Nebraska Statutes 19-5307. Authority; acquire property; limitations
(1) An authority may acquire real property or interests in real property by gift, devise, transfer, exchange, foreclosure, purchase, or otherwise on terms and conditions and in a manner the authority considers proper.
Terms Used In Nebraska Statutes 19-5307
- Acquire: when used in connection with a grant of power or property right to any person shall include the purchase, grant, gift, devise, bequest, and obtaining by eminent domain. See Nebraska Statutes 49-801
- Devise: To gift property by will.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) An authority may accept transfers of real property or interests in real property from political subdivisions upon such terms and conditions as agreed to by the authority and the political subdivision.
(3) An authority may convey, exchange, sell, transfer, grant, release and demise, pledge, and hypothecate any and all interests in, upon, or to real property of the authority.
(4) An authority shall hold all property acquired in its own name and shall maintain all of its real property in accordance with the laws and ordinances of the jurisdiction in which the real property is located.
(5) An authority shall not own or hold real property located outside the boundaries of the district which it oversees and manages.
(6) An authority shall not rent or lease any of its real property for residential use.