Neb. Rev. Stat. §§ 71-15,117

Current with changes through the 2024 First Special Legislative Session

Section 71-15,117 - Issuance of obligations or incurring debt; housing agency; powers

In connection with the issuance of obligations or the incurring of debt and in order to secure the payment of such obligations or debt, a housing agency may:

(1) Pledge all or any part of its gross or net rents, fees, or revenue to which its right then exists or thereafter comes into existence;

(2) Mortgage its real or personal property, then owned or thereafter acquired;

(3) Covenant and agree against pledging all or any part of its returns, fees, and revenue, or against mortgaging all or any part of its real or personal property to which its right or title then exists or may thereafter come into existence, or against permitting or suffering any lien on such revenue or property;

(4) Covenant and agree with respect to limitations on its right to sell, lease, or otherwise dispose of any development or any part thereof;

(5) Covenant and agree as to what other or additional debts or obligations may be incurred by it;

(6) Covenant and agree as to the obligations to be issued and as to the issuance of such obligations and as to the use and disposition of the proceeds thereof;

(7) Provide for the replacement of lost, destroyed, or mutilated obligations;

(8) Covenant and agree against extending the time for the payment of its obligations or interest thereon;

(9) Redeem the obligations and covenant for their redemption and provide the terms and conditions thereof;

(10) Covenant and agree, subject to the limitations of the Nebraska Housing Agency Act, as to the rents and fees to be charged in the operation of a development or developments, the amount to be raised each year or other period of time by rents, fees, and other revenue, and as to the use and disposition to be made thereof;

(11) Create or authorize the creation of special funds for money held for construction or operating costs, debt service, reserves, or other purposes, and covenant as to the use and disposition of the money held in such funds;

(12) Prescribe the procedure, if any, by which the terms of any contract with holders of obligations may be amended or abrogated, the minimum required amount of obligations that must be held by holders consenting to an amendment or abrogation in order to authorize the same, and the manner in which such consent may be given;

(13) Covenant and agree as to the use, maintenance, and replacement of its real and personal property, the insurance to be carried thereon, and the use and disposition of insurance money;

(14) Covenant and agree as to the rights, liabilities, powers, and duties arising upon the breach by it of any covenant, condition, or obligation;

(15) Covenant, agree, and prescribe as to events of default and terms and conditions upon which any or all of its obligations become or may be declared due before maturity and as to the terms and conditions upon which such declaration and its consequences may be waived;

(16) Vest in a trustee or trustees or the holders of obligations or any proportion of them the right to enforce the payment of the obligations or any covenants securing or relating to the obligations;

(17) Vest in a trustee or trustees the right, in the event of a default by the agency, to take possession of and use, operate, and manage any housing development or part thereof, to collect the rents and revenue arising therefrom, and to dispose of such money in accordance with the agreement of the housing agency with the trustees;

(18) Provide for the powers and duties of a trustee or trustees and to limit their liabilities;

(19) Provide the terms and conditions upon which the trustee or trustees or the holders of obligations or any proportion of them may enforce any covenant or rights securing or relating to the obligations;

(20) Purchase letters of credit, bond insurance, or any other credit enhancement device that would establish or increase marketability of its obligations;

(21) Pay its obligations with income, revenue, or loan repayments of the development financed with the proceeds of such obligations, or with such proceeds together with a grant from the federal government, the state, or any public agency thereof, in aid of such development;

(22) Exercise all or any part or combination of the powers granted in this section;

(23) Make covenants and agreements other than and in addition to the covenants expressly authorized in this section, of like or different character; and

(24) Make any covenants and agreements and do any acts and things necessary or convenient or desirable in order to secure its obligations, or, in the absolute discretion of the agency, to assure the marketability of its obligations, although the covenants, acts, or things are not enumerated in this section.

Neb. Rev. Stat. §§ 71-15,117

Laws 1999, LB 105, § 46.