Nebraska Statutes 58-272. Authority; successor to certain entities; transfer of property, funds, and obligations to authority; actions by predecessor entities; how treated
The authority shall be the successor to the Nebraska Mortgage Finance Fund, the Agricultural Development Corporation, and the Nebraska Development Finance Fund. All properties, rights in land, buildings, records, and equipment and any funds, money, revenue, receipts, or assets of the Nebraska Mortgage Finance Fund, the Agricultural Development Corporation, and the Nebraska Development Finance Fund shall belong to the authority as successor. All obligations, debts, commitments, and liabilities of the Nebraska Mortgage Finance Fund, the Agricultural Development Corporation, and the Nebraska Development Finance Fund shall become obligations, debts, commitments, and liabilities of the authority. Any resolution with respect to the issuance of bonds by the Nebraska Mortgage Finance Fund, the Agricultural Development Corporation, or the Nebraska Development Fund and any other action taken by the Nebraska Mortgage Finance Fund, the Agricultural Development Corporation, or the Nebraska Development Finance Fund with respect to assisting in the financing of any project shall be a resolution of the authority or an action taken by the authority. The rules and regulations adopted by the Nebraska Mortgage Finance Fund, the Agricultural Development Corporation, and the Nebraska Development Finance Fund shall remain in effect until amended, repealed, or replaced by the authority. If a project application is pending before the Nebraska Mortgage Finance Fund, the Nebraska Agricultural Development Corporation, or the Nebraska Development Finance Fund on August 26, 1983, and such project is eligible to be financed under the Nebraska Mortgage Finance Fund Act, the Nebraska Agricultural Development Corporation Act, or the Nebraska Development Finance Fund Act, such project shall be deemed to be eligible for financing by the authority.
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Terms Used In Nebraska Statutes 58-272
- Action: shall include any proceeding in any court of this state. See Nebraska Statutes 49-801
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: shall mean the Nebraska Investment Finance Authority. See Nebraska Statutes 58-209
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: shall mean a mortgage deed, deed of trust, or other instrument securing a mortgage loan and constituting a lien on real property held in fee simple or on a leasehold under a lease having a remaining term at the time such mortgage is acquired of not less than the term for repayment of the mortgage loan secured by such mortgage which is improved by residential housing. See Nebraska Statutes 58-217
- Project: shall mean one or more of the following:
(1)(a) Rental housing. See Nebraska Statutes 58-219