NRS 318.5123 Conduct of sale at auction; withdrawal of property from sale; proceeds; costs.

426 words·~2 min read·/nv/chapter-318-general-improvement-districts/318-5123·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. At the time and place fixed in the resolution for the meeting of the board of trustees adopted pursuant to NRS 318.5122 , all sealed bids which have been received must, in public session, be opened, examined and declared by the board. Of the bids submitted which conform to all terms and conditions specified in the resolution of intention to sell and which are made by responsible bidders, the bid which is the highest must be finally accepted, unless a higher oral bid is accepted or the board rejects all bids.

2. Before accepting any written bid, the board shall call for oral bids. If, upon the call for oral bidding, any responsible person offers to buy the property upon the terms and conditions specified in the resolution, for a price exceeding by at least 5 percent the highest written bid, then the highest oral bid which is made by a responsible person must be finally accepted.

3. The final acceptance of a bid by the board may be made either at the same session or at any adjourned session of the same meeting held within the 10 days next following.

4. The board may, either at the same session or at any adjourned session of the same meeting held within the 10 days next following, if it deems the action to be for the best public interest, reject any and all bids, either written or oral, and withdraw the property from sale.

5. Any resolution of acceptance of any bid made by the board must authorize and direct the chair to execute a deed and to deliver it upon performance and compliance by the purchaser with all the terms or conditions of the purchaser’s contract which are to be performed concurrently therewith.

6. All money received from sales of real property must be deposited forthwith with the treasurer of the board to be credited to the district fund.

7. The board may require any person requesting that real property be sold pursuant to the provisions of this section to deposit a sufficient amount of money to pay the costs to be incurred by the board in acting upon the application, including the costs of publication and the expenses of appraisal. This deposit must be refunded if the person making the deposit is not the successful bidder. The costs of acting upon the application, including the costs of publication and the expenses of appraisal, must be borne by the successful bidder.