58-514. Bonds; issuance.

320 words·~1 min read·/ne/chapter-58/58-514

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

The contracting public body may issue bonds from time to time for any of its corporate purposes as specified in a project agreement or with respect to the acquisition, rehabilitation, or redevelopment of property in a designated blighted and substandard area or as otherwise permitted by the Nebraska Redevelopment Act. The contracting public body may also issue refunding bonds for the purpose of paying, retiring, or otherwise refinancing, or in exchange for any or all of the principal or interest upon bonds previously issued by it.

The contracting public body may issue such types of bonds as it determines, including, without limiting the generality of the foregoing, bonds on which the principal and interest are payable:

(1)Exclusively from the income, proceeds, and revenue of the redevelopment project financed with proceeds of such bonds;

(2)Exclusively from the income, proceeds, and revenue of any of its redevelopment projects whether or not they are financed in whole or in part with the proceeds of such bonds;

(3)Exclusively from its revenue and income, including such tax revenue or receipts as may be authorized, including those which may be pledged under section 58-510 , and from such grants and loans as may be received; or

(4)From all or part of the income, proceeds, and revenue enumerated in subdivisions (1), (2), and

(3)of this section.

Any such bonds may be additionally secured by a pledge of any loan, grant, or contributions, or parts thereof, from the federal government or other source, or a mortgage of any redevelopment project or projects of the contracting public body, and the contracting public body shall not pledge the credit or taxing power of the state or any political subdivision thereof, except tax receipts authorized under this section or pledged under section 58-510 , or place any lien or encumbrance on any property owned by the state, county, or city used by the contracting public body.