The authority may make loans to an elementary or secondary school and refund or reimburse outstanding obligations, mortgages, or advances, including advances from an endowment or any similar fund, issued, made, or given by such elementary or secondary school whether before, on, or after September 13, 1997, for the cost of a project, including the power to issue bonds and make loans to an elementary or secondary school to refinance indebtedness incurred or to reimburse advances made for projects undertaken prior thereto whenever the authority finds that such financing is in the public interest, and either: (1) Alleviates a financial hardship upon the elementary or secondary school, (2) results in a lesser cost of education, or (3) enables the elementary or secondary school to offer greater security for a loan or loans to finance a new project or projects or to effect savings in interest costs or more favorable amortization terms.

Terms Used In Nebraska Statutes 79-1831

  • Amortization: Paying off a loan by regular installments.
  • Authority: means the Nebraska Elementary and Secondary School Finance Authority created by the Nebraska Elementary and Secondary School Finance Authority Act or any board, body, commission, department, or office succeeding to the principal functions thereof or to whom the powers conferred upon such authority by the act are given by law. See Nebraska Statutes 79-1804
  • Bonds: means bonds, notes, or other obligations of the authority issued under the Nebraska Elementary and Secondary School Finance Authority Act, including refunding bonds, notwithstanding that the same may be secured by the full faith and credit of an elementary or secondary school or any other lawfully pledged security of an elementary or secondary school. See Nebraska Statutes 79-1805
  • Elementary or secondary school: means a not-for-profit educational institution located within this state which is not owned or controlled by the state or any political subdivision, agency, instrumentality, district, or municipality thereof, which is authorized by law to provide a program of education which:

    (1) Is for any or all of the grades kindergarten through twelfth grade. See Nebraska Statutes 79-1807

  • Project: means any property located within the state, constructed or acquired before, on, or after September 13, 1997, that may be used or will be useful in connection with the instruction, feeding, recreation, or housing of students, the conducting of research, administration, or other work of an elementary or secondary school, or any combination of the foregoing. See Nebraska Statutes 79-1808
  • School: means a school under the jurisdiction of a school board authorized by Chapter 79. See Nebraska Statutes 79-101