85-1734 Authority; combine and substitute projects; bonds; additional series. - Nebraska Statutes

85-1734. Authority; combine and substitute projects; bonds; additional series.Notwithstanding any other provision contained in the Nebraska Educational Finance Authority Act, the authority may combine for financing purposes, with the consent of all of the private institutions of higher education which are involved, the project or projects and some or all future projects of any private institution or private institutions of higher education, but the money set aside in any fund or funds pledged for any series or issue of bonds shall be held for the sole benefit of such series or issue separate and apart from any money pledged for any other series or issue of bonds of the authority. To facilitate the combining of projects, bonds may be issued in series under one or more resolutions or trust agreements and be fully open end, thus providing for the unlimited issuance of additional series, or partially open end, limited as to additional series, all in the discretion of the authority. Notwithstanding any other provision of the act to the contrary, the authority may, in its discretion, permit a private institution of higher education to substitute one or more projects of equal value, as determined by an independent appraiser satisfactory to the authority, for any project financed under the act on such terms and subject to such conditions as the authority may prescribe. SourceLaws 1981, LB 321, § 34; Laws 1993, LB 465, § 17; R.S.1943, (1994), § 79-2934; Laws 1995, LB 5, § 34.