§ 355.168 — Pooling of money of local governments within county for investment

Nevada § 355.168

• Jurisdiction: Nevada
• Title 31: PUBLIC FINANCIAL ADMINISTRATION
• Ch. 355: Public

Text

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.

Legislative History

(Added to NRS by 1985, 2109 )