United States — Nebraska
§ 10-304. Coupon bonds; terms; rate of interest; tax levy.
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Before issuing the bonds, the board must record key bond terms, and it must levy taxes on taxable property to pay bond interest and principal.
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Before issuing the bonds, the board must record key bond terms, and it must levy taxes on taxable property to pay bond interest and principal.
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Boards issuing bonds under sections 10-301 to 10-304 must keep a complete record of all related transactions.
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Counties and cities in Nebraska may issue bonds for railroad or internal improvement projects, but the amount is capped and the question must first go to voters.
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The proposition must include a provision for an annual tax to pay bond interest.
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The proposition must state the interest rate the bond will draw.
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If voters approve the bond proposition, the county board or city council must record the result, publish notice, and issue the bonds. If the bond question is defeated, it cannot be resubmitted in substance for six months.
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County or city officers must levy, collect, and pay a special tax to bondholders each year.
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Local precincts, townships, second-class cities, and villages may issue railroad aid bonds, but only within the stated percentage limit and after a petition and election.
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The mayor and council of cities of the second class may borrow money and issue negotiable bonds for county courthouse work if voters approve, subject to a spending cap and bond sale/term limits.
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The election for the proposition must be conducted, and the returns canvassed and declared, in the same manner as general elections in those cities.
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Some local governments may issue bonds for listed public improvements, but only within stated limits and procedures.
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If voters approve the proposition, the relevant county or municipal body must promptly prepare and issue the bonds, and certain clerks must record the election and bond details.
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Certain local governing bodies must levy taxes each year to cover bond interest and a sinking fund, and must levy enough at the levy before maturity to pay the bonds’ principal and interest.
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A county board may issue coupon bonds to pay county debts, but not above a stated valuation limit, and it must first put the bond question to a vote of the county’s qualified electors.
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County bonds issued under these sections must be paid as specified, run 5 to 20 years, bear semiannual interest, and be signed and countersigned by county officials; the county board may allow redemption after five years.
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County boards issuing bonds under sections 10-501 to 10-509 must find the highest negotiable bond price and put the minimum sale price in the ballot proposition.
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The bond-issuing board must negotiate the bonds. County boards may exchange the bonds for county debt, but not below par value, and exchange-purpose bonds may not be issued for less than $50.
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When covered bonds are sold and the money is paid into the county treasury, the county treasurer must notify holders, pay presented claims from those funds, and cancel the paid instruments.
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The county treasurer must keep records of issued bonds and other specified financial instruments, and report them to the county board when called on.
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County boards issuing bonds under sections 10-501 to 10-509 must levy an annual tax to pay bond interest.