28-8424. Nonprofit corporation lessees; status; authority; exemptions
A. A nonprofit corporation that is a lessee as provided in section 28-8423:
1. Is a validly organized and existing body politic and corporate exercising its powers for the benefit of the people, for the improvement of the people's health and welfare and for the increase of the people's traffic and prosperity.
2. Is engaged in a public purpose essential to transportation and communication.
3. Performs an essential governmental function as an agency or instrumentality of the city, town, county or state.
4. Is exempt from property taxation by this state or an agency of this state.
5. Possesses and may exercise police powers and other governmental powers on the terms, conditions, limitations, restrictions and agreements provided in the lease agreements.
6. May issue bonds, incur obligations and pledge its revenues as security for the payment of bonds and obligations for airport and air terminal purposes to the extent provided by the lease agreement as it exists or as it may be amended, without regard to any statutory limitation of indebtedness of corporations having authorized capital stock.
B. The following do not apply to a nonprofit corporation that leases the Grand Canyon national park airport as provided in section 28-8423:
1. Chapter 20, article 2 of this title.
2. Title 33, chapter 7, article 6.
3. Title 41, chapter 4, article 5 and 6.
4. Title 41, chapter 6.
5. Title 41, chapter 23.
Section: Previous 28-8417 28-8418 28-8419 28-8420 28-8421 28-8422 28-8423 28-8424 28-8425 28-8426 28-8427 28-8428 28-8461 28-8462 28-8463 NextLast modified: October 13, 2016