Amendment No. 739

Assembly Amendment to Senate Bill No. 14 First Reprint (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, page 2, by deleting line 4 and inserting:

"2. The governing body of a city or consolidated municipality whose population is 50,000 or more but less than 100,000 may lend securities from its investment portfolio if:

(a) The investment portfolio has a value of at least $50,000,000;

(b) The governing body is currently authorized to lend securities pursuant to subsection 5;

(c) The treasurer of the city or consolidated municipality:

(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 manager of the city or consolidated municipality and prepares and submits to the manager of the city or consolidated municipality 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

(d) 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.

3. The governing body of a city, county or consolidated municipality may enter into such".

Amend section 1, page 2, line 7, by deleting "3." and inserting "4.".

Amend section 1, page 2, line 8, after "subsection 1" by inserting "or 2".

Amend section 1, page 2, between lines 9 and 10, by inserting:

"5. The governing body of a city or consolidated municipality whose population is 50,000 or more but less than 100,000 shall not lend securities from its investment portfolio unless it has been authorized to do so by the state board of finance. The state board of finance shall adopt regulations that establish minimum standards for granting authorization pursuant to this subsection. Such an authorization is valid for 2 years and may be renewed by the state board of finance for additional 2-year periods.".