§ 85-422. Board of Regents of the University of Nebraska; contracts authorized; limitations; powers.

(1) In order to accomplish any projects authorized by section 85-421, the Board of Regents of the University of Nebraska may enter into contracts with any person, firm, or corporation providing for the implementation of any such project of the University of Nebraska and providing for the long-term payment of the cost of such project from the University of Nebraska Facilities Program. In no case shall any such contract extend for a period beyond December 31, 2063, nor shall any such contract exceed the repayment capabilities implicit in the funding streams authorized in sections 85-419 to 85-422. (2) The Board of Regents of the University of Nebraska 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 appropriation specifically made by the Legislature for such purpose, together with such funds of the Board of Regents of the University of Nebraska as the board determines. No contract shall be entered into pursuant to this section without prior approval by the Board of Regents. The Board of Regents may also convey, lease, or lease back all or any part of the projects authorized by section 85-421 and the land on which such projects are situated to such person, firm, or corporation as the Board of Regents 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 Regents. (3) The Board of Regents of the University of Nebraska is authorized to make expenditures for the purposes stated in this section and section 85-421 from investment income balances in any fund created under the authority provided for in any contract or contracts authorized by this section. Any balance existing in the University of Nebraska Facilities Program, whether from appropriations or the designated amounts identified in section 85-419, in excess of amounts required to meet debt service and any interest thereon for any related financing contract, and excluding amounts on deposit in the trust fund established pursuant to subsection (7) of section 85-421, shall be distributed proportionally between the Board of Regents and the Department of Administrative Services as to the total amount contributed to the program by the Board of Regents pursuant to section 85-419 and by the state, beginning in the fiscal year commencing July 1, 2009, through and including the fiscal year ending June 30, 2062, on December 31, 2063, or when all financial obligations incurred in the contracts entered into by the Board of Regents pursuant to this section are discharged, whichever occurs first. History: Laws 2006, LB 605, § 4; Laws 2016, LB957, § 17; Laws 2021, LB384, § 19.