85-415 University of Nebraska Facilities Program; contracts authorized; limitations. - Nebraska Statutes

85-415. University of Nebraska FacilitiesProgram; contracts authorized; limitations.(1) In orderto accomplish any projects authorized by section 85-414, the Board of Regentsof the University of Nebraska may enter into contracts with any person, firm,or corporation providing for the implementation of any such project of theUniversity of Nebraska and providing for the long-term payment of the costof such project from the University of Nebraska Facilities Program. In nocase shall any such contract extend for a period beyond July 15, 2011, norshall any such contract exceed the repayment capabilities implicit in thefunding streams authorized in sections 85-412 and 85-414.(2) The Board of Regents of the University of Nebraska shall not pledgethe credit of the State of Nebraska for the payment of any sum owing on accountof such contract, except that there may be pledged for the payment of anysuch contract any appropriation specifically made by the Legislature for suchpurpose, together with such funds of the Board of Regents of the Universityof Nebraska as the board determines. No contract shall be entered into pursuantto this section without prior approval by resolution by the Board of Regents.The Board of Regents may also convey, lease, or lease back all or any partof the projects authorized by section 85-414 and the land on which such projectsare situated to such person, firm, or corporation as the Board of Regentsmay contract with pursuant to this section to facilitate the long-term paymentof the cost of such projects. Any such conveyance or lease shall provide thatwhen the cost of such projects has been paid, together with interest and othercosts thereon, such projects and the land on which such projects are locatedshall become the property of the Board of Regents.(3) The Board of Regents of the University of Nebraska is authorizedto make expenditures for the purposes stated in this section and section 85-414from investment income balances in any fund created under the authority providedfor in any contract or contracts authorized by this section. Any appropriatedamounts and amounts designated or matched by the Board of Regents under section 85-412 in excess of amounts required to meet debt service and any interestearnings derived from reserve funds or any other funds created under the authorityprovided for in any contract or contracts authorized by this section shallbe accumulated and applied toward early retirement of debt as authorized underany indenture or other contract entered into by the Board of Regents as authorizedby this section. The Board of Regents and the Department of AdministrativeServices shall, on or before January 1, 1999, enter into an agreement providingfor the allocation and distribution of any balances existing in the Universityof Nebraska Facilities Program or any other funds created as part of a long-termcontract entered into by the Board of Regents pursuant to this section tothe General Fund and any other funds designated by the Board of Regents asa source of funds for the match specified in section 85-412 either on July15, 2011, or when all financial obligations incurred in the contracts enteredinto by the Board of Regents pursuant to this section are discharged, whicheveroccurs first. Up to elevenmillion eight hundred thousand dollars of the balances existing in the Universityof Nebraska Facilities Program and any other funds created as a part of along-term contract entered into by the Board of Regents pursuant to this sectionon July 15, 2009, may be expended for the acquisition and implementation ofa joint student information system for the University of Nebraska and theNebraska State College System. SourceLaws 1998, LB 1100, § 4; Laws 2009, LB316, § 26.