79-1844. Authority; charge rents; lease facilities.
199 words·~1 min read·
/ne/chapter-79/79-1844A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except for projects financed pursuant to section 79-1841 , the authority shall fix, revise, charge, and collect rents for the use of each project and contract with any elementary or secondary school in respect thereof. Each lease entered into by the authority with an elementary or secondary school shall provide that the rents payable by the elementary or secondary school shall be sufficient at all times
(1)to pay its 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 bond resolution or trust agreement relating to such bonds of the authority.
With respect to projects financed pursuant to section 79-1841 , the authority shall require the elementary or secondary school involved to enter into agreements obligating such school to make payments sufficient to accomplish the purposes described in this section.