Section 287.790 - Deposit and investment of assets; maintenance as separate account; prohibited uses; reimbursement of administrative expenses1. Except as otherwise provided in subsections 3 and 5, if the market value of the investment portfolio of a trust fund at the end of a fiscal year is $100,000,000 or less, the assets of the trust fund may only be: (a) Deposited in the Retirement Benefits Investment Fund pursuant to subparagraph (1) of paragraph (g) of subsection 2 of NRS NRS 287.017; and(b) Invested in any investment which is authorized for a local government pursuant to subparagraph (2) of paragraph (g) of subsection 2 of NRS 287.017.2. Except as otherwise provided in subsections 3 and 5, if the market value of the investment portfolio in a trust fund at the end of a fiscal year is more than $100,000,000, the assets of the trust fund may be:(a) Deposited in the Retirement Benefits Investment Fund pursuant to subparagraph (1) of paragraph (g) of subsection 2 of NRS NRS 287.017;(b) Invested in any investment which is authorized for a local government pursuant to subparagraph (2) of paragraph (g) of subsection 2 of NRS 287.017; and(c) Invested in any stocks or other equity securities or bonds or other debt securities which meet the requirements of subparagraph (3) of paragraph (g) of subsection 2 of NRS NRS NRS NRS 287.017.3. The Committee on Local Government Finance may waive the minimum market value of the investment portfolio in a trust fund set forth in subsection 2: (a) Upon application by a local government; and (b) For good cause shown, including, without limitation, demonstrating an ability to manage an investment portfolio which includes equity securities of $100,000,000 or more and managing a pension fund of $100,000,000 or more outside the Public Employees' Retirement System.4. Except as otherwise provided in subsection 3, if the market value of the investment portfolio of a trust fund that is invested pursuant to subsection 2 falls below $100,000,000 at the end of a fiscal year, the board of trustees: (a) Is not required to liquidate any investments described in paragraph (c) of subsection 2.(b) Shall invest the assets of the trust fund in the manner set forth in subsection 1 until the market value of the portfolio is more than $100,000,000.5. The assets of a pooled trust authorized pursuant to paragraph (h) of subsection 2 of NRS NRS 287.017 may only be deposited in the Retirement Benefits Investment Fund established pursuant to NRS NRS NRS 355.220.6. All interest, earnings, dividends and distributions received from the investment of assets in the trust fund, minus the expenses charged for such investments, must be deposited into the trust fund.7. Except as otherwise provided in paragraph (h) of subsection 2 of NRS NRS 287.017, the trust fund must be maintained as a separate account, and no other money may be commingled with the money in the trust fund.8. Money in the trust fund must not be used to finance the debt of the local government and must not be used for loans to other funds of the local government.9. Reasonable charges may be assessed to the trust fund for reimbursement of the direct expenses incurred by the board of trustees in administering the trust fund.Nev. Admin. Code § 287.790
Added to NAC by Com. on Local Gov't Finance by R089-08, eff. 9-18-2008; A by R078-15, eff. 4/4/2016