85-1516 Board; power to issue warrants; purpose; limitation; obligation of area; how paid. - Nebraska Statutes

85-1516. Board; power to issue warrants; purpose; limitation; obligation of area; how paid.Each board may issue warrants in an amount necessary to finance the operating expenses of the community college area until the proceeds of the tax levy as provided in section 85-1517 are received. The amount of such warrants plus interest shall not exceed the amount of the money to be received from the property tax levy. Whenever such warrants are issued, they shall be the general obligation of the community college area and the full faith and credit of the community college area shall be pledged to retire such warrants. In addition the board shall set aside from the proceeds of the property tax levied pursuant to sections 85-1501 to 85-1540 an amount sufficient to pay the warrants and the interest on such warrants. Such warrants shall be subject to registration as provided in sections 77-2201 to 77-2215. SourceLaws 1975, LB 344, § 14; Laws 1988, LB 802, § 34; R.S.Supp.,1992, § 79-2649; Laws 1993, LB 239, § 38; Laws 1997, LB 269, § 71. AnnotationsChapter 79, article 26, the Technical Community College Area Act, is not in violation of Article VIII, section 1A, of the Constitution. State ex rel. Western Technical Com. Col. Area v. Tallon, 196 Neb. 603, 244 N.W.2d 183 (1976).