2005 Nevada Revised Statutes - Chapter 356 — Depositories of Public Money and Securities

CHAPTER 356 - DEPOSITORIES OF PUBLIC MONEYAND SECURITIES

GENERAL PROVISIONS

NRS 356.005 Depositof public money in bank, credit union or savings and loan association.

NRS 356.007 Preferencefor bank, credit union or savings and loan association within speciallybenefited zone.

DEPOSIT OF STATE MONEY IN BANK, CREDIT UNION OR SAVINGS ANDLOAN ASSOCIATION

NRS 356.010 Conditions;compensation.

NRS 356.011 Requirementsfor account of state agency in bank, credit union or savings and loanassociation.

NRS 356.015 Timecertificates of deposit: Establishment of rate of interest; warrants; inactivedeposits.

NRS 356.020 Collateralfor uninsured deposits.

NRS 356.025 Requirementsfor use of first mortgage or first deed of trust as collateral.

NRS 356.030 Procedurefor sale of securities when depository fails to pay deposit.

NRS 356.040 Depositoryto furnish statements of account and evidence of checks.

NRS 356.050 Liabilityof State Treasurer if depository fails or becomes insolvent; deposit ofsecurities for safekeeping.

NRS 356.070 Withdrawalof active deposits from depository.

NRS 356.080 StateControllers warrant.

NRS 356.083 Callsfrom inactive deposits; waiver of interest.

NRS 356.085 Intereston deposits: Contract; amount.

NRS 356.087 Interestto be deposited in State General Fund; exceptions.

NRS 356.090 Depositoryat state capital may be relieved of payment of interest on deposits.

NRS 356.100 Depositof state money in bank, credit union or savings and loan association outsidestate.

NRS 356.105 Depositorynot required to accept state deposits.

NRS 356.110 Penalties.

DEPOSIT OF COUNTY MONEY IN BANK, CREDIT UNION OR SAVINGS ANDLOAN ASSOCIATION

NRS 356.120 Conditionsfor deposit in demand accounts.

NRS 356.125 Writtenconsent of board of county commissioners required for deposits in timeaccounts; contracts for time accounts.

NRS 356.130 Releaseof county treasurers bondsmen.

NRS 356.133 Collateralrequired for uninsured deposits: Types; pledge; fair market value; review;reports by depository; deposit of additional securities.

NRS 356.135 Collateralrequired for uninsured deposits: Sale of securities if depository fails to paydeposit on demand; use of proceeds of sale; redemption.

NRS 356.140 Demandand time accounts to be kept in name of county; balances accounted for as cash.

NRS 356.150 Withdrawalof deposits.

NRS 356.160 Requirementsfor payment of warrant of county auditor.

NRS 356.170 Contentsof register of checks and orders required to be kept by county treasurer.

NRS 356.180 Endorsementof county auditors warrant by county treasurer.

NRS 356.190 Liabilityof county treasurer if depository fails or becomes insolvent; safekeeping ofsecurity or collateral.

NRS 356.200 Depositof county money in bank, credit union or savings and loan association by othercounty officers.

DEPOSITORY BONDS OF SURETY COMPANIES

NRS 356.210 Stockholder,member or director of bank, credit union or savings and loan association maynot be stockholder or director of surety company.

NRS 356.220 Certificateto be attached to depository bond.

NRS 356.230 Penalty.

ADMINISTRATIVE OVERSIGHT OF DEPOSITORIES; LEVY OF ASSESSMENT

NRS 356.300 Definitions.

NRS 356.310 Depositorydefined.

NRS 356.320 Localgovernment defined.

NRS 356.330 Publicmoney defined.

NRS 356.340 Third-partydepository defined.

NRS 356.350 Programfor monitoring collateral maintained by depositories: Establishment.

NRS 356.360 Programfor monitoring collateral maintained by depositories: Amount of requiredcollateral; limitation on amount of public money held; reports; administrativefine.

NRS 356.370 Levyof assessment against depositories; notice of amount of assessment.

NRS 356.380 Paymentof assessment; administrative fine for failure to pay.

NRS 356.390 Regulations.

_________

GENERAL PROVISIONS

NRS 356.005 Depositof public money in bank, credit union or savings and loan association.

1. The State, a local government or an agency ofeither, if specifically authorized by statute or a state agency if approved bythe State Board of Finance, may deposit public money in any insured state ornational bank, in any insured credit union or in any insured savings and loanassociation.

2. Deposits made by the State in an insured creditunion or savings and loan association which is a mutual association must beevidenced by an instrument which acknowledges that the State is not a member ofthe association by virtue of the deposit.

(Added to NRS by 1975, 1795; A 1979, 11, 1889; 1981,1364)

NRS 356.007 Preferencefor bank, credit union or savings and loan association within speciallybenefited zone. The State, and the city orcounty within whose jurisdiction is located a specially benefited zonedesignated and approved under chapter 274 ofNRS, shall give preference in its deposits of public money to banks, creditunions and savings and loan associations qualified to receive public moneywhich are located within the specially benefited zone and are making loans tobusinesses located within the zone.

(Added to NRS by 1983, 1996)

DEPOSIT OF STATE MONEY IN BANK, CREDIT UNION OR SAVINGS ANDLOAN ASSOCIATION

NRS 356.010 Conditions;compensation. All money under the control ofthe State Treasurer belonging to the State must be deposited in any state ornational banks, any insured credit unions or in any insured savings and loanassociations in this state, or in any banks, insured credit unions or insuredsavings and loan associations outside of this state as provided in NRS 356.100. The depository banks, creditunions or savings and loan associations may, if authorized by a contractnegotiated with the State Treasurer, receive compensation for handling,collecting and paying all checks, drafts and other exchange. The compensationmay be provided through the use of a compensating balance or a fixed-rate fee,or any combination thereof.

[1:161:1935; A 1937, 365; 1931 NCL 7029.01](NRS A1959, 568; 1969, 647; 1975, 1802; 1979, 725, 1889; 1981, 344, 1364; 1995, 929)

NRS 356.011 Requirementsfor account of state agency in bank, credit union or savings and loanassociation.

1. A state agency which opens an account in a bank,credit union or savings and loan association must first obtain the approval ofthe State Board of Finance, except in cases where the account is specificallyauthorized by statute.

2. The titles of the accounts must indicate that theaccount is in the name of the State of Nevada.

3. The State Treasurer shall keep a list of all stateaccounts in banks, credit unions or savings and loan associations, whether theyare maintained within or outside the State. The list must contain:

(a) The names of those financial institutions withwhich state agencies have accounts, and the names of those agencies.

(b) The names of those state agencies which haveaccounts with banks, credit unions and savings and loan associations, and thenames of those financial institutions.

4. Each state agency shall send to the StateController at the end of each fiscal year a copy of the statement of accountfor each account it maintains with a bank, credit union or savings and loanassociation, and other related documents which reconcile the account to theagencys books.

(Added to NRS by 1979, 11; A 1981, 1365)

NRS 356.015 Timecertificates of deposit: Establishment of rate of interest; warrants; inactivedeposits.

1. The State Treasurer shall establish the rate ofinterest to be paid on the maturity of each time certificate of deposit.

2. The State Treasurer shall make all such depositsthrough warrants of the State Controller.

3. The State Controller shall maintain accuraterecords of inactive deposits. Time certificates of deposit which are placedwith insured banks, credit unions and savings and loan associations shall bedeemed to constitute inactive deposits.

(Added to NRS by 1959, 571; A 1965, 35; 1969, 889;1979, 725; 1981, 343; 1983, 750; 1999, 1485)

NRS 356.020 Collateralfor uninsured deposits.

1. All money deposited by the State Treasurer which isnot within the limits of insurance provided by an instrumentality of the UnitedStates must be secured by collateral composed of the following types of securities:

(a) United States treasury notes, bills, bonds orobligations as to which the full faith and credit of the United States arepledged for the payment of principal and interest, including the guaranteedportions of Small Business Administration loans if the full faith and credit ofthe United States is pledged for the payment of the principal and interest;

(b) Bonds of this state;

(c) Bonds of any county, municipality or schooldistrict within this state;

(d) Promissory notes secured by first mortgages orfirst deeds of trust which meet the requirements of NRS 356.025;

(e) Mortgage-backed pass-through securities guaranteedby the Federal National Mortgage Association, the Federal Home Loan MortgageCorporation or the Government National Mortgage Association;

(f) Collateralized mortgage obligations or real estatemortgage investment conduits that are rated AAA, Aaa or its equivalent by anationally recognized rating service;

(g) Instruments in which the State is permitted by NRS 355.140 to invest; or

(h) Irrevocable letters of credit from any Federal HomeLoan Bank with the State Treasurer named as the beneficiary.

2. Collateral deposited by the depository bank, creditunion or savings and loan association must be pledged with the State Treasureror with any Federal Home Loan Bank, any bank or any insured credit union orsavings and loan association, other than the depository bank, credit union orsavings and loan association, which will accept the securities in trust for thepurposes of this section.

3. The fair market value of the deposit of securitiesas collateral by each depository bank, credit union or savings and loanassociation must be at least the amount required pursuant to NRS 356.300 to 356.390, inclusive. The fair market valueof any collateral consisting of promissory notes with first mortgages or firstdeeds of trust shall be deemed to be 75 percent of the unpaid principal of thenotes.

4. All securities to be used as such collateral aresubject to review by the State Treasurer. The depository bank, credit union orsavings and loan association shall submit reports to the State Treasurer asrequired pursuant to NRS 356.300 to 356.390, inclusive.

5. The State Treasurer may, from time to time, requirethe deposit of additional securities as collateral if, in his judgment, theadditional securities are necessary to secure the State Treasurers deposit.

[2:161:1935; A 1937, 365; 1931 NCL 7029.02](NRS A1959, 568; 1969, 889; 1975, 1803; 1979, 726, 1889; 1981, 848, 1365; 1983, 962;1985, 2112; 1989, 1270, 2181, 2182; 1997, 1285; 2003, 20thSpecial Session, 286)

NRS 356.025 Requirementsfor use of first mortgage or first deed of trust as collateral.

1. To be accepted as collateral for a deposit of moneyby the State Treasurer, first mortgages or first deeds of trust must be on realproperty which is located in this state and is used for residences of singlefamilies.

2. Each such first mortgage or first deed of trustmust be accompanied by the promissory note which it secures.

3. No first mortgage or first deed of trust may beaccepted for such collateral if:

(a) Any payment on the related promissory note is morethan 30 days past due;

(b) A prior lien is on the mortgage or deed;

(c) In the case of a mortgage, an action to foreclosehas been commenced or, in the case of a deed of trust, a notice of default andelection to sell has been recorded;

(d) In the case of a loan which is not insured orguaranteed by the Federal Government, the initial amount lent was greater than80 percent of the appraised value of the real property at the time the loan wasmade;

(e) The loan has been outstanding for less than 1 year;

(f) The grantor of the property resides on theproperty; or

(g) The loan does not meet the requirements foreligibility of the Federal Home Loan Mortgage Corporation, the Federal NationalMortgage Association or the Government National Mortgage Association, althoughit is not necessary that any of those agencies have participated in the loan.

4. If any collateral consisting of a promissory notewith a mortgage or deed of trust is found not to meet the requirements of thissection, the depository bank, credit union or savings and loan associationshall substitute a note of equal or greater value which does meet therequirements.

5. The financial institution shall assign the pledgedmortgages and deeds of trust to the depositor and deliver them with theirpromissory notes to the trust company. The assignment must be recorded when thefinancial institution fails to pay any part of the deposit for which thesecurity is pledged.

(Added to NRS by 1981, 849; A 1999, 1485)

NRS 356.030 Procedurefor sale of securities when depository fails to pay deposit.

1. If any insured banks, insured credit unions orinsured savings and loan associations fail to pay any deposit or deposits, orany part thereof, on demand of the State Treasurer, then the State Treasurer,with the written approval of the State Board of Finance, forthwith shall:

(a) Advertise the securities for sale for not less than10 days in a newspaper of general circulation published within this state.

(b) Sell the securities, or a sufficient amountthereof, to repay the deposit, at public or private sale to the highest andbest bidder.

(c) Apply the proceeds of the sale, including accruedinterest, if any, toward the cancellation of the deposit.

2. If there is an excess of the proceeds or ofsecurity, or both, after the satisfaction of the deposit, the excess must bereturned to the depository bank, credit union or savings and loan associationor its successor in interest.

3. Nothing in this section prevents the depositorybank, credit union or savings and loan association, or the Commissioner ofFinancial Institutions in charge thereof, or the legally constituted receiveror liquidator thereof from redeeming the securities within a reasonable time,as determined by the State Board of Finance, at such a price as will repay tothe State Treasurer the full amount of the deposit in the depository.

[3:161:1935; A 1937, 365; 1931 NCL 7029.03](NRS A1959, 569; 1975, 1803; 1979, 1890; 1981, 1366; 1983, 1699; 1987, 1876)

NRS 356.040 Depositoryto furnish statements of account and evidence of checks. At the close of business at the end of each month and atany other time, upon demand of the State Treasurer, every depository bank,credit union or savings and loan association shall:

1. Furnish the State Treasurer with a statement of theaccount, verified or certified by an officer of the depository, upon a form tobe fixed by the State Treasurer.

2. Return to the State Treasurer:

(a) All paid checks;

(b) Microfilmed copies of such checks; or

(c) Any other evidence of such checks which may betransmitted by a computer and is approved by the State Treasurer.

[4:161:1935; A 1937, 365; 1931 NCL 7029.04](NRS A1959, 569; 1975, 1804; 1981, 1366; 1983, 750; 1991, 252)

NRS 356.050 Liabilityof State Treasurer if depository fails or becomes insolvent; deposit ofsecurities for safekeeping.

1. Where the State Treasurer, in accordance with theterms and provisions of NRS 356.010 to 356.110, inclusive, has deposited and kepton deposit any public money in depositories so designated, he is not liablepersonally or upon his official bond for any public money that may be lost byreason of the failure or insolvency of any such depository; but the StateTreasurer is chargeable with the safekeeping, management and disbursement ofthe bonds deposited with him as security for deposits of state money and withinterest thereon, and with the proceeds of any sale under the provisions of NRS 356.010 to 356.110, inclusive.

2. The State Treasurer may deposit for safekeepingwith any insured bank, credit union or savings and loan association or a trustcompany within or without this state any securities or bonds pledged with him,as State Treasurer, as collateral or as security for any purpose, but thesecurities or bonds may only be so deposited by him with the joint consent andapproval, in writing, of the pledgor thereof and the State Board of Finance.Any bonds or securities so deposited by him must be deposited under a writtendeposit agreement between the pledgor and the State Treasurer, to be held andreleased only upon a written order of the State Treasurer or his deputy, andsigned by the Governor or acting governor and by one additional member of theState Board of Finance.

[5:161:1935; A 1937, 365; 1931 NCL 7029.05](NRS A1959, 570; 1975, 1804; 1979, 1890; 1999, 1486)

NRS 356.070 Withdrawalof active deposits from depository.

1. Deposits are subject to withdrawal upon demand ofthe State Treasurer at any time without previous notice, but no withdrawal ofsuch deposit or deposits, except by a State Controllers warrant in the mannerset forth in NRS 356.080, may be made bythe State Treasurer without the written consent of the State Board of Finance.

2. A warrant of the State Controller is a check ororder of the State Treasurer, and must be paid by the depository bank, creditunion or savings and loan association designated thereon when registered,countersigned, and the bank, credit union or savings and loan association hasbeen designated for payment thereof as provided in NRS 356.080.

3. The State Treasurer shall keep a register whichshows separately the amount of state money on deposit with every insureddepository bank, insured credit union or insured savings and loan associationand lists separately each check or order drawn upon the respectivedepositories, numbering the checks or orders against each depositoryconsecutively.

[7:161:1935; A 1937, 365; 1953, 55](NRS A 1959, 570;1975, 1804; 1979, 1891; 1981, 1366)

NRS 356.080 StateControllers warrant.

1. Whenever any warrant of the State Controller ispresented to the State Treasurer for payment, the warrant becomes a check ororder of the State Treasurer if the State Treasurer endorses thereon the nameof the insured depository bank, insured credit union or insured savings andloan association, where payable, and a number, as provided by NRS 356.070, and countersigns his namethereto as State Treasurer.

2. The warrant must be drawn, as near as may be, uponthe insured depository bank, insured credit union or insured savings and loanassociation nearest the residence, if known, of the payee named in the warrant.

[8:161:1935; A 1937, 365; 1931 NCL 7029.08](NRS A1975, 1805; 1979, 1891; 1981, 1367)

NRS 356.083 Callsfrom inactive deposits; waiver of interest. Subjectto the applicable contract with the depositary, the State Treasurer may call inmoney from inactive deposits, waiving interest thereon if required, and placeit in active deposits when necessary to meet current requirements.

(Added to NRS by 1959, 571)

NRS 356.085 Intereston deposits: Contract; amount. The interest tobe paid by a depository bank, credit union or savings and loan association mustbe paid in accordance with the contract made with the State Treasurer and in anamount determined by the rates established pursuant to NRS 356.015 or by any Act of Congress.

(Added to NRS by 1959, 571; A 1960, 74; 1969, 890;1975, 1805; 1981, 1367)

NRS 356.087 Interestto be deposited in State General Fund; exceptions.

1. Except as provided in subsections 2, 3 and 4 or ina specific statute, all interest paid on money belonging to this State must bedeposited in the State General Fund.

2. Interest earned and received on any gift or bequestto an agency of the State must be credited to the agency unless the gift orbequest provides otherwise. An agency, when depositing a gift or bequest, shallnotify the State Treasurer whether it is a gift or bequest which entitles theagency to the interest earned.

3. For each fund or account which by specific statuteis credited with the interest earned on money deposited in it, the StateTreasurer shall determine the proportionate share of interest and income earnedby it and credit that amount to it.

4. The State Treasurer shall pay the interest due toany contractor pursuant to NRS 338.515.

(Added to NRS by 1959, 571; A 1973, 588, 1378; 1975,212, 822; 1977, 752; 1979, 908, 1105, 1306; 1981, 228, 236, 399, 551, 1014,1015, 1447, 1526, 1559, 1827, 1834; 1983, 1581, 1592)

NRS 356.090 Depositoryat state capital may be relieved of payment of interest on deposits. In consideration of no exchange or collection chargesbeing made on checks or coupons of, or remittance to, the State, any banks,insured credit unions or insured savings and loan associations at the statecapital may be relieved by the State Treasurer, with the approval of the StateBoard of Finance, from the payment of any interest on amounts deposited withthem.

[9:161:1935; A 1937, 365; 1931 NCL 7029.09](NRS A1959, 571; 1975, 1805; 1979, 1891; 1981, 1367)

NRS 356.100 Depositof state money in bank, credit union or savings and loan association outsidestate. If deposits in depositories within thisstate are at or near the limit of deposits allowable under the value of bondsor securities pledged by such banks, insured credit unions or insured savingsand loan associations, or as otherwise limited by NRS 356.010 to 356.110, inclusive, and an excess of moneyhas accumulated in the State Treasury, the State Treasurer may:

1. Subject to the provisions of NRS 356.010 to 356.110, inclusive, with the writtenconsent and approval of the State Board of Finance, deposit such amounts ofmoney as may be advisable in banks, insured credit unions or insured savingsand loan associations situated outside of this state; and

2. By check or order signed by the State Treasurer andcountersigned by at least two members of the State Board of Finance, withdrawthe deposits as needed.

[10:161:1935; A 1937, 365; 1931 NCL 7029.10](NRS A1959, 571; 1975, 1805; 1979, 1891; 1981, 1367; 1995, 929)

NRS 356.105 Depositorynot required to accept state deposits. The provisionsof NRS 356.010 to 356.100, inclusive, do not require anydepository to accept state deposits.

(Added to NRS by 1959, 571; A 1979, 11)

NRS 356.110 Penalties. A state officer or employee who willfully violates:

1. NRS 356.011is guilty of a misdemeanor.

2. Any of the other provisions of NRS 356.010 to 356.100, inclusive, is guilty ofmalfeasance in office which is a category D felony and shall be punished as providedin NRS 193.130.

[11:161:1935; A 1937, 365; 1931 NCL 7029.11](NRS A1967, 556; 1979, 12, 1465; 1995, 1270)

DEPOSIT OF COUNTY MONEY IN BANK, CREDIT UNION OR SAVINGSAND LOAN ASSOCIATION

NRS 356.120 Conditionsfor deposit in demand accounts. A county treasurermay:

1. When one or more insured banks, insured creditunions or insured savings and loan associations are located in the county,deposit county money in such insured banks, credit unions or savings and loanassociations in demand accounts.

2. When no such banks, credit unions or savings andloan associations exist in the county, deposit county money in any insuredbank, insured credit union or insured savings and loan association in the Stateof Nevada in demand accounts.

[Part 1:80:1885; A 1941, 42; 1931 NCL 2187](NRS A1973, 183; 1975, 1806; 1979, 1892; 1999, 193; 2001, 601)

NRS 356.125 Writtenconsent of board of county commissioners required for deposits in timeaccounts; contracts for time accounts.

1. A county treasurer may deposit county money ininsured depository banks, insured credit unions or insured savings and loan associationsin time accounts only with the written consent of the board of countycommissioners.

2. The time accounts so established are subject to theapplicable contract between the depository and the county.

3. The provisions of this section do not require anydepository to accept county deposits.

(Added to NRS by 1959, 397; A 1975, 1806; 1977, 561;1979, 1892; 1981, 848; 1983, 964; 1999, 193; 2001, 601)

NRS 356.130 Releaseof county treasurers bondsmen. Whenever thewritten consent of any bondsman or bondsmen to deposit the county money in anyinsured banks, credit unions or savings and loan associations has not beenobtained, the bondsman or bondsmen must, upon giving notice as required by law,be released from all responsibility on the bond of the county treasurer.

[Part 1:80:1885; A 1941, 42; 1931 NCL 2187](NRS A1975, 1806; 1999,1486)

NRS 356.133 Collateralrequired for uninsured deposits: Types; pledge; fair market value; review;reports by depository; deposit of additional securities.

1. All money deposited by a county treasurer that isnot within the limits of insurance provided by an instrumentality of the UnitedStates must be secured by collateral composed of the following types ofsecurities:

(a) United States treasury notes, bills, bonds orobligations as to which the full faith and credit of the United States arepledged for the payment of principal and interest, including the guaranteedportions of Small Business Administration loans if the full faith and credit ofthe United States is pledged for the payment of the principal and interest;

(b) Bonds of this state;

(c) Bonds of a county, municipality or school districtwithin this state;

(d) Mortgage-backed pass-through securities guaranteedby the Federal National Mortgage Association, the Federal Home Loan MortgageCorporation or the Government National Mortgage Association;

(e) Instruments in which the county is authorized by NRS 355.170 to invest; or

(f) Irrevocable letters of credit from any Federal HomeLoan Bank with the State Treasurer named as the beneficiary.

2. Collateral deposited by the depository bank, creditunion or savings and loan association must be pledged with the county treasureror with a Federal Home Loan Bank, or any insured bank, insured credit union orinsured savings and loan association, other than the depository bank, creditunion or savings and loan association, which will accept the securities intrust for the purposes of this section.

3. The fair market value of the deposit of securitiesas collateral by each depository bank, credit union or savings and loanassociation must be at least the amount required pursuant to NRS 356.300 to 356.390, inclusive.

4. All securities to be used as such collateral aresubject to review by the county treasurer and the board of countycommissioners. The depository bank, credit union or savings and loanassociation shall submit reports to the State Treasurer as required pursuant toNRS 356.300 to 356.390, inclusive. The State Treasurerwill provide periodic reports to the county treasurer showing the securitieswhich constitute the collateral and their fair market value.

5. The county treasurer or the board of countycommissioners may, from time to time, require the deposit of additionalsecurities as collateral if, in their judgment, the additional securities arenecessary to secure the county treasurers deposit.

(Added to NRS by 1999, 192; A 2003, 20thSpecial Session, 287)

NRS 356.135 Collateralrequired for uninsured deposits: Sale of securities if depository fails to paydeposit on demand; use of proceeds of sale; redemption.

1. If an insured bank, insured credit union or insuredsavings and loan association fails to pay a deposit, or any part thereof, ondemand of the county treasurer, the county treasurer, with the written approvalof the board of county commissioners, forthwith shall:

(a) Advertise the securities for sale for not less than10 days in a newspaper of general circulation published within this state.

(b) Sell the securities, or a sufficient amountthereof, to repay the deposit, at public or private sale to the highest andbest bidder.

(c) Apply the proceeds of the sale, including accruedinterest, if any, toward the cancellation of the deposit.

2. If there is an excess of the proceeds or ofsecurity, or both, after the satisfaction of the deposit, the excess must bereturned to the depository bank, credit union or savings and loan associationor its successor in interest.

3. This section does not prevent the depository bank,credit union or savings and loan association, or the commissioner of financialinstitutions in charge thereof, or the legally constituted receiver orliquidator thereof from redeeming the securities within a reasonable time, asdetermined by the board of county commissioners, at such a price as will repayto the county treasurer the full amount of the deposit in the depository.

(Added to NRS by 1999, 193)

NRS 356.140 Demandand time accounts to be kept in name of county; balances accounted for as cash.

1. Demandaccounts and time accounts respectively authorized by NRS 356.120 and 356.125 must be kept in the name of thecounty in such manner as the board of county commissioners may prescribe.

2. The balance in each such account, as certified toby the proper officer of the bank, credit union or savings and loan associationin which the money is deposited, and by oath of the county treasurer, may beaccounted for by the county as cash.

[Part 1:80:1885; A 1941, 42; 1931 NCL 2187](NRS A1975, 1806; 1999, 194;2001, 602)

NRS 356.150 Withdrawalof deposits. All money deposited in an insuredbank, insured credit union or insured savings and loan association by thecounty treasurer may be drawn out by a check or order of the county treasurerat any time without previous notice, but no withdrawal of such a deposit may bemade by the county treasurer except by:

1. A check or order that has been countersigned by thecounty auditor; or

2. The warrant of the county auditor in the manner setforth in NRS 356.180.

[Part 1:80:1885; A 1941, 42; 1931 NCL 2187](NRS A1975, 1806; 1979, 1892; 1999,194)

NRS 356.160 Requirementsfor payment of warrant of county auditor. Awarrant of the county auditor is a check or order of the county treasurer, andmust be paid by the depository bank, credit union or savings and loanassociation designated thereon, if the warrant is registered and countersigned,and the bank, credit union or savings and loan association has been designatedfor payment thereof as provided in NRS356.180.

[Part 1:80:1885; A 1941, 42; 1931 NCL 2187](NRS A1975, 1806; 1999, 194)

NRS 356.170 Contentsof register of checks and orders required to be kept by county treasurer. The county treasurer shall keep a register that shows separatelythe amount of county money on deposit with every insured depository bank,credit union or savings and loan association, and shall list separately eachcheck or order drawn upon the respective depositories, numbering the checks ororders against each depository consecutively.

[Part 1:80:1885; A 1941, 42; 1931 NCL 2187](NRS A1975, 1807; 1999, 194)

NRS 356.180 Endorsementof county auditors warrant by county treasurer. Ifa warrant of the county auditor is presented to the county treasurer forpayment, the warrant becomes a check or order of the county treasurer if thecounty treasurer endorses thereon the name of the insured depository bank, creditunion or savings and loan association, where payable, and a number, as providedin NRS 356.170, and countersigns hisname thereto as county treasurer.

[2:80:1885; A 1941, 42; 1931 NCL 2188](NRS A 1975,1807; 1979, 1892; 1999,194, 1486; 2001, 91)

NRS 356.190 Liabilityof county treasurer if depository fails or becomes insolvent; safekeeping ofsecurity or collateral.

1. Where the county treasurer, in accordance with theterms and provisions of NRS 356.120 to 356.180, inclusive, has deposited and kepton deposit any public money in depositories so designated, he:

(a) Is not liable personally on or upon his officialbond for any public money that may be lost by reason of the failure orinsolvency of any such depository.

(b) Is chargeable with the safekeeping, management anddisbursement of any bonds that may be deposited with him as security fordeposits of county money, and with interest thereon, and with the proceeds ofany sale of such bonds.

2. The county treasurer may deposit for safekeepingwith an insured bank, insured credit union, insured savings and loanassociation or trust company within or without this state any securities orbonds pledged with him, as county treasurer, as collateral or as security forany purpose, but the securities or bonds may only be so deposited by him withthe joint consent and approval, in writing, of the pledgor thereof and theboard of county commissioners. Any bonds or securities so deposited by him mustbe deposited under a written deposit agreement between the pledgor and thecounty treasurer, to be held and released only upon a written order of thecounty treasurer that has been approved by the board of county commissioners.

[3:80:1885; added 1941, 42; 1931 NCL 2188.01](NRSA 1999, 194)

NRS 356.200 Depositof county money in bank, credit union or savings and loan association by othercounty officers.

1. With unanimousconsent of his bondsmen, a county officer, other than a county treasurer, maydeposit county money received by the office of the county officer in an insuredbank, insured credit union or insured savings and loan association located inthe State of Nevada.

2. If the writtenconsent of any bondsman to such a deposit has not been obtained, the bondsmanmust, upon giving notice as required by law, be released from allresponsibility on the bond of the officer.

3. The accountsmust be kept in the name of the county in such manner as the board of countycommissioners may prescribe.

4. The balance ineach such account, as certified by the proper officer of the bank, credit unionor savings and loan association in which the money is deposited, and by oath ofthe county treasurer, may be accounted for by the county as cash.

5. All moneydeposited in any depository bank, credit union or savings and loan associationby such a county officer may be drawn out by him on check or order payable onlyto the county treasurer or his order, but every county assessor may alsowithdraw money received in payment for license fees for motor vehicles by checkor order payable to the Department of Motor Vehicles, and may also withdrawmoney received in payment for use taxes for motor vehicles by check or orderpayable to the Department of Taxation.

6. The countyofficer shall keep a register which shows the amount of county money on depositand lists every check or order drawn upon the depository bank, credit union orsavings and loan association, numbering the items consecutively.

7. The countyofficer maintaining a deposit in any depository bank, credit union or savingsand loan association shall draw upon the deposit not later than the firstMonday of each month and whenever the deposit exceeds $100 for the full amountof county money deposited therein, a withdrawal to be by check or order payableto the county treasurer, and shall thereupon deliver the withdrawal to thecounty treasurer.

8. This section does not apply to any deposit made bythe clerk of any court pursuant to NRS355.210.

[6:80:1885; added 1953, 73](NRS A 1959, 189, 693;1971, 657; 1973, 183; 1975, 1690, 1787, 1807; 1979, 1892; 1985, 1985; 1999, 195, 1487; 2001, 2599)

DEPOSITORY BONDS OF SURETY COMPANIES

NRS 356.210 Stockholder,member or director of bank, credit union or savings and loan association maynot be stockholder or director of surety company. Itis unlawful for any person, firm, company or corporation knowingly to deliverto any public officer of this State or of any political subdivision thereof, orfor any such public officer knowingly to accept, any depository bond of anysurety company for the security of any public money deposited or to bedeposited by the officer in any banking or trust company, insured credit unionor insured savings and loan association any stockholder, member or director ofwhich, at the time of the execution of the depository bond, is a stockholder ordirector in the surety company.

[1:98:1933; 1931 NCL 5232](NRS A 1975, 1808; 1979,1893; 1981, 1368)

NRS 356.220 Certificateto be attached to depository bond. A publicofficer shall not accept any such depository bond unless there is attachedthereto a certificate, under oath, of some authorized officer or agent of thesurety company to the effect that, at the time of executing the bond, nostockholder or director of the surety company furnishing the bond is astockholder, member or director in any banking or trust company, insured creditunion or any insured savings and loan association in which the public money isor is to be deposited knowingly.

[2:98:1933; 1931 NCL 5232.01](NRS A 1975, 1808;1979, 1893; 1981, 1368)

NRS 356.230 Penalty. Any person, firm, company or corporation violating any ofthe provisions of NRS 356.210 and 356.220 shall be guilty of a misdemeanor.

[3:98:1933; 1931 NCL 5232.02]

ADMINISTRATIVE OVERSIGHT OF DEPOSITORIES; LEVY OFASSESSMENT

NRS 356.300 Definitions. As used in NRS 356.300to 356.390, inclusive, unless thecontext otherwise requires, the words and terms defined in NRS 356.310 to 356.340, inclusive, have the meaningsascribed to them in those sections.

(Added to NRS by 2003, 20thSpecial Session, 285)

NRS 356.310 Depositorydefined. Depository means an insured stateor national bank, insured savings and loan association, or insured credit unionin this State in which public money is held on deposit. The term does notinclude a third-party depository.

(Added to NRS by 2003, 20thSpecial Session, 285)

NRS 356.320 Localgovernment defined. Local government hasthe meaning ascribed to it in NRS 354.474.

(Added to NRS by 2003, 20thSpecial Session, 285)

NRS 356.330 Publicmoney defined. Public money means money depositedwith a depository by the State or a local government.

(Added to NRS by 2003, 20thSpecial Session, 285)

NRS 356.340 Third-partydepository defined. Third-party depositorymeans a trust company or trust department of a state, national or federalreserve district bank which is authorized to hold securities on behalf of adepository for the benefit of the State Treasurer.

(Added to NRS by 2003, 20thSpecial Session, 285)

NRS 356.350 Programfor monitoring collateral maintained by depositories: Establishment. The State Treasurer shall establish a program for the monitoringof collateral maintained by depositories.

(Added to NRS by 2003, 20thSpecial Session, 285)

NRS 356.360 Programfor monitoring collateral maintained by depositories: Amount of requiredcollateral; limitation on amount of public money held; reports; administrativefine.

1. The program established pursuant to NRS 356.350 must provide that:

(a) Each depository is required to maintain ascollateral acceptable securities having a fair market value that is at least102 percent of the amount of the uninsured balances of the public money held bythe depository;

(b) A depository may satisfy the requirement set forthin paragraph (a) by arranging for a third-party depository to hold securitieson behalf of the depository for the benefit of the State Treasurer;

(c) No depository may, at any one time, hold publicmoney in an amount exceeding the total equity of the depository, as reflectedon the financial statement of the depository;

(d) Each depository is required to submit to the StateTreasurer, in the form and manner prescribed by the State Treasurer, thefollowing reports:

(1) A daily report of the total amount of publicmoney held by the depository;

(2) A weekly summary report of the total fairmarket value of securities held by a third-party depository on behalf of thedepository;

(3) A monthly report setting forth a list ofacceptable securities, including, without limitation, the fair market value ofthose securities, held by the depository or held by any third-party depositoryon behalf of the depository; and

(4) A current annual report containing thefinancial statement of the depository; and

(e) The State Treasurer may impose an administrativefine not to exceed:

(1) One hundred dollars per day against adepository that fails to submit in a timely manner a report described inparagraph (d); and

(2) Two hundred fifty dollars per day against adepository that fails to maintain collateral as described in paragraph (a).

2. As used in this section, acceptable securitiesmeans the securities described in:

(a) Subsection 1 of NRS356.020; and

(b) Subsection 1 of NRS356.133.

(Added to NRS by 2003, 20thSpecial Session, 285)

NRS 356.370 Levyof assessment against depositories; notice of amount of assessment.

1. Once each fiscal year, the State Treasurer shalllevy a pro rata assessment against each depository that held public money atany time during the immediately preceding fiscal year.

2. The amount of the assessment levied pursuant tosubsection 1 must be based on the average weekly deposits of public money heldby a depository.

3. The State Treasurer shall provide to eachdepository a notice setting forth:

(a) The amount of the assessment levied against thedepository pursuant to subsection 1; and

(b) The provisions of NRS356.380.

(Added to NRS by 2003, 20thSpecial Session, 286)

NRS 356.380 Paymentof assessment; administrative fine for failure to pay.

1. A depository shall, within 45 days after the dateon which the depository received the notice provided pursuant to subsection 3of NRS 356.370, remit to the StateTreasurer the amount of the assessment levied against the depository.

2. The State Treasurer may impose an administrativefine not exceeding $500 per day against a depository that fails to comply withthe provisions of subsection 1.

(Added to NRS by 2003, 20thSpecial Session, 286)

NRS 356.390 Regulations. The State Treasurer shall adopt such regulations as hedetermines are necessary to carry out the provisions of NRS 356.300 to 356.390, inclusive.

(Added to NRS by 2003, 20thSpecial Session, 286)

 

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