Nebraska Statutes 46-1,116. Bonds; issuance to procure surrender of outstanding bonds; power of district; limit
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An irrigation district shall have power to issue bonds in consideration of the surrender and cancellation of its outstanding bonds. If the bonds surrendered provide for the separate payment of principal and interest, the principal of the bonds to be issued shall not exceed by more than one thousand dollars the principal of the bonds surrendered. If the bonds surrendered provide for the payment of principal and interest combined in installments, the principal of the bonds issued shall not exceed by more than one thousand dollars the value of such installments discounted at the same rate per year as the annual interest rate of the bonds to be issued.
Terms Used In Nebraska Statutes 46-1,116
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Year: shall mean calendar year. See Nebraska Statutes 49-801