14-365.02. Sewerage systems and sewage disposal plants; revenue bonds.
172 words·~1 min read·
/ne/chapter-14/14-365-02A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For the purpose of owning, operating, constructing, and equipping a sewage disposal plant or sewerage system, including any storm sewer system, or improving or extending such existing system, as provided in section 14-365.01 , a city of the metropolitan class may issue revenue bonds. Such revenue bonds as provided in this section shall not impose any general liability upon the city but shall be secured only on the property and revenue, as provided in section 14-365.04 , of such utility including a franchise stating the terms upon which, in case of foreclosure, the purchaser may operate the system.
Such franchise shall in no case extend for a longer period than twenty years from the date of the sale of such franchise on foreclosure. Such revenue bonds shall be sold for not less than par. The amount of such revenue bonds, either issued or outstanding, shall not be included in computing the maximum amount of bonds which such city may be authorized to issue under its home rule charter or any state statute.