1. The State, a local government or an agency of either, if specifically authorized by statute or a state agency if approved by the State Board of Finance, may deposit public money in any insured state or national bank, in any insured credit union, in any insured savings and loan association or in any insured savings bank.

2. Deposits made by the State in an insured credit union, savings and loan association or savings bank which is a mutual association must be evidenced by an instrument which acknowledges that the State is not a member of the association by virtue of the deposit.

3. In addition to any public money deposited pursuant to subsection 1 and unless otherwise limited by law, a local government, a political subdivision or an agency of either is authorized to deposit public money in any state or national bank, credit union, savings and loan association or savings bank if:

(a) The public money is initially deposited in an insured depository institution in this State as selected by the depositing governmental entity;

(b) The selected depository institution arranges for the redeposit of the public money into insured deposit accounts in one or more state or national banks, credit unions, savings and loan associations or savings banks; and

(c) The full amount of the redeposited public money and any accrued interest is fully insured.

4. As used in this section, “depository institution” has the meaning ascribed to it in NRS 657.037.

(Added to NRS by 1975, 1795; A 1979, 11, 1889; 1981, 1364; 2015, 344)