Nevada § 539.6137 - Escrow or trust for payment of refunded or refunding bonds

§ 539.6137. Escrow or trust for payment of refunded or refunding bonds

1. Any escrow or trust provided pursuant to NRS 539.6135 is not necessarily limited to the proceeds of refunding bonds but may include other

money available for its purpose. Any proceeds in escrow or trust, pending their use, may only be invested or reinvested

in securities which are direct obligations of or which the principal of and interest

on are unconditionally guaranteed by the Federal Government. 2. Any trust bank or credit union shall continuously secure any money placed in escrow

or trust and not so invested or reinvested in federal securities by a pledge in any

trust banks or credit unions, within or without or both within and without this state,

of similar federal securities in an amount which is at all times at least equal to

the total uninvested amount of the money accounted for in the escrow or trust. 3. The proceeds and investments in escrow or trust, together with any interest or

other gain to be derived from any such investment, must be in an amount at all times

at least sufficient to pay the principal of, interest on and any prior redemption

premiums due, any charges of the escrow agent or trustee and any other incidental

expenses payable therefrom, except to the extent provision may have been previously

otherwise made therefor, as those obligations become due at their respective maturities

or due at the designated prior redemption dates in connection with which the board

has exercised or is obligated to exercise a prior redemption option on behalf of the

district. 4. The computations made in determining that sufficiency must be verified by a certified

public accountant certified or licensed to practice in this state or in any other

state.