited-liability company, or other domestic or foreign entity or business association, including, without limitation, any wholly owned subsidiary, majority owned subsidiary, parent company or affiliate of such an entity or business association, that exists for the purpose of making a profit.
(Added to NRS by 2017, 1614)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.320 - "Indirect holdings" defined.

"Indirect holdings" means all publicly traded securities of a company that are held by the State Treasurer in an account or fund which is managed by one or more persons who are not employed by the State Treasurer and in which the public fund owns shares or interests, together with other investors who are not subject to NRS 355.300 to 355.350, inclusive.
(Added to NRS by 2017, 1614)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.335 - State Treasurer to identify, review and create list of scrutinized companies; annual update of list.

1. The State Treasurer shall identify each scrutinized company in which a public fund has either direct holdings or indirect holdings. In making the identification, the State Treasurer shall review and rely on publicly available information regarding companies which are engaging in a boycott of Israel, including, without limitation, information provided by nonprofit organizations, research firms, international organizations and governmental entities.
2. The State Treasurer shall create a list of all scrutinized companies identified pursuant to subsection 1.
3. The State Treasurer shall update the list on an annual basis with the information provided by and received from those entities listed in subsection 1.
(Added to NRS by 2017, 1615)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.340 - State Treasurer to prepare report of investments in scrutinized companies.

1. The State Treasurer shall prepare an annual report of investments of money from a public fund in scrutinized companies as identified pursuant to NRS 355.335. The report must include the amount of money allocated in such investments and other data and statistics designed to explain the past and current extent to which public funds are invested in scrutinized companies.
2. The State Treasurer shall submit to the Governor and the Director of the Legislative Counsel Bureau for distribution to the Legislature on or before February 1 of each year a copy of the report which must cover all investments during the immediately preceding calendar year.
(Added to NRS by 2017, 1615)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.345 - Additional duties of State Treasurer relating to investments in scrutinized companies; actions to be consistent with fiduciary responsibility.

1. Except as otherwise provided in subsection 2, the State Treasurer:
(a) Shall sell, redeem, divest or withdraw all direct holdings of a scrutinized company from the assets under his or her management within 3 months after preparing a list of scrutinized companies pursuant to NRS 355.335 which includes that scrutinized company.
(b) Shall, on or before June 30 of each year, post on the Internet website of the State Treasurer a list that includes each investment that was sold, redeemed, divested or withdrawn pursuant to subsection 1.
(c) Shall not acquire securities of a scrutinized company as part of the direct holdings of the Office of the State Treasurer.
(d) Shall request that the manager of the indirect holdings of any public fund consider selling, redeeming, divesting or withdrawing holdings of a scrutinized company from the assets under his or her management.
2. Nothing in this section shall require the State Treasurer to take action as described in this section unless the State Treasurer determines and adopts findings, in good faith and based on credible information available to the public, that the action described in this section is consistent with the fiduciary responsibilities of the State Treasurer.
(Added to NRS by 2017, 1615)
2023 Nevada Revised Statutes › Chapter 355 - Public Investments › NRS 355.350 - Regulations.

The State Treasurer shall adopt regulations:
1. Establishing a process for giving notice to a company of the inclusion of that company on the list of scrutinized companies created pursuant to NRS 355.335;
2. Establishing the process for the removal of a company from the list of scrutinized companies created pursuant to NRS 355.335; and
3. Deemed necessary by the State Treasurer to carry out the provisions of NRS 355.300 to 355.350, inclusive.
(Added to NRS by 2017, 1615)
2023 Nevada Revised Statutes › Chapter 356 - Depositories of Public Money and Securities › NRS 356.005 - Deposit of public money in bank, credit union, savings and loan association or savings bank.

1. The State, a local government or an agency of either, if specifically authorized by statute or a state agency if approved by the State Board of Finance, may deposit public money in any insured state or national bank, in any insured credit union, in any insured savings and loan association or in any insured savings bank.
2. Deposits made by the State in an insured credit union, savings and loan association or savings bank which is a mutual association must be evidenced by an instrument which acknowledges that the State is not a member of the association by virtue of the deposit.
3. In addition to any public money deposited pursuant to subsection 1 and unless otherwise limited by law, a local government, a political subdivision or an agency of either is authorized to deposit public money in any state or national bank, credit union, savings and loan association or savings bank if:
(a) The public money is initially deposited in an insured depository institution in this State as selected by the depositing governmental entity;
(b) The selected depository institution arranges for the redeposit of the public money into insured deposit accounts in one or more state or national banks, credit unions, savings and loan associations or savings banks; and
(c) The full amount of the redeposited public money and any accrued interest is fully insured.
4. As used in this section, "depository institution" has the meaning ascribed to it in NRS 657.037.
(Added to NRS by 1975, 1795; A 1979, 11, 1889; 1981, 1364; 2015, 344)
2023 Nevada Revised Statutes › Chapter 356 - Depositories of Public Money and Securities › NRS 356.007 - Preference for bank, credit union, savings and loan association or savings bank within specially benefited zone.

The State, and the city or county within whose jurisdiction is located a specially benefited zone designated and approved under chapter 274 of NRS, shall give preference in its deposits of public money to banks, credit unions, savings and loan associations and savings banks qualified to receive public money which are located within the specially benefited zone and are making loans to businesses located within the zone.
(Added to NRS by 1983, 1996)
2023 Nevada Revised Statutes › Chapter 356 - Depositories of Public Money and Securities › NRS 356.010 - Conditions; redeposit of amounts in excess of insurance limits; compensation.

1. All money under the control of the State Treasurer belonging to the State must be deposited in any insured state or national banks, any insured credit unions, any insured savings and loan associations or any insured savings banks in this State or, if approved by the State Board of Finance, in any insured banks, insured credit unions, insured savings and loan associations or insured savings banks outside of this State.
2. The State Treasurer may, with the approval of the State Board of Finance, enter into an agreement with an insured bank, insured credit union, insured savings and loan association or insured savings bank to:
(a) Arrange for the redeposit of any money under the control of the State Treasurer that exceeds the limits of insurance provided by an instrumentality of the United States or pursuant to NRS 672.750 into one or more insured deposit accounts in one or more insured state or national banks, credit unions, insured savings and loan associations or insured savings banks; and
(b) Ensure that the total amount of money redeposited and any interest accrued on the money is within the limits of insurance provided by an instrumentality of the United States or pursuant to NRS 672.750.
3. The depository banks, credit unions, savings and loan associations or savings banks may, if authorized by a contract negotiated with the State Treasurer, receive compensation for handling, collecting and paying all checks, drafts and other exchange. The compensation may be provided through the use of a compensating balance or a fixed-rate fee, or any combination thereof.
[1:161:1935; A 1937, 365; 1931 NCL § 7029.01]—(NRS A 1959, 568; 1969, 647; 1975, 1802; 1979, 725, 1889; 1981, 344, 1364; 1995, 929; 2009, 2656; 2015, 344; 2019, 668)
2023 Nevada Revised Statutes › Chapter 356 - Depositories of Public Money and Securities › NRS 356.011 - Requirements for account of state agency in bank, credit union, savings and loan association or savings bank.

1. A state agency which opens an account in a bank, credit union, savings and loan association or savings bank must first obtain the approval of the State Board of Finance, except in cases where the account is specifically authorized by statute.
2. The titles of the accounts must indicate that the account is in the name of the State of Nevada.
3. The State Treasurer shall keep a list of all state accounts in banks, credit unions, savings and loan associations or savings banks, whether they are maintained within or outside the State. The list must contain:
(a) The names of those financial institutions with which state agencies have accounts, and the names of those agencies.
(b) The names of those state agencies which have accounts with banks, credit unions, savings and loan associations and savings banks, and the names of those financial institutions.
4. Each state agency shall send to the State Controller at the end of each fiscal year a copy of the statement of account for each account it maintains with a bank, credit union, savings and loan association or savings bank, and other related documents which reconcile the account to the agency’s books.
(Added to NRS by 1979, 11; A 1981, 1365)
2023 Nevada Revised Statutes › Chapter 356 - Depositories of Public Money and Securities › NRS 356.015 - Time certificates of deposit: Establishment of rate of interest; warrants; inactive deposits.

1. The State Treasurer shall establish the rate of interest to be paid on the maturity of each time certificate of deposit.
2. The State Treasurer shall make all such deposits through warrants of the State Controller.
3. The State Controller shall maintain accurate records of inactive deposits. Time certificates of deposit which are placed with insured banks, credit unions, savings and loan associations and savings banks shall be deemed to constitute inactive deposits.
(Added to NRS by 1959, 571; A 1965, 35; 1969, 889; 1979, 725; 1981, 343; 1983, 750; 1999, 1485)