Nebraska § 79-1087 Class V school district; board of education; bonds; interest and sinking fund; investment

Nebraska Statutes

§ 79-1087 — Class V school district; board of education; bonds; interest and sinking fund; investment

Nebraska § 79-1087

Ch. 79Schools

This text of Nebraska § 79-1087 (Class V school district; board of education; bonds; interest and sinking fund; investment) 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. § 79-1087 (2026).

Text

The board of education of a Class V school district shall provide for the interest on all existing bonds issued by the district before the interest becomes due. The board shall also, immediately after the expiration of one-half of the time for which such bonds are issued, proceed to set apart each year, for a sinking fund, a requisite amount or proportion sufficient to pay the principal of the bonds when they become due. All money set apart for the sinking fund shall be invested as follows:

(1)In the purchase of and redemption of bonds of the school district, which bonds shall be purchased in the open market in such manner as the board of education prescribes;

(2)In bonds of the city constituting the school district;

(3)In bonds of the county in which such district is situated;

(4)In b

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The board of education of a Class V school district shall provide for the interest on all existing bonds issued by the district before the interest becomes due. The board shall also, immediately after the expiration of one-half of the time for which such bonds are issued, proceed to set apart each year, for a sinking fund, a requisite amount or proportion sufficient to pay the principal of the bonds when they become due. All money set apart for the sinking fund shall be invested as follows:
(1) In the purchase of and redemption of bonds of the school district, which bonds shall be purchased in the open market in such manner as the board of education prescribes;
(2) In bonds of the city constituting the school district;
(3) In bonds of the county in which such district is situated;
(4) In bonds of the State of Nebraska; and
(5) In United States bonds.

Legislative History

Source: Laws 1891, c. 45, § 26, p. 327; R.S.1913, § 7032; C.S.1922, § 6663; C.S.1929, § 79-2726; Laws 1937, c. 183, § 3, p. 724; C.S.Supp.,1941, § 79-2726; R.S.1943, § 79-2730; Laws 1945, c. 214, § 4, p. 630; Laws 1949, c. 256, § 267, p. 781; R.S.1943, (1994), § 79-1007.03; Laws 1996, LB 900, § 733. Annotations: The county board of equalization makes the levy of taxes for a school district. C. R. T. Corp. v. Board of Equalization, 172 Neb. 540, 110 N.W.2d 194 (1961).