State Codes and Statutes

Statutes > Nebraska > Chapter13 > 13-2611

13-2611. Bonds; issuance; election.(1) The applicant political subdivision may issue from time to timeits bonds and refunding bonds to finance and refinance the acquisition, construction,improving, and equipping of eligible facilities and appurtenant public facilitiesthat are a part of the same project. The bonds may be sold by the applicantin such manner and for such price as the applicant determines, at a discount,at par, or at a premium, at private negotiated sale or at public sale, afternotice published prior to the sale in a legal newspaper having general circulationin the political subdivision or in such other medium of publication as theapplicant deems appropriate. The bonds shall have a stated maturity of thirtyyears or less and shall bear interest at such rate or rates and otherwisebe issued in accordance with the respective procedures and with such otherterms and provisions as are established, permitted, or authorized by applicablestate laws and home rule charters for the type of bonds to be issued. Suchbonds may be secured as to payment in whole or in part by a pledge, as shallbe determined by the applicant, from the income, proceeds, and revenue ofthe eligible facilities financed with proceeds of such bonds, from the income,proceeds, and revenue of any of its eligible facilities, or from its revenueand income, including its sales, use, or occupation tax revenue, fees, orreceipts, as may be determined by the applicant. The applicant may furthersecure the bonds by a mortgage or deed of trust encumbering all or any portionof the eligible facilities and by a bond insurance policy or other creditsupport facility. No general obligation bonds, except refunding bonds, shallbe issued until authorized by greater than fifty percent of the applicant'selectors voting on the question as to their issuance at any election as defined in section 32-108. The face of thebonds shall plainly state that the bonds and the interest thereon shall notconstitute nor give rise to an indebtedness, obligation, or pecuniary liabilityof the state nor a charge against the general credit, revenue, or taxing powerof the state. Bonds of the applicant are declared to be issued for an essentialpublic and governmental purpose and, together with interest thereon and incometherefrom, shall be exempt from all state income taxes.(2) All payments to political subdivisions under the Convention CenterFacility Financing Assistance Act are made subject to specific appropriationfor such purpose. Nothing in the act precludes the Legislature from amendingor repealing the act at any time. SourceLaws 1999, LB 382, § 11; Laws 2009, LB402, § 1. Cross ReferencesLimitation on applications, see section 13-2612.