85-1,117 Renovation of Morrill Hall; Board of Regents; powers. - Nebraska Statutes

85-1,117. Renovation of Morrill Hall; Board of Regents; powers.In order to accomplish the project authorized by section 85-1,116, the Board of Regents of the University of Nebraska may enter into contracts with any person, firm, or corporation providing for the implementation of any such project of the university and providing for the long-term payment of the cost of such project from the University Facility Improvement Fund. In no case shall any such contract run for a period longer than eleven years or exceed three million nine hundred thirty-five thousand six hundred forty-five dollars exclusive of administrative costs, credit enhancement costs, financing costs, capitalized interest, and reserves dedicated to secure payment of contracts. The Board of Regents shall not pledge the credit of the State of Nebraska for the payment of any sum owing on account of such contract, except that there may be pledged for the payment of any such contract any appropriations specifically made by the Legislature for such purpose. No contract shall be entered into pursuant to this section without prior approval by a resolution of the Board of Regents. The Board of Regents may also convey or lease and lease back all or any part of the projects authorized by section 85-1,116 and the land on which such projects are situated to such person, firm, or corporation as the Board of Regents may contract with pursuant to this section to facilitate the long-term payment of the cost of such projects. Any such conveyance or lease shall provide that when the cost of such projects has been paid, together with interest and other costs thereon, such projects and the land on which such projects are located shall become the property of the Board of Regents. SourceLaws 1987, LB 218, § 4.