Nevada Revised Statutes 268.025 – Deposit of money of city or other local government in bank, credit union, savings and loan association or savings bank; agreement for redeposit of money
1. Any incorporated city or other local government may deposit any money under the control of its treasurer in any insured state or national bank, credit union, savings and loan association or savings bank which has an office within the State of Nevada.
Terms Used In Nevada Revised Statutes 268.025
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
2. Any incorporated city or other local government may enter into an agreement with an insured state or national bank, credit union, savings and loan association or savings bank to:
(a) Arrange for the redeposit of any money under the control of its treasurer that exceeds the limits of insurance provided by an instrumentality of the United States or pursuant to NRS 672.750 into one or more insured deposit accounts in one or more insured state or national banks, credit unions, savings and loan associations or savings banks; 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 672.750.