1. Except as otherwise provided in NRS 393.247, at the time and place fixed in the resolution for the meeting of the board of trustees, each sealed proposal that has been received must, in public session, be opened, examined and declared by the board. Of the proposals submitted which conform to all terms and conditions specified in the resolution of intention to sell or to lease and which are made by responsible bidders, the proposal which is the highest must be finally accepted, unless a higher oral bid is accepted or the board rejects all bids.

2. If the real property is subject to the requirement of an independent appraisal pursuant to NRS 393.240 and the board of trustees does not receive a bid that is at least equal to the cash market value of the property as determined by the appraisers, the board of trustees may, at the session held pursuant to subsection 1 or in an open meeting of the board of trustees held pursuant to NRS 393.250, amend the resolution, including, without limitation, setting a time, not less than 3 weeks thereafter, for another public meeting of the board of trustees to be held at its regular place of meeting, at which sealed proposals to purchase or lease will again be received and considered. If the board of trustees adopts an amended resolution pursuant to this subsection, the board shall notice the amended resolution pursuant to NRS 393.260 and proceed in accordance with the provisions of subsection 1.

3. If the board of trustees, upon opening the proposals received pursuant to the amended resolution, does not receive a bid that is at least equal to the cash market value of the property as determined by the appraisers, the board of trustees may, at the session held pursuant to the amended resolution or in an open meeting of the board of trustees held pursuant to NRS 393.250, amend the resolution a second time, including, without limitation, setting a time, not less than 3 weeks thereafter, for another public meeting of the board of trustees to be held at its regular place of meeting, at which sealed proposals to purchase or lease will again be received and considered. If the board of trustees adopts an amended resolution pursuant to this subsection, the board shall notice the amended resolution pursuant to NRS 393.260 and proceed in accordance with the provisions of subsection 1. Of the proposals received and considered at the meeting, the board of trustees may finally accept the proposal which is the highest, even if that proposal is for an amount less than the cash market value of the property as determined by the appraisers.

[435:32:1956] — (NRS A 2001, 590; 2003, 937)