NAC287.776. Resolution to establish trust fund; periodic reports.

     1. A trust fund must be established by a resolution of the governing body, which must include specific statements regarding:

     (a) The purpose of the trust fund;

     (b) A statement that all contributions to the trust fund, including any interest and income earned on the money in the trust fund, are held in trust, are irrevocable and may be used only to:

          (1) Provide, for the benefit of retired employees of that local government and the spouses and dependents of those employees, retirement benefits in accordance with the benefits plan of that local government; and

          (2) Pay any reasonable administrative expenses incident to the provision of those benefits and the administration of the trust fund;

     (c) The sources of the money expected to be deposited in the trust fund;

     (d) The appointment by the governing body of a board of trustees, including, without limitation, the number of members of the board of trustees and their terms of office, as determined pursuant to NAC 287.778;

     (e) A statement that the powers, duties, rights and obligations of the board of trustees will conform to the requirements of NRS 287.017 and NAC 287.760 to 287.792, inclusive;

     (f) A statement that, except as otherwise provided in paragraph (h) of subsection 2 of NRS 287.017, no other money will be commingled with the money in the trust fund and that the trust fund will be maintained as a separate account; and

     (g) A statement that the money in the trust fund will not be used to finance debt of the local government and will not be available for loans to other funds of the local government.

     2. A copy of the resolution adopted pursuant to subsection 1 must be filed with the Department of Taxation within 30 days after its adoption by the governing body. The Department of Taxation shall report at least annually to the Committee on Local Government Finance regarding the trust funds established during the reporting period.

     (Added to NAC by Com. on Local Gov’t Finance by R089-08, eff. 9-18-2008)