1. The Board may cause to be invested and reinvested any pledged revenues and any proceeds of bonds or other securities issued hereunder in federal securities and may cause such revenues, proceeds of securities and federal securities to be deposited in any trust bank or trust banks within or without or both within and without this state and secured in such manner and subject to such terms and conditions as the Board may determine, with or without the payment of any interest on such deposit, including without limitation time deposits evidenced by certificates of deposit.

2. Any federal securities and any such certificates of deposit thus held may, from time to time, be sold and the proceeds may be so reinvested or redeposited as provided in this section.

3. Sales and redemptions of any federal securities and such certificates of deposit thus held shall, from time to time, be made in season so that the proceeds may be applied to the purposes for which the money with which the federal securities and certificates of deposit were originally acquired was placed in the treasury of the University or the Board.

4. Any gain from any such investments or reinvestments may be credited to any fund or account pledged for the payment of any securities issued hereunder, including any reserve therefor, or any other fund or account appertaining to a project or otherwise appertaining to the University.

5. It is lawful for any commercial bank incorporated under the laws of this state which may act as depository of the proceeds of any securities issued hereunder, any federal securities owned by the University or the Board, any pledged revenues, and any moneys otherwise appertaining to the University to furnish such indemnifying bonds or to pledge such federal securities or such other securities as may be required by the Board.

(Added to NRS by 1967, 13)