§ 77-4422 — Bonds, contracts, and other obligations; powers of city

Nebraska § 77-4422

• Jurisdiction: Nebraska
• Ch. 77: Revenue and Taxation

Text

Any city may in connection with the issuance of its bonds, entry into any contract, or delivery of other obligations under the Good Life District Economic Development Act:
(1) Redeem the bonds, covenant for their redemption, and provide the terms and conditions of redemption;
(2) Covenant that the good life district economic development program and local sources of revenue established for such program shall not terminate for purposes of the act until thirty years after the date the associated good life district was established or until the bonds issued for such program and other contractual obligations related to such program are no longer outstanding, whichever occurs first;
(3) Covenant to impose or levy such local sources of revenue determined by the city and pledge the local sources of revenue and other taxes permitted to be pledged to pay the interest and principal payments, whether at maturity or upon sinking-fund redemption, on any outstanding bonds of the city payable from such pledged local sources of revenue and other taxes, and creation and maintenance of any reasonable reserves therefor and to provide for any margins or coverages over and above debt service on the bonds deemed desirable for the marketability or security of the bonds;
(4) Covenant as to the application of the local sources of revenue within the good life district economic development fund, which shall include reasonable provision for the cost of operating and maintaining the associated program by the city, provided that the provisions of section 77-4420 shall govern the application of any taxes received pursuant to section 18-2147 for payment of bonds issued under the Good Life District Economic Development Act;
(5) Covenant and prescribe as to events of default and as to the consequences of default and the remedies of bondholders;
(6) Covenant as to the purposes to which the proceeds from the sale of any bonds may be applied and the pledge of such proceeds to secure the payment of the bonds;
(7) Covenant as to limitations on the issuance of any additional bonds, the terms upon which additional bonds may be issued and secured, and the refunding of outstanding bonds;
(8) Covenant as to the rank or priority of any bonds with respect to any lien or security;
(9) Covenant as to the procedure by which the terms of any contract with or for the benefit of the bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto, and the manner in which such consent may be given;
(10) Covenant as to the custody and safekeeping of a good life district economic development fund;
(11) Covenant as to the vesting in a trustee or trustees, within or outside the state, of such properties, rights, powers, and duties in trust as the city may determine;
(12) Covenant as to the appointing and providing for the duties and obligations of a paying agent or paying agents or other fiduciaries within or outside the state;
(13) Make all other covenants and do any and all other acts and things as may be necessary, convenient, or desirable in order to secure its bonds or, in the absolute discretion of the city, tend to make the bonds more marketable, notwithstanding that such other covenants, acts, or things may not be enumerated in this section; and
(14) Execute all instruments necessary or convenient in the exercise of the powers granted pursuant to the Good Life District Economic Development Act or in the performance of covenants or duties of the city incurred under the act, which instruments may contain such covenants and provisions as any purchaser of bonds or other obligations may reasonably require or which may be determined necessary or appropriate.

Legislative History

Source: Laws 2024, LB1317, § 15.