277.120 - Contents of agreement establishing separate legal or administrative entity; contents of other agreements. - Nevada Statutes

277.120  Contents of agreement establishing separate legal or administrative entity; contents of other agreements.

      1.  Except as otherwise provided in NRS 277.105, any agreement made pursuant to NRS 277.110 which establishes a separate legal or administrative entity to conduct the joint or cooperative undertaking shall specify:

      (a) The precise organization, composition and nature of such entity and the powers delegated thereto.

      (b) The duration of the agreement.

      (c) The purpose of the agreement.

      (d) The manner of financing such undertaking and of establishing and maintaining a budget therefor.

      (e) The method or methods to be employed in accomplishing the partial or complete termination of the agreement and for disposing of property upon such partial or complete termination.

      (f) Any other necessary or proper matters.

      2.  Any agreement so made which does not establish such an entity shall contain:

      (a) The provisions enumerated in paragraphs (b) to (f), inclusive, of subsection 1.

      (b) Provision for an administrator or joint board responsible for administering the joint or cooperative undertaking. In the case of a joint board, public agencies which are parties to the agreement shall be represented.

      (c) The manner of acquiring, holding and disposing of real and personal property used in such undertaking.

      (Added to NRS by 1965, 1332; A 1993, 1454)