NRS 355.175

Authority for investments; priority in case of conflicting orders concerning same money; disposition of interest

Applied in 2 court decisions — leading case North Lake Tahoe Fire Protection District v. Washoe County Board of County Commissioners (2013)

Most recently applied in North Lake Tahoe Fire Protection District v. Washoe County Board of County Commissioners (October 2013)

(Added to NRS by 1967, 276; A 1985, 2112; 1993, 213, 2289; 2003, 20th Special Session, 284)

1. The governing body of any local government or agency, whether or not it is included in the provisions of chapter 354 of NRS, may:

(a) Direct its treasurer or other appropriate officer to invest its money or any part thereof in any investment which is lawful for a local government pursuant to NRS 355.170; or

(b) Allow a county treasurer to make such investments through a pool as provided in NRS 355.168.

2. In case of conflict, any order made pursuant to paragraph (a) of subsection 1 takes precedence over any other order concerning the same money or funds pursuant to subsection 5 of NRS 355.170.

3. Any interest earned from investments made pursuant to this section must be credited, at the discretion of the local governing unit, to any fund under its control, but the designation of the fund must be made at the time of investment of the principal.

Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.