NRS349.924. Bonds: Regulations for investment and reinvestment of proceeds and management of proceeds by banks or trust companies.

  The Director shall adopt regulations for:

      1.  Investment and reinvestment of the proceeds designated for the Account for Venture Capital from the sale of bonds, including, but not limited to:

      (a) Bonds or other obligations of the United States.

      (b) Bonds or other obligations, the payment of the principal and interest of which is unconditionally guaranteed by the United States.

      (c) Obligations issued or guaranteed as to principal and interest by any agency or person controlled or supervised by and acting as an instrumentality of the United States pursuant to authority granted by the Congress of the United States.

      (d) Obligations issued or guaranteed by any state of the United States, or any political subdivision of any state.

      (e) Prime commercial paper.

      (f) Prime finance company paper.

      (g) Bankers’ acceptances drawn on and accepted by commercial banks.

      (h) Repurchase agreements fully secured by obligations issued or guaranteed as to principal and interest by the United States or by any person controlled or supervised by and acting as an instrumentality of the United States pursuant to authority granted by the Congress of the United States.

      (i) Certificates of deposit issued by credit unions or commercial banks, including banks domiciled outside of the United States.

      (j) 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.

      2.  Receiving, holding and disbursing of proceeds of the sale of bonds by one or more banks or trust companies located within or outside of this state.

Ê This section does not expand the authority for investing the proceeds of bonds placed in the Fund for the Retirement of Bonds.

      (Added to NRS by 1987, 1409; A 1997, 2867; 1999, 1471)