1. When the board of trustees determines that the rental value of any real property belonging to the school district is $5,000 or less a year, the board of trustees may lease or rent such property for a year or less without obtaining a formal appraisal.
2. After determining the amount and the terms of the lease, the board of trustees 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 real property proposed to be leased, and such description must be sufficiently clear to identify readily the property involved.
(b) Specify the rental price and the use for which the property is to be leased or rented. All leases and rentals shall be for cash.
(c) Fix a time, not less than 1 week after publication of notice, for a public meeting of the board of trustees to be held at its regular place of meeting, at which time lease or rental proposals will be heard and considered.
(Added to NRS by 1969, 274; A 1975, 164)