Nebraska Statutes 81-12,186. Matching funds; filing required; use; repayment; interest; director; powers and duties
(1) The right to matching funds prescribed in section 81-12,185 shall be established by filing the forms required by the director. The matching funds may only be used by the applicant to make investments at the project or to pay off debt financing for such investments. Matching funds and private dollars shall be counted towards the attainment of the one-billion-six-hundred-million-dollar investment requirement.
Terms Used In Nebraska Statutes 81-12,186
- Applicant: means a postsecondary institution having a college of medicine located in the State of Nebraska. See Nebraska Statutes 81-12,170
- Continuation period: means the period of five years immediately following the end of the transformational period. See Nebraska Statutes 81-12,171
- Director: means the Director of Economic Development. See Nebraska Statutes 81-12,173
- Investment: means the amount paid by the applicant for:
(1) Real property that is (a) constructed after the date of application, (b) owned by the applicant, (c) located at the qualified location, and (d) used to carry out the project. See Nebraska Statutes 81-12,174
- Matching funds: means the funds provided toward investment at a project by the State of Nebraska pursuant to section 81-12,185. See Nebraska Statutes 81-12,175
- Private dollars: means dollars donated to the applicant specifically for the project by any combination of one or more of the following:
(a) An individual. See Nebraska Statutes 81-12,176
- Project: means an investment by the applicant of at least one billion six hundred million dollars at one qualified location which is made to carry out the requirements for the qualified location to be included in the program described in Title VII, Subtitle C, section 740 of Public Law 116-92. See Nebraska Statutes 81-12,177
- Qualified location: means any parcel of real property, or contiguous or adjacent parcels of real property, within the State of Nebraska that is or are owned by the applicant, and such other parcels owned by the applicant that are necessary to support the applicant's project at such parcel or parcels. See Nebraska Statutes 81-12,178
(2) Interest at the rate specified in section 45-104.02, as such rate may from time to time be adjusted, shall be due by the applicant on any repayment of matching funds.
(3) All interpretations of the Nebraska Transformational Projects Act shall be made by the director.
(4) An audit of a project shall be made by the director to the extent and in the manner determined by the director. The director may recover any matching funds which were erroneously allowed by issuing a repayment determination within the later of three years from the date the matching funds were paid or three years after the end of the continuation period.
(5) Any determination by the director that the applicant does not qualify, that a location is not a qualified location, that a project does not qualify, that a private-dollar donation does not qualify, or that matching funds must be repaid may be protested by the applicant to the director within sixty days after the mailing to the applicant of the written notice of the proposed determination by the director. If the notice of proposed determination is not protested in writing by the applicant within the sixty-day period, the proposed determination is a final determination. If the notice is protested, the director, after a formal hearing by the director or by an independent hearing officer appointed by the director, if requested by the applicant in such protest, shall issue a written order resolving such protest.