Nebraska Statutes 79-1834. Authority; combine and substitute projects; bonds; additional series
Notwithstanding any other provision contained in the Nebraska Elementary and Secondary School Finance Authority Act, the authority may combine for financing purposes, with the consent of all of the elementary or secondary schools which are involved, the project or projects and some or all future projects of any elementary or secondary school, but the money set aside in any fund or funds pledged for any series or issue of bonds shall be held for the sole benefit of such series or issue separate and apart from any money pledged for any other series or issue of bonds of the authority. To facilitate the combining of projects, bonds may be issued in series under one or more resolutions or trust agreements and be fully open end, thus providing for the unlimited issuance of additional series, or partially open end, limited as to additional series, all in the discretion of the authority. Notwithstanding any other provision of the act to the contrary, the authority may, in its discretion, permit an elementary or secondary school to substitute one or more projects of equal value, as determined by an independent appraiser satisfactory to the authority, for any project financed under the act on such terms and subject to such conditions as the authority may prescribe.
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Terms Used In Nebraska Statutes 79-1834
- 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