1. Except as otherwise provided in this section, a city shall not pay out of its general fund or otherwise contribute any part of the cost of acquiring, improving and equipping a project.
2. A city shall not use land already owned by the city, or in which the city has an equity interest for the construction of a project unless:
(a) The land was specifically acquired by the city for the purpose of a project;
(b) The governing body determines that the land is no longer necessary for other purposes of the city; or
(c) The land is conveyed to a nonprofit organization pursuant to NRS 268.058.
3. The entire cost of acquiring, improving and equipping any project must be paid out of the proceeds from the sale of the bonds, but this provision does not prevent a city from accepting donations of property to be used as a part of any project or money to be used for defraying any part of the cost of any project, including the completion of the project by the lessee, purchaser or obligor without any cost or liability to the city.
(Added to NRS by 1967, 1758; A 1977, 598; 1997, 1738)