This text of Nebraska § 58-521 (Default; contracting public body; powers) is published on Counsel Stack Legal Research, covering Nebraska primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
The contracting public body may by resolution, trust indenture, mortgage, lease, or other contract confer upon any obligee holding or representing a specified amount in bonds, the right to, in addition to all rights that may otherwise be conferred, upon the happening of an event of default as defined in such resolution or instruments, by suit, action, or proceeding in any court of competent jurisdiction:
(1)Cause possession of any redevelopment project or any part of the project, title to which is in the contracting public body, to be surrendered to any such obligee;
(2)Obtain the appointment of a receiver of any redevelopment project of the contracting public body or any part of the project, title to which is in the contracting public body, and of the rents and profits from the project.
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The contracting public body may by resolution, trust indenture, mortgage, lease, or other contract confer upon any obligee holding or representing a specified amount in bonds, the right to, in addition to all rights that may otherwise be conferred, upon the happening of an event of default as defined in such resolution or instruments, by suit, action, or proceeding in any court of competent jurisdiction:
(1) Cause possession of any redevelopment project or any part of the project, title to which is in the contracting public body, to be surrendered to any such obligee;
(2) Obtain the appointment of a receiver of any redevelopment project of the contracting public body or any part of the project, title to which is in the contracting public body, and of the rents and profits from the project. If a receiver is appointed, he or she may enter and take possession of, carry out, operate, and maintain such project or any part of the project and collect and receive all fees, rents, revenue, or other charges thereafter arising from the project, and shall keep such money in a separate account or accounts and apply the same in accordance with the obligations of the contracting public body as the court directs; and
(3) Require the contracting public body and the members, officers, agents, and employees of the contracting public body to account as if it and they were the trustee of an express trust.