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Code · Nebraska · Chapter 39 — Highways and Bridges

39-2912. Loan; failure to comply with contract or make payment; effect.

114 words·~1 min read·/ne/chapter-39/39-2912

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

If a borrower of a loan from the investment program fails to comply with any contract term related to such loan or fails to make any payment when due, the investment program may:
(1)Pursue any legal or equitable remedy;
(2)Request that the Legislature reduce any appropriation to such borrower by the amount that is owed to the investment program and appropriate such amount to the investment program. The money for any such appropriation to the investment program shall be transferred into the Infrastructure Development Investment Program Fund and used to pay the outstanding debt of such borrower; and
(3)Draw on any pledged reserve or credit facility that is securing the obligation.
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