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Code · Nebraska · Chapter 58 — Money and Financing

58-272. Authority; successor to certain entities; transfer of property, funds, and obligations to authority; actions by predecessor entities; how treated.

264 words·~1 min read·/ne/chapter-58/58-272

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

The authority shall be the successor to the Nebraska Mortgage Finance Fund, the Agricultural Development Corporation, and the Nebraska Development Finance Fund. All properties, rights in land, buildings, records, and equipment and any funds, money, revenue, receipts, or assets of the Nebraska Mortgage Finance Fund, the Agricultural Development Corporation, and the Nebraska Development Finance Fund shall belong to the authority as successor. All obligations, debts, commitments, and liabilities of the Nebraska Mortgage Finance Fund, the Agricultural Development Corporation, and the Nebraska Development Finance Fund shall become obligations, debts, commitments, and liabilities of the authority.
Any resolution with respect to the issuance of bonds by the Nebraska Mortgage Finance Fund, the Agricultural Development Corporation, or the Nebraska Development Fund and any other action taken by the Nebraska Mortgage Finance Fund, the Agricultural Development Corporation, or the Nebraska Development Finance Fund with respect to assisting in the financing of any project shall be a resolution of the authority or an action taken by the authority. The rules and regulations adopted by the Nebraska Mortgage Finance Fund, the Agricultural Development Corporation, and the Nebraska Development Finance Fund shall remain in effect until amended, repealed, or replaced by the authority.
If a project application is pending before the Nebraska Mortgage Finance Fund, the Nebraska Agricultural Development Corporation, or the Nebraska Development Finance Fund on August 26, 1983, and such project is eligible to be financed under the Nebraska Mortgage Finance Fund Act, the Nebraska Agricultural Development Corporation Act, or the Nebraska Development Finance Fund Act, such project shall be deemed to be eligible for financing by the authority.
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