79-10,105 Lease or lease-purchase agreements; public school district; authorization; restrictions. - Nebraska Statutes

79-10,105. Lease or lease-purchase agreements; public school district; authorization; restrictions.The school board or board of education of any public school district may enter into a lease or lease-purchase agreement for the exclusive use of its individual jurisdiction for such buildings or equipment as the board determines necessary. Such lease or lease-purchase agreements may not exceed a period of seven years, except that lease-purchase agreements entered into as part of an energy financing contract pursuant to section 66-1065 may not exceed a period of thirty years. All payments pursuant to such leases shall be made from current building funds or general funds. No school district shall directly or indirectly issue bonds to fund any such lease-purchase plan for a capital construction project exceeding twenty-five thousand dollars in costs unless it first obtains a favorable vote of the legal voters pursuant to Chapter 10, article 7. This section does not prevent the school board or board of education of any public school district from refinancing a lease or lease-purchase agreement without a vote of the legal voters for the purpose of lowering finance costs regardless of whether such agreement was entered into prior to July 9, 1988. SourceLaws 1971, LB 732, § 1; Laws 1981, LB 371, § 1; Laws 1985, LB 633, § 3; Laws 1988, LB 435, § 1; R.S.1943, (1994), § 79-4,154; Laws 1996, LB 900, § 751; Laws 1997, LB 345, § 37; Laws 1998, LB 1129, § 14; Laws 2008, LB747, § 2.Effective Date: July 18, 2008AnnotationsSchool district's lease/purchase of modular buildings was authorized under this section. Foree v. School Dist. No. 7 of Holt County, 242 Neb. 166, 493 N.W.2d 625 (1993).This section empowered the school district to enter into a contract with the Ord School District Building Corporation by which the district leases an addition to its school building, to be built by the corporation, for a five-year term, and thereafter the building is to be donated to the district. This section does not restrict who the lessor may be under such a contract. George v. Board of Education, 210 Neb. 127, 313 N.W.2d 259 (1981).