Nebraska § 85-325 - Construction projects; board of trustees; powers.

§ 85-325. Construction projects; board of trustees; powers.

In order to accomplish any projects authorized by section 85-324, the Board of Trustees of the Nebraska State Colleges may enter into contracts with any person, firm, or corporation providing for the implementation of any such project of the state colleges and providing for the long-term payment of the cost of such project from the State College Facilities Improvement Fund. In no case shall any such contract run for a period longer than eleven years or exceed twelve million six hundred twenty-three thousand ninety-eight dollars exclusive of administrative costs, credit enhancement costs, financing costs, capitalized interest, and reserves dedicated to secure payment of contracts. The board of trustees shall not pledge the credit of the State of Nebraska for the payment of any sum owing on account of such contract, except that there may be pledged for the payment of any such contract any appropriations specifically made by the Legislature for such purpose. No contract shall be entered into pursuant to this section without prior approval by a resolution of the board of trustees. The board of trustees may also convey or lease and lease back all or any part of the projects authorized by section 85-324 and the land on which such projects are situated to such person, firm, or corporation as the board of trustees may contract with pursuant to this section to facilitate the long-term payment of the cost of such projects. Any such conveyance or lease shall provide that when the cost of such projects has been paid, together with interest and other costs thereon, such projects and the land on which such projects are located shall become the property of the board of trustees.