Nebraska Statutes 14-365.04. Sewerage systems and sewage disposal plants; revenue bonds; payment
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Bonds which are issued and secured by a mortgage on the utility, as provided in section 14-365.02, shall not be a general obligation of the city, but shall be paid only out of the revenue received from the service charges, as provided in section 14-365.03, or from a sale of the property and the franchise, referred to in section 14-365.02, to operate the system, under a foreclosure proceeding. If a service rate or charge is charged, such portion of such rate or charge as may be deemed sufficient shall be set aside as a sinking fund for the payment of the interest on such bonds and the principal of such bonds at maturity.
Source
- Laws 1953, c. 24, § 4, p. 100;
- Laws 2022, LB800, § 70.
Terms Used In Nebraska Statutes 14-365.04
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.