NRS 268.560
Operation by city prohibited.

1.

When all principal of, interest on and any prior redemption premiums due in connection with the bonds issued for a project have been paid in full, and if the option to purchase or option to renew a lease, if any, contained in the lease has not been exercised as to all of the property contained in the project, the lease shall terminate and the city shall sell such remaining property or devote the same to municipal purposes other than those authorized by NRS 268.512 to 268.568, inclusive.

2.

No city may operate any project as a business or in any other manner as a lessor or seller thereof.

3.

Any such sale which is not made pursuant to exercise of an option to purchase by the lessee or pursuant to an agreement of sale shall be conducted in the same manner as is then provided by law governing the issuer’s sale of surplus property.

Source: Section 268.560 — Operation by city prohibited., https://www.­leg.­state.­nv.­us/NRS/NRS-268.­html#NRS268Sec560.

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

Jun. 24, 2021

§ 268.560’s source at nv​.us