§ 85-1535 — Facilities for applied technology educational programs; contracts authorized; costs

Nebraska § 85-1535

• Jurisdiction: Nebraska
• Ch. 85: State University, State Colleges, and Postsecondary Education

Text

(1) A
board of a community college area with a population of less than one hundred
thousand according to the last federal decennial census and a campus located
on a former military base may enter into contracts with any person, firm,
or corporation providing for the implementation of any project for the constructing
and improving of facilities to house applied technology educational programs
necessary to carry out sections 85-1501 to 85-1540 and providing for the long-term
payment of the cost of such project.
(2) In
no case shall any such contract run for a period longer than twenty years
or shall the aggregate of existing contracts exceed four million five hundred
thousand dollars for each area exclusive of administrative costs, credit enhancement
costs, financing costs, capitalized interest, and reserves dedicated to secure
payment of contracts.
(3) No
contract shall be entered into pursuant to this section without prior approval
by a resolution of the board and the approval of the Coordinating Commission
for Postsecondary Education.
(4) The
long-term payment of the cost of such project shall be paid from revenue to
be raised pursuant to (a)
subdivision (1)(b) of section 85-1517 for fiscal years prior to fiscal year
2013-14 and (b) subdivision (2)(b) of section 85-1517 for fiscal year 2013-14
and each fiscal year thereafter. Any board entering into such
contract for the construction and improvement of facilities from revenue to
be raised pursuant to such subdivisions shall make annual
appropriations for amounts sufficient to pay annual obligations under such
contract for the duration of such contract.
(5) The
board may also convey or lease and lease back all or any part of the project
and the land on which such project is situated to such person, firm, or corporation
as the board may contract with pursuant to this section to facilitate the
long-term payment of the cost of such project. Any such conveyance or lease
shall provide that when the cost of such project has been paid, together with
interest and other costs thereon, such project and the land on which such
project is located shall become the property of the community college area.

Legislative History

Source: Laws 1993, LB 239, § 57; Laws 1997, LB 269, § 74; Laws 2011, LB59, § 7; Laws 2012, LB946, § 21.