NRS533.550. Sale or lease of water right by public body for more than 5-year term; exception.

      1.  Notwithstanding any other provision of law and except as otherwise provided in NRS 533.560, a public body shall not sell or lease for a term of more than 5 years a water right owned by the public body unless the public body, after holding at least one public hearing at which public comment was solicited, has issued written findings that:

      (a) The sale or lease of the water right is consistent with the prudent, long-term management of the water resources within the jurisdiction of the public body;

      (b) The sale or lease of the water right will not deprive residents and businesses within the jurisdiction of the public body of reasonable access to water resources for growth and development;

      (c) The sale or lease of the water right is a reasonable means of promoting development and use of the water right; and

      (d) The means by which the water right is sold or leased reasonably ensures that the public body will receive the actual value of the water right or comparable economic benefits.

      2.  As used in this section, “public body” means the State or a county, city, town, school district or any public agency of this State or its political subdivisions. The term does not include a water district organized pursuant to a special act of the Legislature or a water authority organized as a political subdivision created by a cooperative agreement or created by a special act of the Legislature.

      (Added to NRS by 2005, 1385; A 2007, 3286; 2011, 819)