355.167 - Local Government Pooled Investment Fund: Creation; administration; permissible investments; permissible loans; written request for withdrawal by local government; interest; regulations. [Eff
355.167 Local Government Pooled Investment Fund: Creation; administration; permissible investments; permissible loans; written request for withdrawal by local government; interest; regulations. [Effective September 1, 2015.]
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.
Ê 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.
(Added to NRS by 1979, 701; A 1981, 342; 1989, 309; 1999, 926; 2008, 25th Special Session, 5; 2009, 2125, effective September 1, 2015)