Nebraska § 70-645 Pledge of revenue; authorized; when

Nebraska Statutes

§ 70-645 — Pledge of revenue; authorized; when

Nebraska·Ch. 70 Power Districts and Corporations

Nothing in sections  70-644  to  70-653.02  contained shall prevent the district from assigning, pledging, or otherwise hypothecating, its revenue, incomes, receipts, or profits to secure the payment of indebtedness to the federal government;  Provided,  that the State of Nebraska shall never pledge its credit or funds, or any part thereof, for the payment or settlement of any indebtedness or obligation whatsoever of any district created under or subject to the provisions of Chapter 70, article 6.

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Nothing in sections 70-644 to 70-653.02 contained shall prevent the district from assigning, pledging, or otherwise hypothecating, its revenue, incomes, receipts, or profits to secure the payment of indebtedness to the federal government; Provided, that the State of Nebraska shall never pledge its credit or funds, or any part thereof, for the payment or settlement of any indebtedness or obligation whatsoever of any district created under or subject to the provisions of Chapter 70, article 6.

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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, § 70-645; Laws 1981, LB 181, § 23. Annotations: District does business at profit or loss so as to be subject to payment of charges under Federal Power Act. Central Neb. P. P. & I. Dist. v. Federal Power Commission, 160 F.2d 782 (8th Cir. 1947).