279.672 - Bonds of agency as legal investments.
279.672 Bonds of agency as legal investments.
1. Notwithstanding any restrictions on investments contained in any laws, the State and all public officers, municipal corporations, political subdivisions, and public bodies, all banks, bankers, trust companies, savings banks and institutions, savings and loan associations, investment companies, and other persons carrying on a banking business, all insurance companies, insurance associations, and other persons carrying on an insurance business, and all executors, administrators, guardians, trustees, and other fiduciaries may legally invest any sinking funds, money or other funds belonging to them or within their control in any bonds or other obligations issued by an agency. Such bonds and other obligations are authorized security for all public deposits.
2. It is one of the purposes of NRS 279.382 to 279.685, inclusive, to authorize any persons, firms, corporations, associations, political subdivisions, districts or other public agencies and officers, public or private, to use any funds owned or controlled by them, including, but not limited to, sinking, insurance, investment, retirement, compensation, pension and trust funds, and funds held on deposit, for the purchase of any such bonds or other obligations. NRS 279.382 to 279.685, inclusive, do not relieve any person, firm or corporation from any duty of exercising reasonable care in selecting securities.
(Added to NRS by 1959, 671; A 1983, 129)