1. Any escrow or trust provided pursuant to NRS 539.6135 is not necessarily limited to the proceeds of refunding bonds but may include other money available for its purpose. Any proceeds in escrow or trust, pending their use, may only be invested or reinvested in securities which are direct obligations of or which the principal of and interest on are unconditionally guaranteed by the Federal Government.
2. Any trust bank or credit union shall continuously secure any money placed in escrow or trust and not so invested or reinvested in federal securities by a pledge in any trust banks or credit unions, within or without or both within and without this state, of similar federal securities in an amount which is at all times at least equal to the total uninvested amount of the money accounted for in the escrow or trust.
3. The proceeds and investments in escrow or trust, together with any interest or other gain to be derived from any such investment, must be in an amount at all times at least sufficient to pay the principal of, interest on and any prior redemption premiums due, any charges of the escrow agent or trustee and any other incidental expenses payable therefrom, except to the extent provision may have been previously otherwise made therefor, as those obligations become due at their respective maturities or due at the designated prior redemption dates in connection with which the board has exercised or is obligated to exercise a prior redemption option on behalf of the district.
4. The computations made in determining that sufficiency must be verified by a certified public accountant certified or licensed to practice in this state or in any other state.
(Added to NRS by 1985, 2059; A 1999, 1511)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.