81-188.06 State College Building Renewal Assessment Fund; capital improvement project; depreciation charges. - Nebraska Statutes

81-188.06. State College Building RenewalAssessment Fund; capital improvement project; depreciation charges.(1) For purposes of this section, capital improvement project means(a) construction of a new facility, structure, or building, (b) constructionof additions to an existing facility, structure, or building, (c) renovationof an existing facility, structure, or building if the total project costof such renovation represents not less than fifteen percent of the value ofthe existing facility, structure, or building as determined by the Departmentof Administrative Services, (d) purchase of an existing facility, structure,or building, and (e) acquisition of a facility, structure, or building throughmeans of conveyance other than sale and purchase.(2) Beginning with the fiscal year that commences subsequent to thecalendar year in which has occurred substantial completion of a capital improvementproject by the Nebraska state colleges as defined in subdivisions (1)(a) through(1)(c) of this section or acquisition of a capital improvement project bythe Nebraska state colleges as defined in subdivisions (1)(d) and (1)(e) ofthis section, the department shall assess a depreciation charge to the Boardof Trustees of the Nebraska State Colleges and shall assess such charge foreach fiscal year thereafter,except that no depreciation charges shall be assessed or paid pursuant tothis section for the period beginning July 1, 2009, and ending June 30, 2011.(3) The annual depreciation charge for a capital improvement projectas defined in subdivisions (1)(a) through (1)(c) of this section shall becomputed as one percent of the total project cost of the capital improvementproject. The annual depreciation charge for a capital improvement projectas defined in subdivision (1)(d) of this section shall be computed as onepercent of the greater of the purchase price or the value, as determined bythe department, of the capital improvement project at the time of acquisition.The annual depreciation charge for a capital improvement project as definedin subdivision (1)(e) of this section shall be computed as one percent ofthe value, as determined by the department, of the capital improvement projectat the time of acquisition. The department may assess the charge annuallyor in monthly, quarterly, or semiannual installments.(4) Depreciation charges shall not be assessed pursuant to this sectionfor capital improvement projects relating to facilities, structures, or buildingsfrom which revenue is derived and pledged for the retirement of revenue bondsissued under sections 85-403 to 85-411.(5) Payment of depreciation charges assessed pursuant to this sectionshall be remitted to the State Treasurer for credit to the State College BuildingRenewal Assessment Fund. SourceLaws 1998, LB 1100, § 13; Laws 2002, LB 1310, § 18; Laws 2003, LB 410, § 9; Laws 2004, LB 1092, § 7; Laws 2007, LB322, § 23; Laws 2009, LB318, § 3.