58-848. Authority; rents or loan payments; use.
215 words·~1 min read·
/ne/chapter-58/58-848A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except for projects financed or refinanced pursuant to sections 58-844 and 58-845 , the authority shall fix, revise, charge, and collect rents or loan payments for the use of or payment for each project and contract with any eligible institution in respect thereof. Each lease or loan agreement entered into by the authority with an eligible institution shall provide that the rents or loan payments payable by the eligible institution shall be sufficient at all times
(1)to pay the eligible institution's share of the administrative costs and expenses of the authority,
(2)to pay the authority's cost, if any, of maintaining, repairing, and operating the project and each and every portion thereof,
(3)to pay the principal of, the premium, if any, and the interest on outstanding bonds of the authority issued with respect to such project as the same shall become due and payable, and
(4)to create and maintain reserves which may be provided for in the resolution or trust indenture relating to such bonds of the authority.
With respect to projects financed pursuant to sections 58-844 and 58-845 , the authority shall require the eligible institution involved to enter into loan or other financing agreements obligating such eligible institution to make payments sufficient to accomplish the purposes described in this section.