Amendment No. 51

Senate Amendment to Senate Bill No. 14 (BDR 31-345)

Proposed by: Committee on Government Affairs

Amendment Box:

Resolves Conflicts with: N/A

Amends: Summary: Title: Preamble: Joint Sponsorship:

ASSEMBLY ACTION Initial and Date | SENATE ACTION Initial and Date

Adopted Lost | Adopted Lost

Concurred In Not | Concurred In Not

Receded Not | Receded Not

Amend section 1, pages 1 and 2, by deleting lines 3 through 19 on page 1 and lines 1 through 4 on page 2 and inserting:

"1. The governing body of a city or county whose population is 100,000 or more may lend securities from its investment portfolio if:

(a) The investment portfolio has a value of at least $100,000,000;

(b) The treasurer of the city or county:

(1) Establishes a policy for investment that includes provisions which set forth the procedures to be used to lend securities pursuant to this section; and

(2) Submits the policy established pursuant to subparagraph (1) to the city or county manager and prepares and submits to the city or county manager a monthly report that sets forth the securities that have been lent pursuant to this section and any other information relating thereto, including, without limitation, the terms of each agreement for the lending of those securities; and

(c) The governing body receives collateral from the borrower in the form of cash or marketable securities that are:

(1) Authorized pursuant to NRS 355.170, if the collateral is in the form of marketable securities; and

(2) At least 102 percent of the value of the securities borrowed.

2. The governing body of a city or county may enter into such contracts as are necessary to extend and manage loans pursuant to this section.

3. Any investments made with collateral received pursuant to subsection 1 must mature not later than 90 days after the date on which the securities are lent.".

Amend sec. 2, page 2, line 20, by deleting "equal to" and inserting:

"102 percent of".

Amend the bill as a whole by deleting sections 4 through 6 and renumbering sections 7 and 8 as sections 4 and 5.

Amend sec. 7, page 4, line 20, by deleting "equal to" and inserting:

"102 percent of".

Amend sec. 8, page 4, line 29, by deleting "equal to" and inserting:

"102 percent of".