Nebraska Statutes 79-1087. Class V school district; board of education; bonds; interest and sinking fund; investment
The board of education of a Class V school district shall provide for the interest on all existing bonds issued by the district before the interest becomes due. The board shall also, immediately after the expiration of one-half of the time for which such bonds are issued, proceed to set apart each year, for a sinking fund, a requisite amount or proportion sufficient to pay the principal of the bonds when they become due. All money set apart for the sinking fund shall be invested as follows:
Terms Used In Nebraska Statutes 79-1087
- School: means a school under the jurisdiction of a school board authorized by Chapter 79. See Nebraska Statutes 79-101
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
- United States: shall include territories, outlying possessions, and the District of Columbia. See Nebraska Statutes 49-801
- Year: shall mean calendar year. See Nebraska Statutes 49-801
(1) In the purchase of and redemption of bonds of the school district, which bonds shall be purchased in the open market in such manner as the board of education prescribes;
(2) In bonds of the city constituting the school district;
(3) In bonds of the county in which such district is situated;
(4) In bonds of the State of Nebraska; and
(5) In United States bonds.
Source
- Laws 1891, c. 45, § 26, p. 327;
- R.S.1913, § 7032;
- C.S.1922, § 6663;
- C.S.1929, § 79-2726;
- Laws 1937, c. 183, § 3, p. 724;
- C.S.Supp.,1941, § 79-2726;
- R.S.1943, § 79-2730;
- Laws 1945, c. 214, § 4, p. 630;
- Laws 1949, c. 256, § 267, p. 781;
- R.S.1943, (1994), § 79-1007.03;
- Laws 1996, LB 900, § 733.