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2022 Nebraska Revised Statutes
Chapter 14 - Cities of the Metropolitan Class
14-365.04 - Sewerage systems and sewage disposal plants; revenue bonds; payment.
Universal Citation: NE Code § 14-365.04 (2022)
14-365.04. Sewerage systems and sewage disposal plants; revenue bonds; payment.
Bonds which are issued and secured by a mortgage on the utility, as provided in section 14-365.02, shall not be a general obligation of the city, but shall be paid only out of the revenue received from the service charges, as provided in section 14-365.03, or from a sale of the property and the franchise, referred to in section 14-365.02, to operate the system, under a foreclosure proceeding. If a service rate or charge is charged, such portion of such rate or charge as may be deemed sufficient shall be set aside as a sinking fund for the payment of the interest on such bonds and the principal of such bonds at maturity.
Source
- Laws 1953, c. 24, § 4, p. 100;
- Laws 2022, LB800, § 70.
- Operative Date: July 21, 2022
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