79-1087. Class V school district; board of education; bonds; interest and sinking fund; investment.
183 words·~1 min read·
/ne/chapter-79/79-1087A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The board of education of a Class V school district shall provide for the interest on all existing bonds issued by the district before the interest becomes due. The board shall also, immediately after the expiration of one-half of the time for which such bonds are issued, proceed to set apart each year, for a sinking fund, a requisite amount or proportion sufficient to pay the principal of the bonds when they become due. All money set apart for the sinking fund shall be invested as follows:
(1)In the purchase of and redemption of bonds of the school district, which bonds shall be purchased in the open market in such manner as the board of education prescribes;
(2)In bonds of the city constituting the school district;
(3)In bonds of the county in which such district is situated;
(4)In bonds of the State of Nebraska; and
(5)In United States bonds.
The county board of equalization makes the levy of taxes for a school district. C. R. T. Corp. v. Board of Equalization, 172 Neb. 540, 110 N.W.2d 194 (1961).