NRS 268.558
Payment by city prohibited

  • use of land owned by city limited.

1.

Except as otherwise provided in this section, a city shall not pay out of its general fund or otherwise contribute any part of the cost of acquiring, improving and equipping a project.

2.

A city shall not use land already owned by the city, or in which the city has an equity interest for the construction of a project unless:

(a)

The land was specifically acquired by the city for the purpose of a project;

(b)

The governing body determines that the land is no longer necessary for other purposes of the city; or

(c)

The land is conveyed to a nonprofit organization pursuant to NRS 268.058.

3.

The entire cost of acquiring, improving and equipping any project must be paid out of the proceeds from the sale of the bonds, but this provision does not prevent a city from accepting donations of property to be used as a part of any project or money to be used for defraying any part of the cost of any project, including the completion of the project by the lessee, purchaser or obligor without any cost or liability to the city.

Source: Section 268.558 — Payment by city prohibited; use of land owned by city limited., https://www.­leg.­state.­nv.­us/NRS/NRS-268.­html#NRS268Sec558.

268.512
Short title. 268.514
Definitions. 268.515
“Affordable housing” defined. 268.516
“Bonds” and “revenue bonds” defined. 268.517
“Finance” and “financing” defined. 268.518
“Governing body” defined. 268.519
“Health and care facility” defined. 268.520
“Mortgage” defined. 268.521
“Obligor” defined. 268.522
“Project” defined. 268.523
“Warehousing” defined. 268.524
Legislative intent. 268.525
Exercise of powers by city 268.526
General powers. 268.527
Restrictions on powers of city. 268.528
Notice and public hearing by governing body. 268.530
Determinations required of governing body after public hearing 268.532
Bonds to be special obligations. 268.534
Bonds: Form 268.536
Security. 268.538
Terms of resolution and instruments. 268.539
Issuance by Director of Department of Business and Industry of bonds for governing body as special obligations of State. 268.540
Investments and bank deposits. 268.542
Construction of project. 268.544
Limitation on city’s obligation. 268.546
Rights upon default. 268.548
Determination of costs of financing. 268.550
Lease, sale or financing of project. 268.552
Option to purchase. 268.554
Refunding. 268.556
Application of proceeds 268.558
Payment by city prohibited 268.560
Operation by city prohibited. 268.562
City’s property exempt from taxation 268.564
Eminent domain not available. 268.566
Limitation of actions. 268.5165
“Corporation for public benefit” defined. 268.5171
“Financing agreement” defined. 268.5215
“Pollution” defined. 268.5225
“Revenues” defined. 268.5227
“Supplemental facility for a health and care facility” defined. 268.5385
Issuance by governing body of city of bonds for project for affordable housing or residential housing for corporation for public benefit: Requirements.
Last Updated

Feb. 5, 2021

§ 268.558’s source at nv​.us