§ 279.480 — Investments

Nevada § 279.480

• Jurisdiction: Nevada
• Title 22: COOPERATIVE AGREEMENTS BY PUBLIC AGENCIES; REGIONAL
• Ch. 279: Redevelopment

Text

An agency may:
1. Invest any money held in reserves or sinking funds, or any money not required for immediate disbursement, in:
(a) Obligations issued by the United States Postal Service or the Federal National Mortgage Association, whether or not the payment of principal and interest thereon is guaranteed by the Federal Government.
(b) Bonds or other obligations issued by a redevelopment agency created pursuant to this chapter or a legislative body that has elected to exercise the powers granted to an agency pursuant to the provisions of this chapter.
(c) Bonds or other securities issued pursuant to the provisions of NRS 349.150 to 349.364 , inclusive, 350.500 to 350.720 , inclusive, or 396.809 to 396.885 , inclusive.
(d) 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.
(e) Any other investment in which a city may invest pursuant to NRS 355.170 .
2. Purchase its bonds at a price not more than their principal amount and accrued interest. All bonds so purchased must be cancelled.

Legislative History

(Added to NRS by 1959, 655 ; A 1997, 2875 ; 1999, 576 , 621 )