When the principal of and interest on bonds of the authority issued to finance the cost of a particular project or projects for an elementary or secondary school, including any refunding bonds issued to refund and refinance such bonds, have been fully paid and retired or when adequate provision has been made to fully pay and retire the same, and all other conditions of the bond resolution authorizing the same have been satisfied and the lien created by such bond resolution has been released in accordance with the provisions thereof, the authority shall promptly do such things and execute such deeds, conveyances, and other instruments, if any, as are necessary and required to convey title of such project or projects to such elementary or secondary school.

Terms Used In Nebraska Statutes 79-1837

  • 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

  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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
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