Nebraska § 70-644 District facilities and property; mortgage authorized; when

Nebraska Statutes

§ 70-644 — District facilities and property; mortgage authorized; when

Nebraska § 70-644

Ch. 70Power Districts and Corporations

This text of Nebraska § 70-644 (District facilities and property; mortgage authorized; when) 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.

Bluebook

Neb. Rev. Stat. § 70-644 (2026).

Text

No power plant, system, or irrigation works owned by a district shall be sold, alienated or mortgaged by such district, except under the circumstances set forth in this section and sections  70-645  to  70-653.02 . If, in order to borrow money from the federal government, the Rural Electrification Administration, the Public Works Administration, from any loan or finance corporation or agency established under federal law, including the Reconstruction Finance Corporation, or its successor, or a cooperative nonprofit corporation organized to provide financing, it shall become necessary that a district mortgage, or otherwise hypothecate, any or all of its property or assets to secure the payment of a loan or loans made to it by or from such source or sources, such district is hereby authorize

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No power plant, system, or irrigation works owned by a district shall be sold, alienated or mortgaged by such district, except under the circumstances set forth in this section and sections 70-645 to 70-653.02 . If, in order to borrow money from the federal government, the Rural Electrification Administration, the Public Works Administration, from any loan or finance corporation or agency established under federal law, including the Reconstruction Finance Corporation, or its successor, or a cooperative nonprofit corporation organized to provide financing, it shall become necessary that a district mortgage, or otherwise hypothecate, any or all of its property or assets to secure the payment of a loan or loans made to it by or from such source or sources, such district is hereby authorized and empowered to do so.

Legislative History

Source: Laws 1933, c. 86, § 12, p. 353; Laws 1937, c. 152, § 7, p. 587; Laws 1939, c. 88, § 1, p. 382; C.S.Supp.,1941, § 70-712; Laws 1943, c. 146, § 6, p. 526; R.S.1943, § 70-644; Laws 1972, LB 1347, § 1. Annotations: This section does not conflict with the provisions of former section 70-657 prohibiting lease or alienation by a district of its franchise, plant, or physical equipment. State ex rel. Loseke v. Fricke, 126 Neb. 736, 254 N.W. 409 (1934).