NRS 361.607 Leases for development of oil, gas and geothermal resources: Procedure for leasing.

601 words·~3 min read·/nv/chapter-361-property-tax/361-607·

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

1. When the board of county commissioners determines that the lease of any property referred to in NRS 361.606 will be to the advantage of the county, the board may grant leases thereon on such terms and conditions as it sees fit to the highest responsible bidder by competitive bidding, under regulations promulgated in advance, on the basis of a cash bonus as the sole biddable factor.

2. Before ordering the lease of any property the board shall, in open meeting by a majority vote of the members, adopt a resolution declaring its intention to lease the property. The resolution shall:

(a)Describe the property proposed to be leased in such manner as to identify it.

(b)Specify the annual rental, royalty, term of the lease and the other terms upon which it will be leased, including a cash consideration which shall be the sole biddable factor to be included in all bids submitted. All sealed bids shall be accompanied by a deposit not less than 20 percent of the amount bid. Such deposit shall be by cashier’s check, certified check, United States currency, or a United States money order. The resolution shall also specify that oral bids will be received after all sealed bids have been opened, examined and declared. In the event an oral bid is the highest bid, the bidder thereof shall in like manner immediately deposit not less than 20 percent of the amount bid.

(c)Fix a time, not less than 3 weeks thereafter, for a public meeting of the board to be held at its regular place of meeting, at which sealed bids to lease will be received and considered.

3. Notice of the adoption of the resolution and of the time and place of holding the meeting shall be given by:

(a)Posting copies of the resolution in three public places in the county not less than 15 days before the date of the meeting; and

(b)Publishing the resolution not less than once a week for 2 successive weeks before the meeting in a newspaper of general circulation published in the county, if any such newspaper is published therein.

4. At the time and place fixed in the resolution for the meeting of the board, all sealed bids which have been received shall be opened, examined and declared by the board.

5. After all sealed bids have been opened, examined and declared, the board shall at the same session call for oral bids. The first such oral bid must exceed by at least 5 percent the highest sealed bid. Any subsequent oral bid or bids must exceed the amount of the next preceding oral bid.

6. The highest bid (sealed or oral) made by a responsible party shall be accepted, either at the same session or at any adjourned session of the same meeting held within the 10 days next following, but if the board deems such action to be for the best public interest, it may reject any and all bids, either written or oral, and withdraw the property from lease.

7. Any resolution of acceptance of any bid made by the board shall authorize and direct the chair to execute a lease and to deliver it upon performance and compliance by the lessee with all the terms or conditions of his or her contract which are to be performed concurrently therewith.

8. All moneys received from the leases of such property shall be deposited forthwith with the county treasurer to be credited to the county general fund.