Nebraska Statutes 81-12,187. Matching funds; repayment; required; when
(1) The applicant must make an investment of one billion six hundred million dollars at the project, of which at least one billion dollars shall come from federal funding, before the end of the transformational period. If the applicant fails to reach such threshold, all of the matching funds paid to the applicant under the Nebraska Transformational Projects Act shall be repaid by the applicant to the director, and the applicant shall be entitled to no matching funds for the project.
Terms Used In Nebraska Statutes 81-12,187
- 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
- Transformational period: means the period of time from the date of the complete application through the earlier of (1) the end of the tenth year after the year in which the complete application was filed with the director or (2) the end of the year in which the applicant attains the one-billion-six-hundred-million-dollar investment requirement. See Nebraska Statutes 81-12,180
(2) The applicant must maintain the required level of investment for the entire continuation period. If the applicant fails to maintain the required level of investment for the entire continuation period, all of the matching funds paid to the applicant under the act shall be repaid by the applicant to the director, and the applicant shall be entitled to no matching funds for the project.
(3) If the applicant fails to receive, before the end of the continuation period, three hundred million dollars of donations of private dollars to be used for the project, then all matching funds paid to the applicant under the act shall be repaid by the applicant to the director.
(4) The repayment required by this section shall not occur if the failure to receive a donation, or achieve or maintain the required level of investment, was caused by an act of God or a national emergency.