13-3109 Bonds and refunding bonds; issuance; procedure; security; treatment. - Nebraska Statutes

13-3109. Bonds and refunding bonds; issuance;procedure; security; treatment.(1) The applicant political subdivision may issue from timeto time its bonds and refunding bonds to finance and refinance the acquisition,construction, improving, and equipping of eligible sports arena facilities.The bonds may be sold by the applicant in such manner and for such price asthe applicant determines, at a discount, at par, or at a premium, at privatenegotiated sale or at public sale, after notice published prior to the salein a legal newspaper having general circulation in the political subdivisionor in such other medium of publication as the applicant deems appropriate.The bonds shall have a stated maturity of twenty years or less and shall bearinterest at such rate or rates and otherwise be issued in accordance withthe respective procedures and with such other terms and provisions as areestablished, permitted, or authorized by applicable state laws and home rulecharters for the type of bonds to be issued. Such bonds may be secured asto payment in whole or in part by a pledge, as shall be determined by theapplicant, from the income, proceeds, and revenue of the eligible sports arenafacilities financed with proceeds of such bonds, from the income, proceeds,and revenue of any of its eligible sports arena facilities, or from its revenueand income, including its sales, use, or occupation tax revenue, fees, orreceipts, as may be determined by the applicant. The applicant may furthersecure the bonds by a mortgage or deed of trust encumbering all or any portionof the eligible sports arena facilities and by a bond insurance policy orother credit support facility. No general obligation bonds, except refundingbonds, shall be issued until authorized by greater than fifty percent of theapplicant's electors voting on the question as to their issuance at any electionas defined in section 32-108. The face of the bonds shall plainly state thatthe bonds and the interest thereon shall not constitute nor give rise to anindebtedness, obligation, or pecuniary liability of the state nor a chargeagainst the general credit, revenue, or taxing power of the state. Bonds ofthe applicant are declared to be issued for an essential public and governmentalpurpose and, together with interest thereon and income therefrom, shall beexempt from all state income taxes.(2) All paymentsto political subdivisions under the Sports Arena Facility Financing AssistanceAct are made subject to specific appropriation for such purpose. SourceLaws 2010, LB779, § 15.Operative Date: July 1, 2010