Nebraska Statutes 81-12,194. Applicant; contracts authorized; powers
(1) In order to accomplish a project under the Nebraska Transformational Projects Act, an applicant may enter into contracts with any person, firm, or corporation providing for the implementation of any such project and providing for the long-term payment of the cost of such project.
Terms Used In Nebraska Statutes 81-12,194
- Applicant: means a postsecondary institution having a college of medicine located in the State of Nebraska. See Nebraska Statutes 81-12,170
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- Project: means an investment by the applicant of at least one billion six hundred million dollars at one qualified location which is made to carry out the requirements for the qualified location to be included in the program described in Title VII, Subtitle C, section 740 of Public Law 116-92. See Nebraska Statutes 81-12,177
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
(2) No applicant shall 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 applicant as the governing body of the applicant determines. An applicant may also convey, lease, or lease back all or any part of the project authorized by the Nebraska Transformational Projects Act and the land on which such project is situated to such person, firm, or corporation as the applicant may contract with pursuant to this section to facilitate the long-term payment of the cost of such project. Any such conveyance or lease shall provide that when the cost of such project has been paid, together with interest and other costs thereon, such project and the land on which such project is located shall become the property of the applicant.