2009 Nebraska Code
Chapter 85 STATE UNIVERSITY, STATE COLLEGES, AND POSTSECONDARY EDUCATION
85-1745 Authority; charge rents; lease facilities.

85-1745. Authority; charge rents; lease facilities.

Except for projects financed or refinanced pursuant to sections 85-1741 and 85-1742, the authority shall fix, revise, charge, and collect rents for the use of each project and contract with any private institution of higher education in respect thereof. Each lease entered into by the authority with a private institution of higher education shall provide that the rents payable by the private institution of higher education shall be sufficient at all times (1) to pay its share of the administrative costs and expenses of the authority, (2) to pay the authority's cost, if any, of maintaining, repairing, and operating the project and each and every portion thereof, (3) to pay the principal of, the premium, if any, and the interest on outstanding bonds of the authority issued with respect to such project as the same shall become due and payable, and (4) to create and maintain reserves which may be provided for in the bond resolution or trust agreement relating to such bonds of the authority.

With respect to projects financed pursuant to sections 85-1741 and 85-1742, the authority shall require the private institution of higher education involved to enter into agreements obligating such institution to make payments sufficient to accomplish the purposes described in this section.

Source

Laws 1981, LB 321, § 45;
R.S.1943, (1994), § 79-2945;
Laws 1995, LB 5, § 45.