1. The treasurer, or the county treasurer when acting as ex officio city treasurer, shall keep all money belonging to the city separate from all other money held for any other purpose or fund and may, when one or more insured banks, credit unions, savings and loan associations or savings banks are located in the city, deposit, with unanimous consent of his or her bondsmen, city money in such banks, credit unions, savings and loan associations or savings banks in demand or time accounts. When no such banks, credit unions, savings and loan associations or savings banks exist in the city, the treasurer or county treasurer may deposit, with the unanimous consent of his or her bondsmen, city money with any insured bank, credit union, savings and loan association or savings bank in the State of Nevada in demand or time accounts.
2. The treasurer or county treasurer may, with unanimous consent of his or her bondsmen, enter into an agreement with an insured bank, credit union, savings and loan association or savings bank to:
(a) Arrange for the redeposit of any money belonging to the city 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.
3. The accounts must be kept in the name of the city in such manner as the governing board of the city may prescribe and under such terms and conditions for the protection of the money as the governing board may determine, not inconsistent with other laws of the State of Nevada regulating the deposit of public money.
4. The balances in banks, credit unions, savings and loan associations or savings banks, as certified to by the proper officer thereof, and by the oath of the city treasurer, may be counted as cash.
[6:125:1907; A 1933, 86; 1931 NCL § 1162] — (NRS A 1975, 1797; 1979, 1883; 1999, 1465; 2015, 345)