Nevada § 355.167 - Local Government Pooled Investment Fund: Creation; administration; permissible investments; permissible loans; written request for withdrawal by local government; interest; regulations

§ 355.167. Local Government Pooled Investment Fund: Creation; administration; permissible investments; permissible loans; written request for withdrawal by local government; interest; regulations

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 or she invests pursuant to

subsection 3 or NRS 355.165 if the State Treasurer 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. 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 the State Treasurer in writing how long a period the

money is expected to be available for investment. (b) At the end of the period, notify the State Treasurer 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 the State Treasurer 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 or she 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.