74-1415 Council; powers; enumerated. - Nebraska Statutes

74-1415. Council; powers; enumerated.The council may do all things necessary to implement the Light-Density Rail Line Assistance Act, including, but not limited to:(1) Entering into agreements and contracts for the sale, lease, or purchase of tangible, intangible, real, and personal property;(2) Suing and being sued in its own name;(3) Hiring a director and necessary staff personnel;(4) Entering into agreements and contracts with state and federal agencies, political subdivisions, railroads, and other persons;(5) Collecting, administering, and expending funds;(6) Issuing bonds;(7) Borrowing money;(8) Loaning federal funds, state funds, or both for approved projects;(9) Purchasing shares of stock or otherwise investing in light-density rail line acquisition, rehabilitation or improvement, or rail facility construction projects;(10) Purchasing and entering into agreements for the operation of a light-density rail line; and(11) Entering into agreements and performing necessary functions to grant or loan federal funds for local rail freight assistance projects pursuant to 49 U.S.C. app. 1654.The council shall not obligate or expend state funds for repayment of federal funds granted or loaned to a rail carrier pursuant to 49 U.S.C. app. 1654. SourceLaws 1980, LB 507, § 15; Laws 1991, LB 783, § 14; Laws 1996, LB 463, § 21.