[Rev. 11/21/2013 10:59:37
AM--2013]
CHAPTER 353B - COLLEGE SAVINGS PLANS OF
NEVADA
GENERAL PROVISIONS
NRS 353B.001 Definitions.
NRS 353B.002 “Board”
defined.
NRS 353B.004 “System”
defined.
NRS 353B.005 Board
of Trustees: Creation; membership; terms; Chair; compensation.
NRS 353B.007 Insurance
coverage to protect prepaid tuition contracts and savings trust accounts.
NRS 353B.009 Money
on deposit in prepaid tuition contract or savings trust account not considered
asset of parent, guardian or student for purposes of determining certain
eligibility.
NEVADA HIGHER EDUCATION PREPAID TUITION PROGRAM
General Provisions
NRS 353B.010 Definitions.
NRS 353B.030 “Prepaid
tuition contract” defined.
NRS 353B.040 “Purchaser”
defined.
NRS 353B.050 “Qualified
beneficiary” defined.
NRS 353B.070 “Trust
Fund” defined.
NRS 353B.075 Limitations
on construction of provisions.
Administration
NRS 353B.090 Development
of Program by Board; regulations.
NRS 353B.100 Prepaid
tuition contracts: Authority of Board to enter; required provisions.
NRS 353B.105 Agreement
to payroll deductions for prepaid tuition contract authorized.
NRS 353B.110 General
duties and powers of Board.
NRS 353B.130 Limitation
on effect of action by Board.
Nevada Higher Education Prepaid Tuition Trust Fund
NRS 353B.140 Creation.
NRS 353B.150 Administration
by State Treasurer; duties and powers of State Treasurer.
NRS 353B.155 Duties
and powers of Board; authority to limit qualified beneficiaries.
NRS 353B.160 Investment.
NRS 353B.170 Annual
report.
NRS 353B.180 Annual
audit.
NRS 353B.190 Annual
actuarial study.
NEVADA COLLEGE SAVINGS PROGRAM
General Provisions
NRS 353B.300 “Trust
Fund” defined.
Administration
NRS 353B.310 Regulations.
NRS 353B.320 Delegation
by Board of administrative powers and duties to State Treasurer.
NRS 353B.330 Savings
trust accounts and agreements not guaranteed by full faith and credit.
Nevada College Savings Trust Fund
NRS 353B.340 Creation;
sources; limitations on use of money.
NRS 353B.350 Administration
by State Treasurer; establishment of Program, Administrative and Endowment
Accounts.
NRS 353B.360 Acceptance
and expenditure of money provided by private entities for direct expenses and
marketing of Fund.
NRS 353B.370 Duties
and powers of Board; contracts for services.
_________
GENERAL PROVISIONS
NRS 353B.001 Definitions. As used
in this chapter, unless the context otherwise requires, the words and terms
defined in NRS 353B.002 and 353B.004 have the meanings ascribed to them in those
sections.
(Added to NRS by 2001, 2159)
NRS 353B.002 “Board” defined. “Board”
means the Board of Trustees of the College Savings Plans of Nevada created by NRS 353B.005.
(Added to NRS by 2001, 2159)
NRS 353B.004 “System” defined. “System”
means the Nevada System of Higher Education.
(Added to NRS by 1997, 3483; A 2001, 2166; 2005, 364)
NRS 353B.005 Board of Trustees: Creation; membership; terms; Chair;
compensation.
1. There is hereby created a Board of
Trustees of the College Savings Plans of Nevada.
2. The Board consists of five members
composed of:
(a) The State Treasurer, who may name a designee
to serve on the Board on his or her behalf.
(b) The Director of the Department of
Administration, who may name a designee to serve on the Board on his or her
behalf.
(c) The Chancellor of the System, who may name a
designee to serve on the Board on his or her behalf.
(d) Two members appointed by the Governor. A
member who is appointed by the Governor must possess knowledge, skill and
experience in the field of:
(1) Accounting;
(2) Finance;
(3) Investment management; or
(4) Marketing.
3. A member of the Board who is appointed
by the Governor:
(a) Serves for a term of 4 years;
(b) Except as otherwise provided in paragraph
(c), may be reappointed by the Governor; and
(c) Except as otherwise provided in this
paragraph, may serve for only two terms. A member who is appointed to fill a
vacancy in an unexpired term that is not longer than 3 years may serve two
terms in addition to the unexpired term.
4. The State Treasurer or his or her
designee shall serve as the Chair of the Board.
5. Each member of the Board serves without
compensation, except that each member is entitled to receive:
(a) The per diem allowance and travel expenses
provided for state officers and employees generally; and
(b) Reimbursement for any other actual and
reasonable expense incurred while performing his or her duties.
6. As used in this section, the term
“College Savings Plans of Nevada” includes the Nevada Higher Education Prepaid
Tuition Program set forth in NRS 353B.010 to 353B.190, inclusive, and the Nevada College Savings
Program set forth in NRS 353B.300 to 353B.370, inclusive.
(Added to NRS by 2001, 2159)
NRS 353B.007 Insurance coverage to protect prepaid tuition contracts and
savings trust accounts. The Board
may endorse insurance coverage written exclusively to protect prepaid tuition
contracts, and purchasers and beneficiaries of prepaid tuition contracts
pursuant to NRS 353B.010 to 353B.190, inclusive, and the regulations adopted
pursuant thereto, and savings trust accounts and account owners, and
beneficiaries of savings trust accounts pursuant to NRS
353B.300 to 353B.370, inclusive, and the
regulations adopted pursuant thereto, which may be issued in the form of a
group life policy. The provisions of title 57 of NRS are not applicable to the
Board in carrying out the provisions of this section.
(Added to NRS by 2001, 2160)
NRS 353B.009 Money on deposit in prepaid tuition contract or savings trust
account not considered asset of parent, guardian or student for purposes of
determining certain eligibility. Notwithstanding
the provisions of any specific statute to the contrary, no money on deposit in
a prepaid tuition contract pursuant to NRS 353B.010
to 353B.190, inclusive, or a savings trust account
pursuant to NRS 353B.300 to 353B.370, inclusive, may be considered an asset of a
parent, guardian or student for the purpose of determining the eligibility of a
person for a grant, scholarship or work opportunity that is based on need and
offered or administered by a state agency, except as otherwise required by the
source of the funding of the grant, scholarship or work opportunity.
(Added to NRS by 2001, 2160)
NEVADA HIGHER EDUCATION PREPAID TUITION PROGRAM
General Provisions
NRS 353B.010 Definitions. As
used in NRS 353B.010 to 353B.190,
unless the context otherwise requires, the words and terms defined in NRS 353B.030 to 353B.070,
inclusive, have the meanings ascribed to them in those sections.
(Added to NRS by 1997, 3483; A 2001, 2162, 2166)
NRS 353B.030 “Prepaid tuition contract” defined. “Prepaid
tuition contract” means the contract created pursuant to NRS 353B.100.
(Added to NRS by 1997, 3483; A 2001, 2166)
NRS 353B.040 “Purchaser” defined. “Purchaser”
means a person who makes or is obligated to make payments for tuition in
accordance with a prepaid tuition contract.
(Added to NRS by 1997, 3483; A 2001, 2166)
NRS 353B.050 “Qualified beneficiary” defined. “Qualified
beneficiary” means a person for whom tuition is paid pursuant to a prepaid
tuition contract.
(Added to NRS by 1997, 3483; A 2001, 2166)
NRS 353B.070 “Trust Fund” defined. “Trust
Fund” means the Nevada Higher Education Prepaid Tuition Trust Fund created
pursuant to NRS 353B.140.
(Added to NRS by 1997, 3483; A 2001, 2162, 2166)
NRS 353B.075 Limitations on construction of provisions. The provisions of NRS
353B.010 to 353B.190, inclusive, must not be
construed as a promise or guarantee that a qualified beneficiary:
1. Will be admitted to, allowed to
continue enrollment at or graduated from a community college or university; or
2. Will have the full cost of his or her
tuition paid at a community college, college or university that is not a member
of the system.
(Added to NRS by 1997, 3489; A 2001, 2165, 2166)
Administration
NRS 353B.090 Development of Program by Board; regulations.
1. The Board
shall develop the Nevada Higher Education Prepaid Tuition Program for the
prepayment of tuition at a guaranteed rate which is established based on the
annual actuarial study required pursuant to NRS
353B.190 for undergraduate studies at a university, state college or
community college that is a member of the System.
2. The Board shall adopt regulations for
the implementation of the Program, including, without limitation, regulations
setting forth requirements for residency, a limit on the number of qualified
beneficiaries, the termination, withdrawal and transfer of money paid into the
Trust Fund, the time within which the money paid into the Trust Fund must be
used, and payment schedules.
(Added to NRS by 1997, 3484; A 2001, 2163, 2166; 2005, 364)
NRS 353B.100 Prepaid tuition contracts: Authority of Board to enter; required
provisions.
1. The Board may enter into a prepaid
tuition contract with a purchaser.
2. The Board shall create a prepaid
tuition contract in accordance with the provisions of this section.
3. The prepaid tuition contract must
include, without limitation:
(a) The terms and conditions under which the
purchaser shall remit payment, including, without limitation:
(1) The amount and number of payments that
are required from the purchaser on behalf of the qualified beneficiary;
(2) The date upon which each payment is
due; and
(3) A provision for a reasonable penalty
for a delinquent payment or default.
(b) The name and date of birth of the qualified
beneficiary on whose behalf the prepaid tuition contract is drawn.
(c) The terms and conditions under which another
person may be substituted as the qualified beneficiary.
(d) The terms and conditions under which the
purchaser, or another person designated by the purchaser, may terminate the
prepaid tuition contract, receive a refund of money that he or she has paid
into the Trust Fund or withdraw money that he or she has paid into the Trust
Fund, including, without limitation, a provision allowing the Board to impose a
fee that amounts to more than a de minimis penalty.
(e) A provision that the Board shall, after
making a reasonable effort to contact the purchaser, report any money that has
been deposited under a prepaid tuition contract that has not been terminated
and has not been used within a specified period to the State Treasurer for
proper disposition.
(f) The number of semesters for which the
purchaser is contracting.
(g) A provision that money paid into the Trust
Fund under a prepaid tuition contract may be applied toward tuition at:
(1) A university, state college or
community college that is a member of the System;
(2) An accredited college or university in
this State that is not a member of the System; or
(3) An accredited community college,
college or university in another state.
Ê Payments
authorized pursuant to subparagraph (2) or (3) must not exceed the projected
highest payment for tuition for the current academic year at a university that
is a member of the System.
(h) Any other term or condition that the Board
considers necessary or proper.
(Added to NRS by 1997, 3484; A 2001, 2166; 2005, 364)
NRS 353B.105 Agreement to payroll deductions for prepaid tuition contract
authorized. The State of Nevada,
an agency, county, municipality or other political subdivision of the State, or
any other public or private employer may enter into an agreement to remit
payments toward a prepaid tuition contract on behalf of an employee through
payroll deductions.
(Added to NRS by 1997, 3489; A 2001, 2166)
NRS 353B.110 General duties and powers of Board. The
Board:
1. May modify the regulations for the
implementation of the Program adopted pursuant to subsection 2 of NRS 353B.090.
2. May establish agreements to fulfill its
obligations under the prepaid tuition contracts.
3. May contract for any necessary good or
service, including, without limitation, the power to engage financial
consultants, actuaries or legal counsel.
4. May procure insurance against any loss
in connection with the property, assets or activities of the Trust Fund, the
State Treasurer or the Board.
5. May solicit and accept a gift,
including, without limitation, a bequeathment or other testamentary gift,
grant, loan or aid from any source.
6. Shall solicit answers to requests for
rulings from the Internal Revenue Service regarding the tax status of fees paid
to or on behalf of a purchaser or a qualified beneficiary pursuant to a prepaid
tuition contract.
(Added to NRS by 1997, 3486; A 2001, 2166; 2003, 155)
NRS 353B.130 Limitation on effect of action by Board. An act or undertaking of the Board does not
constitute a debt of the State of Nevada, or any political subdivision thereof,
or a pledge of the full faith and credit of the State of Nevada, or of any political
subdivision thereof, and is payable solely from the Trust Fund.
(Added to NRS by 1997, 3489; A 2001, 2166)
Nevada Higher Education Prepaid Tuition Trust Fund
NRS 353B.140 Creation.
1. The Nevada Higher Education Prepaid
Tuition Trust Fund is hereby created within the State Treasury to allow the
cost of tuition to be paid in advance of enrollment at an institution of higher
education.
2. The Trust Fund consists of payments
received pursuant to:
(a) A prepaid tuition contract;
(b) A bequest, endowment or grant from the
Federal Government; or
(c) Any other public or private source of money.
3. Money in the Trust Fund that is not
expended during any biennium does not revert to the State General Fund at any
time.
(Added to NRS by 1997, 3483; A 2001, 2163, 2166)
NRS 353B.150 Administration by State Treasurer; duties and powers of State
Treasurer.
1. The State Treasurer shall administer
the Trust Fund.
2. As Administrator of the Trust Fund, the
State Treasurer:
(a) Shall maintain the financial records of the
Trust Fund;
(b) Shall invest the property in the Trust Fund
pursuant to the policies for investment established by the Board pursuant to NRS 353B.160;
(c) Shall manage any account associated with the
Trust Fund;
(d) Shall maintain any instruments that evidence
investments made with property from the Trust Fund;
(e) May contract with vendors for any good or
service that is necessary to carry out the provisions of NRS 353B.010 to 353B.190,
inclusive;
(f) May hire such employees as are necessary to
carry out the provisions of NRS 353B.010 to 353B.190, inclusive, who must be paid out of the
assets of the Trust Fund; and
(g) May perform any other duties necessary to
administer the Trust Fund.
(Added to NRS by 1997, 3483; A 2001, 2163, 2166)
NRS 353B.155 Duties and powers of Board; authority to limit qualified
beneficiaries.
1. The Board shall actively promote and
market use of the Trust Fund.
2. The Board shall, before it enters into
a prepaid tuition contract with a purchaser, solicit the opinion of:
(a) The Securities and Exchange Commission
regarding the application of federal law regarding securities to the Trust
Fund; or
(b) An independent legal counsel to ensure that
the method of structuring and offering the Trust Fund is in compliance with
federal law regarding securities.
3. The Board may:
(a) Require a reasonable length of residence in
the State to become a qualified beneficiary.
(b) Restrict the number of qualified
beneficiaries.
(Added to NRS by 1997, 3485; A 2001, 2166)
NRS 353B.160 Investment.
1. The Board shall create a comprehensive
plan that specifies the policies for investment which the State Treasurer shall
follow in administrating the Trust Fund.
2. The Board may authorize the State
Treasurer to invest the property of the Trust Fund in:
(a) A bond, note, certificate or other general
obligation of the State of Nevada, or of a county, city, general improvement
district or school district of the State of Nevada.
(b) A corporate bond of a corporation created by
or existing under the laws of the United States or of a state, district or
territory of the United States with a rating not lower than “A” or its
equivalent by a nationally recognized rating service. The total amount invested
in such bonds must not exceed 50 percent of the book value of the total fixed
income investments of the Trust Fund.
(c) Commercial paper of a corporation created by
or existing under the laws of the United States or of a state, district or
territory of the United States or of a wholly owned subsidiary of such a
corporation with a rating not lower than “A-3” or “P-3” by a nationally
recognized rating service.
(d) A bond, note, debenture or other valid
obligation that is issued by the Treasury of the United States.
(e) A bond, note, debenture or other security
that is issued by an agency or instrumentality of the United States or that is
fully guaranteed by the United States in:
(1) The Federal Farm Credit Bank;
(2) The Federal National Mortgage
Association;
(3) The Federal Home Loan Bank;
(4) The Federal Home Loan Mortgage
Corporation; or
(5) The Government National Mortgage
Association.
(f) A bond, note, debenture or other security in
the Student Loan Marketing Association, regardless of whether it is guaranteed
by the United States.
(g) Collateralized mortgage obligations that are
rated “AAA” or its equivalent by a nationally recognized rating service.
(h) Asset-backed securities that are rated “AAA”
or its equivalent by a nationally recognized rating service.
(i) Money market mutual funds that:
(1) Are registered with the Securities and
Exchange Commission;
(2) Are rated by a nationally recognized
rating service as “A” or its equivalent, or better; and
(3) Invest only in securities issued by
the Federal Government or agencies of the Federal Government or in repurchase
agreements fully collateralized by such securities.
Ê The total
dollar amount invested in such mutual funds must not exceed 20 percent of the
total dollar amount of the Trust Fund that is invested.
(j) Common or preferred stock of a corporation
created by or existing under the laws of the United States or of a state,
district or territory of the United States, if:
(1) The stock of the corporation is:
(I) Listed on a national stock
exchange; or
(II) Traded in the over-the-counter
market, if the price quotations for the over-the-counter stock are quoted by
the National Association of Securities Dealers Automated Quotations System,
NASDAQ;
(2) The outstanding shares of the
corporation have a total market value of not less than $50,000,000;
(3) The maximum investment in stock is not
greater than 60 percent of the book value of the total investments of the Trust
Fund;
(4) Except for investments made pursuant
to paragraph (m), the amount of an investment in a single corporation is not
greater than 3 percent of the book value of the assets of the Trust Fund; and
(5) Except for investments made pursuant
to paragraph (m), the total amount of shares owned by the Trust Fund is not
greater than 5 percent of the outstanding stock of a single corporation.
(k) A covered call or put option on securities
that are traded on one or more of the regulated exchanges in the United States.
(l) A pooled or commingled real estate fund or a
real estate security that is managed by a corporate trustee or by an investment
advisory firm that is registered with the Securities and Exchange Commission,
either of which may be retained by the Board as an investment manager. The
shares and the pooled or commingled fund must be held in trust. The total book
value of an investment made under this paragraph must not at any time be
greater than 5 percent of the total book value of all investments of the Trust
Fund.
(m) Mutual funds or common trust funds that
consist of any combination of the investments listed in paragraphs (a) to (l),
inclusive.
3. The State Treasurer shall exercise the
standard of care in investing the property of the fund that a person of
prudence, discretion and intelligence would exercise in the management of his
or her own affairs, given the prevailing circumstances, not in regard to
speculation but rather to the permanent disposition of the property,
considering the potential income from and the probable safety of his or her
capital.
4. Subject to the terms, conditions,
limitations and restrictions set forth in this section, the State Treasurer may
sell, assign, transfer or dispose of the property and investments of the Trust
Fund upon the approval of a majority of the Board.
5. The assets of the Trust Fund:
(a) Must be maintained, invested and expended
solely for the purposes of NRS 353B.010 to 353B.190, inclusive; and
(b) Must not be loaned, transferred or otherwise
used for a purpose other than the purposes of NRS
353B.010 to 353B.190, inclusive.
6. The State Treasurer shall credit any
income derived from an investment or a gain from a sale or exchange of an
investment to the Trust Fund.
7. The State Treasurer shall acquire each
investment for the Trust Fund at a price not to exceed the prevailing market
value for such an investment.
8. Each investment in the Trust Fund must
be clearly marked to indicate ownership by the Trust Fund.
9. The State Treasurer, an employee of the
State Treasurer, or a member or employee of the Board shall not:
(a) Have a direct or indirect interest in the
income, gain or profit of an investment that the State Treasurer makes;
(b) Receive pay or emolument for his or her
services in connection with an investment that the State Treasurer makes; or
(c) Become an endorser, surety or obligor for
money that is borrowed from the Trust Fund.
10. If the annual actuarial study
performed pursuant to NRS 353B.190 reveals that
there is insufficient money to ensure the actuarial soundness of the Trust
Fund, the Board shall modify the terms of subsequent prepaid tuition contracts.
11. The terms, conditions, limitations and
restrictions regarding investments of the Trust Fund listed in this section
apply only at the time an investment is originally acquired and must not be
construed to require the liquidation of an investment at any time.
(Added to NRS by 1997, 3486; A 1999, 796; 2001, 2163, 2166)
NRS 353B.170 Annual report. The
Board shall:
1. Prepare an annual report setting forth
in appropriate detail an accounting of the Trust Fund and a description of the
financial condition of the Trust Fund at the close of each fiscal year,
including, without limitation, a statement of projected receipts, disbursements
and operating costs of the Trust Fund.
2. Submit the report prepared pursuant to
subsection 1 on or before March 31 of each year:
(a) In odd-numbered years, to the Governor, the
Senate Standing Committee on Finance and the Assembly Standing Committee on
Ways and Means.
(b) In even-numbered years, to the Governor and
the Interim Finance Committee.
(Added to NRS by 1997, 3488; A 2001, 2166)
NRS 353B.180 Annual audit. The
Board shall contract with a certified public accounting firm to perform an
annual audit of the accounts and records of the State Treasurer and the Board
showing the receipts to and disbursements from the Trust Fund. The cost of the
audit must be borne by the Trust Fund. The State Treasurer shall make available
for inspection all records necessary to perform the audit.
(Added to NRS by 1997, 3488; A 2001, 2166)
NRS 353B.190 Annual actuarial study. The
board shall contract with a certified actuary to perform an annual actuarial
study, the cost of which must be borne by the trust fund. The state treasurer
shall make available for inspection all records necessary to perform the
actuarial study.
(Added to NRS by 1997, 3488; A 2001, 2166)
NEVADA COLLEGE SAVINGS PROGRAM
General Provisions
NRS 353B.300 “Trust Fund” defined. As
used in NRS 353B.300 to 353B.370,
inclusive, unless the context otherwise requires, “Trust Fund” means the Nevada
College Savings Trust Fund created by NRS 353B.340.
(Added to NRS by 2001, 2160)
Administration
NRS 353B.310 Regulations.
1. The State Treasurer shall adopt
regulations to establish and carry out the Nevada College Savings Program,
which must comply with the requirements of a qualified state tuition program pursuant
to 26 U.S.C. § 529.
2. The regulations must be consistent with
the provisions of the Internal Revenue Code set forth in Title 26 of the United
States Code, and the regulations adopted pursuant thereto, to ensure that the
Nevada College Savings Program meets all criteria for federal tax-deferred or
tax-exempt benefits, or both.
3. The regulations must provide for the
use of savings trust agreements and savings trust accounts to apply
distributions toward qualified higher education expenses at eligible
educational institutions in accordance with 26 U.S.C. § 529.
4. The regulations may include any other
provisions not inconsistent with federal law that the State Treasurer
determines are necessary for the efficient and effective administration of the
Nevada College Savings Program and the Trust Fund.
(Added to NRS by 2001, 2160)
NRS 353B.320 Delegation by Board of administrative powers and duties to State
Treasurer. The Board may delegate
to the State Treasurer any of its administrative powers and duties specified in
NRS 353B.300 to 353B.370,
inclusive, if the Board determines that such delegation is necessary for the
efficient and effective administration of the Nevada College Savings Program
and the Trust Fund.
(Added to NRS by 2001, 2162)
NRS 353B.330 Savings trust accounts and agreements not guaranteed by full
faith and credit. Savings trust
accounts and agreements entered into pursuant to NRS
353B.300 to 353B.370, inclusive, are not
guaranteed by the full faith and credit of the State of Nevada.
(Added to NRS by 2001, 2162)
Nevada College Savings Trust Fund
NRS 353B.340 Creation; sources; limitations on use of money.
1. The Nevada College Savings Trust Fund
is hereby created.
2. The Trust Fund is an instrumentality of
this state, and its property and income are exempt from all taxation by this
state and any political subdivision thereof.
3. The Trust Fund consists of:
(a) All money deposited in accordance with
savings trust agreements; and
(b) All earnings on the money in the Trust Fund.
4. Money in the Trust Fund:
(a) Is not the property of this state, and this
state has no claim to or interest in such money; and
(b) Must not be commingled with money of this
state.
5. A savings trust agreement or any other
contract entered into by or on behalf of the Trust Fund does not constitute a
debt or obligation of this state, and no account owner is entitled to any money
in the Trust Fund except for that money on deposit in or accrued to his or her
account.
6. The money in the Trust Fund must be
preserved, invested and expended solely pursuant to and for the purposes
authorized by NRS 353B.300 to 353B.370, inclusive, and must not be loaned or
otherwise transferred or used by this state for any other purpose.
(Added to NRS by 2001, 2161; A 2009, 1027)
NRS 353B.350 Administration by State Treasurer; establishment of Program,
Administrative and Endowment Accounts.
1. The Trust Fund and any account
established by the State Treasurer pursuant to this section must be
administered by the State Treasurer.
2. The State Treasurer shall establish
such accounts as he or she determines necessary to carry out his or her duties
pursuant to NRS 353B.300 to 353B.370, inclusive, including, without limitation:
(a) A Program Account in the Trust Fund; and
(b) An Administrative Account and an Endowment
Account in the State General Fund.
3. The Program Account must be used for
the receipt, investment and disbursement of money pursuant to savings trust
agreements.
4. The Administrative Account must be used
for the deposit and disbursement of money to administer and market the Nevada
College Savings Program and to supplement the administration and marketing of
the Nevada Higher Education Prepaid Tuition Program set forth in NRS 353B.010 to 353B.190,
inclusive.
5. The Endowment Account must be used for
the deposit of any money received by the Nevada College Savings Program that is
not received pursuant to a savings trust agreement and, in the determination of
the State Treasurer, is not necessary for the use of the Administrative
Account. The money in the Endowment Account may be expended:
(a) For any purpose related to the Nevada College
Savings Program;
(b) To pay the costs of administering the
Governor Guinn Millennium Scholarship Program created pursuant to NRS 396.926, but such costs must not
exceed an amount equal to 3 percent of the anticipated annual revenue to the
State of Nevada from the settlement agreements with and civil actions against
manufacturers of tobacco products anticipated for deposit in the Trust Fund; or
(c) In any other manner which assists the
residents of this state to attain postsecondary education.
(Added to NRS by 2001, 2161; A 2009, 1027,
1165)
NRS 353B.360 Acceptance and expenditure of money provided by private entities
for direct expenses and marketing of Fund. The
State Treasurer may accept and expend on behalf of the Trust Fund money
provided by private entities for direct expenses or marketing. Such money is
not a part of the Trust Fund.
(Added to NRS by 2001, 2161)
NRS 353B.370 Duties and powers of Board; contracts for services.
1. The Board shall establish a
comprehensive investment plan for the money in the Trust Fund.
2. Notwithstanding the provisions of any
specific statute to the contrary, the Board may invest or cause to be invested
any money in the Trust Fund, including, without limitation, the money in the
Program Account, in any manner reasonable and appropriate to achieve the
objectives of the Nevada College Savings Program, exercising the discretion and
care of a prudent person in similar circumstances with similar objectives. The
Board shall consider the risk, expected rate of return, term or maturity,
diversification of total investments, liquidity and anticipated investments in
and withdrawals from the Trust Fund.
3. The Board may establish criteria and
select investment managers, mutual funds or other such entities to act as
investment managers for the Nevada College Savings Program.
4. The Board may employ or contract with
investment managers, evaluation services or other services as determined by the
Board to be necessary for the effective and efficient operation of the Nevada
College Savings Program.
5. The Board may employ personnel and
contract for goods and services necessary for the effective and efficient
operation of the Nevada College Savings Program.
6. The marketing plan and materials for
the Nevada College Savings Program must be approved by the Board.
7. The Board may prescribe terms and
conditions of savings trust agreements.
8. The Board may contract with one or more
qualified entities for the day-to-day operations of the Nevada College Savings
Program as the Program Administrator for the management of the marketing of the
Program, the administration of the comprehensive investment plan and Trust
Fund, the selection of investment managers for the Nevada College Savings
Program and the performance of similar activities.
9. All contracts authorized by this
section are subject to the requirements of chapter
333 of NRS, except that:
(a) Notwithstanding the provisions of subsection
1 of NRS 333.165 to the contrary, the
Board shall contract for all services regardless of the estimated value of the
services; and
(b) Notwithstanding the provisions of NRS 333.335 to the contrary, each proposal
received by the Board concerning services must be evaluated by the Board at a
public meeting and each contract for services must be awarded by the Board at a
public meeting.
(Added to NRS by 2001, 2161)
