§ 58-848 — Authority; rents or loan payments; use

Nebraska § 58-848

• Jurisdiction: Nebraska
• Ch. 58: Money and Financing

Text

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.

Legislative History

Source: Laws 1981, LB 321, § 45; R.S.1943, (1994), § 79-2945; Laws 1995, LB 5, § 45; R.S.1943, (2008), § 85-1745; Laws 2013, LB170, § 48.