1. The governing bodies of two or more municipalities whose boundaries are contiguous may enter into an interlocal or cooperative agreement for the ordering of an undertaking whose boundaries encompass all or part of each municipality and the creation of the tax increment area and the tax increment account pertaining thereto. A tax increment area created pursuant to this section must be administered as provided in the interlocal or cooperative agreement, notwithstanding any provision of this chapter to the contrary.
2. If the governing bodies of two or more municipalities enter into an interlocal or cooperative agreement pursuant to subsection 1, the governing bodies may, in accordance with the procedures set forth in the interlocal or cooperative agreement:
(a) Jointly take any action required to be taken by a governing body for the creation of a district by the governing body pursuant to NRS 278C.160, 278C.170, 278C.180, 278C.210, 278C.220, 278C.230, 278C.270 and 278C.280, except that each governing body must adopt an ordinance pursuant to NRS 278C.220 in order to create the tax increment area;
(b) Enter into contracts for the undertaking; and
(c) Issue bonds or otherwise finance the cost of the undertaking.
(Added to NRS by 2017, 1529)