1. Subject to the provisions of subsections 2 and 3 and NRS 496.150, for any undertaking authorized in NRS 496.150, the governing body of a municipality, as it determines from time to time, may, on the behalf and in the name of the municipality, borrow money, otherwise become obligated, and evidence the obligations by the issuance of bonds and other municipal securities, and in connection with the undertaking or the municipal airport, including, without limitation, air navigation facilities and other facilities appertaining to the airport, the governing body may otherwise proceed as provided in the Local Government Securities Law or as provided in subsections 4 and 5.
2. General obligation bonds, whether or not their payment is additionally secured by a pledge of net revenues, must be sold as provided in the Local Government Securities Law.
3. Revenue bonds may be sold at a public sale as provided in the Local Government Securities Law or at a private sale.
4. The governing body may by resolution acquire real property for the expansion of airport or air navigation facilities by entering into contracts of purchase, of a type and duration and on such terms as the governing body determines, including, without limitation, contracts secured by a mortgage or other security interest in the real property. The governing body may not use any revenue derived from taxes ad valorem to pay for the acquisition, and the obligation under the contract does not constitute a general obligation of the municipality or apply against any debt limitation pertaining to the municipality.
5. The governing body may by resolution enter into a medium-term obligation or installment-purchase agreement for any undertaking authorized in NRS 496.150 and issue negotiable instruments without regard to the requirements specified in:
(a) Paragraphs (a) and (b) of subsection 2 of NRS 350.091; and
(b) Subsections 1 and 2 of NRS 350.089, unless the financing is to be repaid from the proceeds of a special tax exempt from limitations on taxes ad valorem.
(Added to NRS by 1965, 1256; A 1967, 718; 1979, 1123; 1981, 1929; 1987, 501; 1995, 1827; 2001, 2336)
Structure Nevada Revised Statutes
Chapter 496 - Municipal Airports
NRS 496.030 - Power of municipality to construct and operate airports; acquisition of property.
NRS 496.035 - Exemption from and compliance with chapter 625 of NRS.
NRS 496.040 - Power to acquire existing airports; limitation.
NRS 496.050 - Location of airport; construction of buildings, roadways and bridges authorized.
NRS 496.070 - Eminent domain: Procedure; damages and costs of removal or relocation.
NRS 496.100 - Agent may operate airport; limitations.
NRS 496.110 - Liens for repairs, improvements or storage; enforcement.
NRS 496.140 - Municipal power to tax and appropriate money for purposes of chapter.
NRS 496.160 - Validation of prior municipal bonds and action.
NRS 496.200 - Municipal power to contract for purposes of chapter.
NRS 496.210 - Joint exercise of powers by public agencies and municipalities.
NRS 496.220 - Agreements of public agencies for joint action: Mandatory and permissive provisions.
NRS 496.250 - Actions declared to be public and governmental functions; immunity.
NRS 496.260 - Property and income exempt from taxation.
NRS 496.270 - Incidental powers.
NRS 496.280 - Provisions of chapter do not limit municipal power to regulate airport hazards.
NRS 496.290 - Uniformity of interpretation and construction of chapter.