39-2203.01. Build Nebraska Act; highway construction projects; bonds; issuance; terms and conditions; proceeds; use; commission; powers; bonds; maturity date.
201 words·~1 min read·
/ne/chapter-39/39-2203-01A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Upon the written recommendation of the Department of Transportation, the commission, acting for and on behalf of the state, may issue from time to time bonds under the Nebraska Highway Bond Act by resolution as described in section 39-2209 in such principal amounts as determined by the commission for the purpose of accelerating completion of the highway construction projects identified and to be identified for funding under the Build Nebraska Act. The principal amounts, interest rates, maturities, redemption provisions, sale prices, and other terms of the bonds so authorized to be issued shall be in accordance with terms or conditions established by the commission.
No bonds shall be issued after June 30, 2029, except for refunding bonds issued in accordance with the Nebraska Highway Bond Act. The proceeds from the sale of any bonds issued, net of costs of issuance, capitalized interest, and necessary or appropriate reserve funds, shall be deposited in the State Highway Capital Improvement Fund for use pursuant to the Build Nebraska Act. The commission is hereby granted all powers necessary or convenient to carry out the purposes and exercise the powers granted by the Nebraska Highway Bond Act.
Bonds shall be paid off by June 30, 2042.