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2016 Nebraska Revised Statutes
Chapter 18 - CITIES AND VILLAGES; LAWS APPLICABLE TO ALL
18-2608 Bonds; state; no obligation; statement.

NE Code § 18-2608 (2016) What's This?

18-2608. Bonds; state; no obligation; statement.

No bonds issued by any municipality which pledges funds to be deposited in its account of the fund shall constitute a debt, liability, or general obligation of this state or a pledge of the faith and credit of this state but shall be payable, to the extent payable from state revenue, solely from amounts credited to the accounts of the fund as provided by the Municipal Infrastructure Redevelopment Fund Act, as and when appropriated by the Legislature. Each bond issued by any municipality which pledges funds to be deposited in its account of the fund shall contain on the face thereof a statement that neither the faith and credit nor the taxing power of this state is pledged to the payment of the principal of or the interest on such bond.

Source

  • Laws 1989, LB 683, § 9;
  • Laws 2000, LB 968, § 11.

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