85-408 Dormitories; housing facilities; other facilities; rates, fees, or charges; pledge for payment of bonds; surplus; review by Coordinating Commission for Postsecondary Education; approval by Legi - Nebraska Statutes

85-408. Dormitories; housing facilities; other facilities; rates, fees, or charges; pledge for payment of bonds; surplus; review by Coordinating Commission for Postsecondary Education; approval by Legislature.The boards are authorized and directed to establish and maintain such schedule of rates, fees, or charges for the use of the facilities afforded by the buildings constructed or acquired under sections 85-401 to 85-411 and other facilities controlled by such board, the revenue of which in whole or in part is pledged to the holder of the bonds, which shall be in an amount at least sufficient on the amortization plan to pay the operating and maintenance charges thereof and the principal and interest representing the indebtedness against the income and revenue therefrom and may be sufficient in amount to provide for such bond reserve, replacement, and surplus funds as the boards in their discretion shall determine. The amounts in such funds shall be expended for such purposes in connection with the facilities as the boards shall determine, and any amount in any surplus or replacement fund and any amounts received through the sale, condemnation, or destruction of any facilities may be used to construct, repair, or replace any of the types of facilities described in section 85-403. Any amounts in such funds are specifically appropriated to the purposes of such funds and shall at all times be subject to the orders of the boards accordingly.Before any single expenditure in excess of five hundred thousand dollars is made from any such surplus or replacement fund, the board concerned shall first submit such proposed expenditure to the Coordinating Commission for Postsecondary Education for review as provided in section 85-1415 and secure the approval of the Legislature or, if the Legislature is not in session, of the Executive Board of the Legislative Council as provided in such section. SourceLaws 1955, c. 352, § 6, p. 1077; Laws 1969, c. 853, § 1, p. 3208; Laws 1986, LB 912, § 2; Laws 1991, LB 663, § 88; Laws 1994, LB 683, § 6; Laws 1999, LB 816, § 1; Laws 2006, LB 196, § 1.