2017 Nevada Revised Statutes
Chapter 266 - General Law for Incorporation of Cities and Towns
NRS 266.515 - Deposit of city’s money in bank, credit union or savings and loan association; agreement for redeposit of money.
1. The treasurer, or the county treasurer when acting as ex officio city treasurer, shall keep all money belonging to the city separate from all other money held for any other purpose or fund and may, when one or more insured banks, credit unions or savings and loan associations are located in the city, deposit, with unanimous consent of his or her bondsmen, city money in such banks, credit unions or savings and loan associations in demand or time accounts. When no such banks, credit unions or savings and loan associations exist in the city, the treasurer or county treasurer may deposit, with the unanimous consent of his or her bondsmen, city money with any insured bank, credit union or savings and loan association in the State of Nevada in demand or time accounts.
2. The treasurer or county treasurer may, with unanimous consent of his or her bondsmen, enter into an agreement with an insured bank, credit union or savings and loan association to:
(a) Arrange for the redeposit of any money belonging to the city that exceeds the limits of insurance provided by an instrumentality of the United States or pursuant to NRS 678.750 into one or more insured deposit accounts in one or more insured state or national banks, credit unions or savings and loan associations; and
(b) Ensure that the total amount of money redeposited and any interest accrued on that money is within the limits of insurance provided by an instrumentality of the United States or pursuant to NRS 678.750.
3. The accounts must be kept in the name of the city in such manner as the governing board of the city may prescribe and under such terms and conditions for the protection of the money as the governing board may determine, not inconsistent with other laws of the State of Nevada regulating the deposit of public money.
4. The balances in banks, credit unions or savings and loan associations, as certified to by the proper officer thereof, and by the oath of the city treasurer, may be counted as cash.
[6:125:1907; A 1933, 86; 1931 NCL § 1162] — (NRS A 1975, 1797; 1979, 1883; 1999, 1465; 2015, 345)
