Nebraska Statutes 81-12,210. Transactions or activities excluded
The following transactions or activities shall not create investment under the Nebraska Rural Projects Act except as specifically allowed by this section:
Terms Used In Nebraska Statutes 81-12,210
- Applicant: means a nonprofit economic development corporation. See Nebraska Statutes 81-12,197
- Date of application: means the date that a completed application is filed under the Nebraska Rural Projects Act. See Nebraska Statutes 81-12,199
- Donor: The person who makes a gift.
- Investment: means the amount paid by the applicant for the project. See Nebraska Statutes 81-12,201
- Related entity: means any entity which is a subsidiary or affiliated entity of the applicant or which has, as one of its purposes for existence, the financial support of the applicant. See Nebraska Statutes 81-12,205
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
(1) The renegotiation of any private donor commitment in existence before the date of application, except to the extent of additional donation commitments;
(2) The purchase of any property which was previously owned by the applicant or a related entity. The first purchase by either the applicant or a related entity shall be treated as investment if the item was first placed in service in the state after the date of application;
(3) The renegotiation of any agreement in existence on the date of application which does not materially change any of the material terms of the agreement shall be presumed to be a transaction entered into for the purpose of facilitating benefits under the act and shall not be allowed in the calculation of investment under the act; and
(4) Any purchase of property from a related entity, except that the applicant will be considered to have made investment under the act to the extent the related entity would have been considered to have made investment on the purchase of the property if the related entity was considered the applicant.