NRS 279.630
Sale or lease of property acquired from revolving fund: Minimum amount

  • redeposit of proceeds
  • approval of sale or lease.

1.

No real or personal property, or any interest therein, acquired or constructed in whole or in part with money from the redevelopment revolving fund may be sold or leased for an amount less than its fair market value in accordance with any covenants and conditions governing that sale or lease, unless the agency finds that a sale or lease for a lesser consideration is necessary to effectuate the purposes of the redevelopment plan.

2.

All money received by the agency from the sale, lease or encumbering of property acquired with money from the redevelopment revolving fund in excess of the money required to repay the loans and interest thereon authorized by this chapter must be redeposited in the fund.

3.

If any property acquired in whole or in part from the redevelopment revolving fund is to be sold or leased by the agency, the sale or lease must be first approved by the legislative body by resolution adopted after public hearing. Notice of the time and place of the hearing must be published once in a newspaper of the community at least 1 week before the hearing. The resolution must be adopted by a majority vote unless the legislative body has provided by ordinance for a two-thirds vote for such purpose.

Source: Section 279.630 — Sale or lease of property acquired from revolving fund: Minimum amount; redeposit of proceeds; approval of sale or lease., https://www.­leg.­state.­nv.­us/NRS/NRS-279.­html#NRS279Sec630.

279.610
Appropriations. 279.612
Annual budget. 279.614
Agency’s administrative fund. 279.616
Money appropriated to defray administrative expenses 279.618
Agency’s reports to legislative body. 279.619
Limitation on issuing securities or incurring indebtedness. 279.620
Revolving fund: Establishment 279.622
Issuance and sale of general obligation bonds: Purposes 279.625
Special election may be held only if emergency exists. 279.626
Issuance of general obligation bonds: Manner 279.628
Expenditures from revolving fund. 279.630
Sale or lease of property acquired from revolving fund: Minimum amount 279.632
Abolition of revolving fund 279.634
Bonds: Issuance for corporate or refunding purposes. 279.636
Types of bonds which agency may issue 279.638
Liability on bonds 279.640
Authorization of bonds 279.642
Validity of bonds: Termination of office. 279.644
Negotiability of bonds. 279.646
Validity of bonds: Presumptions. 279.648
Issuance of bonds: Pledge of revenues 279.650
Issuance of bonds: Limitations on further indebtedness and transactions. 279.652
Issuance of bonds: Use of proceeds 279.654
Issuance of bonds: Rentals and revenues 279.656
Issuance of bonds: Abrogation or amendment of contracts with bondholders. 279.658
Issuance of bonds: Use and maintenance of property 279.660
Issuance of bonds: Effects of breach of covenants 279.662
Power of agency to provide for powers and duties of bondholders’ trustee or bondholders. 279.664
Power of agency to make additional covenants 279.666
Rights of agency’s obligee. 279.668
Rights of agency’s obligee upon default. 279.670
Bonds, interest and income exempted from taxes 279.672
Bonds of agency as legal investments. 279.674
“Taxes” defined. 279.676
Allocation, division and disposition of money from taxes 279.678
Assessment and taxation of leased redeveloped property 279.680
Pledging portion of taxes for payment of principal and interest on loans, advances or indebtedness. 279.683
Faith of State pledged not to impair securities. 279.685
Certain cities to set aside revenue for affordable housing and public educational activities, programs and facilities 279.687
Limitations on use of money set aside for public educational activities, programs and facilities. 279.6855
Certain cities to set aside revenue for public educational activities, programs and facilities
Last Updated

Feb. 5, 2021

§ 279.630’s source at nv​.us