1. If the governing body of a school district: (a) Provides group life, accident or health coverage through a self-insurance reserve fund as described in paragraph (c) of subsection 1 of NRS 287.010 ; or (b) Establishes or carries into effect any other system of self-funded life, accident or health coverage, any money that is paid toward such coverage by officers and employees of the school district in the form of contributions, deductions and premiums, and any money that is set aside by the school district for the matching of contributions, or for the defraying of costs pursuant to paragraph (d) of subsection 1 of NRS 287.010 , must be deposited in a trust fund or otherwise held in trust for the benefit of the officers and employees of the school district. 2. Money that is deposited in a trust fund or otherwise held in trust pursuant to subsection 1: (a) Must be used only for the purpose of funding, maintaining, operating and administering the program or system of group insurance; (b) Must not be loaned to the school district or the board of trustees of the school district or its agent or any other governmental entity; and (c) May be invested in any reasonable and prudent manner, except that such money must not be invested to purchase any obligations of the school district or the board of trustees of the school district or its agent. All interest and income earned on the money in the fund must be deposited in the fund.
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