NRS349.223. Sale of securities as investment to defray anticipated costs of college.

      1.  A particular issue of state securities may be sold as an investment for the purpose of accumulating money for the future generally or to defray prospectively the anticipated costs of college if:

      (a) The resolution authorizing its issuance states that purpose and the State Board of Finance approves the sale for that purpose; and

      (b) The resolution for issuance provides for the payment of compound interest on the securities.

      2.  The resolution authorizing the issuance of securities for the purposes described in subsection 1:

      (a) May describe the securities by a designation including the word “saving” or the phrase “saving for college”;

      (b) Must include a disclaimer that the State does not guarantee that the amount received at maturity will be adequate to meet the costs of college or other intended purpose; and

      (c) Must include a disclaimer that the State does not guarantee the price for which a security may be sold before it matures.

      (Added to NRS by 1993, 2279; A 1995, 2237)