NRS 353B.370 Duties and powers of Board; contracts for services.

389 words·~2 min read·/nv/chapter-353b-college-savings-programs/353b-370

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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.