1. As used in this section, public agency includes, without limitation, the United States or a department or agency of the Federal Government, a county, a public corporation and a public district. 2. Without a vote of the electors of a public agency first being had, the governing body of the agency may: (a) Sell or exchange to another public agency, the State of Nevada or a department or agency of the State or an Indian tribe; or (b) Lease to another public agency, the State of Nevada or a department or agency of the State or an Indian tribe, for a term not exceeding 99 years, any real property belonging to it. 3. A sale or exchange may be: (a) Negotiated without advertising for public bids. (b) Made for cash or property, or for part cash and property, or for part cash and terms of deferred payments secured by mortgage or deed of trust, but the purchasing public agency or entity or exchanging public agencies or entities shall, except as otherwise provided in NRS 277.053 , pay or convey property worth an amount at least equal to the current appraised value of the real property being conveyed or exchanged. Money derived from a sale must be used for capital outlay. 4. A lease may be: (a) Negotiated without advertising for public bids. (b) Made for such consideration as is authorized by action of the governing body of the lessor public agency. 5. Before ordering the sale, exchange or lease of any such property, the governing body of a public agency shall, in a regular open meeting, by a majority vote of its members, adopt a resolution declaring its intention to sell or exchange it, or a resolution declaring its intention to lease it, as the case may be. The resolution must: (a) Describe the property proposed to be sold, exchanged or leased in such a manner as to identify it. (b) Specify the minimum price, consideration or rent and the terms upon which it will be sold, exchanged or leased. (c) Fix a time not less than 2 weeks thereafter for a public meeting of the governing body, at which objections to the sale, exchange or lease may be made by the electors of the public agency. 6. Notice of the adoption of the resolution and of the time and place of the public meeting must be published in a newspaper of general circulation published in the county in which the public agency or any part thereof is situated. The notice must be published not less than twice, on successive days, the last publication to be not less than 7 days before the date of the public meeting. 7. Any resolution accepting a bid or any other form of acceptance of a bid by another public agency must direct the chair, president or other presiding officer of the governing body of the selling, exchanging or lessor public agency to execute a deed or lease and to deliver it to the purchasing, exchanging or lessee public agency or entity upon the performance and compliance by it of all the terms and conditions of the contract to be performed concurrently with the delivery.
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