[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)