Title 41 — State Government

1. "Board" means the school facilities oversight board. 2. "Division" means the division of school facilities within the department of administration.

B. The director of the department of administration shall appoint the director of the division.

A. The school facilities oversight board is established within the division consisting of the following members who are appointed by the governor pursuant to section 38-211 in such a manner as to provide for approximate geographic balance and approximate balance between public an…

A. The division shall: 1. Assess school facilities and equipment deficiencies and approve the distribution of grants as appropriate. 2. Maintain a database of school facilities to allow for the administration of the new school facilities formula and the building renewal grant fun…

A. In order to fulfill the requirements of section 41-5741, the board may acquire school facilities for the use of one or more school districts by entering into one or more lease-to-own transactions in accordance with this section. For the purposes of this section, providing scho…

A. In order to fulfill the requirements of section 41-5741, with the approval of the board, a school district may acquire school facilities by entering into a local lease-to-own transaction in accordance with this section. For purposes of this section, providing school facilities…

A. In order to fulfill the requirements of section 41-5741, the board may enter into lease-to-own transactions for up to a maximum of $200,000,000 in any fiscal year. B. The board shall not enter into lease-to-own transactions, including any refinancings or refundings, pursuant t…

A. The board, as determined and prescribed in this chapter, shall provide funding to school districts for new construction as the number of pupils in the district fills the existing school facilities and requires more pupil space. B. School buildings in a school district are adeq…

B. If the division determines that there are insufficient monies in the emergency deficiencies correction fund to correct an emergency, the school district may correct the emergency pursuant to section 15-907. C. If a school district has an emergency, the school district shall ap…

A. The building renewal grant fund is established consisting of monies appropriated to the fund by the legislature. The division shall administer the fund and distribute monies to school districts for the purpose of maintaining the adequacy of existing school facilities. Monies i…

A. The new school facilities fund is established consisting of monies appropriated by the legislature and monies credited to the new school facilities fund pursuant to section 37-221. The division shall administer the new school facilities fund and, at the direction of the school…

A. The board may issue negotiable revenue bonds pursuant to this article. If authorized by the legislature, bonds may be issued under this article in a principal amount not exceeding $200,000,000 in a fiscal year to: 1. Provide monies to pay the cost of: (a) Acquiring real proper…

A. The board shall issue the bonds in the number and amount provided in the resolution. B. The bonds shall be sold at public or private sale at the price and on the terms prescribed in the resolution at, above or below par. C. The net proceeds of the sale of the bonds shall be de…

A. If the board issues revenue bonds under this article, the board shall establish a school facilities revenue bond proceeds fund consisting of the net proceeds received from the sale of the bonds. B. The board may use monies in the school facilities revenue bond proceeds fund on…

A. The board shall establish a school facilities revenue bond debt service fund consisting of monies transferred to the fund pursuant to sections 37-521 and 42-5030.01. B. Monies in the school facilities revenue bond debt service fund may be used only for the purposes authorized …

1. Segregate the school facilities revenue bond debt service fund into one or more accounts and subaccounts and provide that bonds issued under this article may be secured by a lien on all or part of the monies paid into the school facilities revenue bond debt service fund or int…

A. Any pledge made under this article is valid and binding from the time when the pledge is made. B. The monies so pledged and received by the board to be placed in the school facilities revenue bond debt service fund are immediately subject to the lien of the pledge without any …

The board may purchase bonds for cancellation out of any monies available for the purchase, at a price of not more than either of the following: 1. If the bonds are redeemable at the time of the purchase, the applicable redemption price plus accrued interest to the next interest …

A. The revenue bonds shall be paid solely from monies from the school facilities revenue bond debt service fund established by section 41-5754 and other monies that are credited to the school facilities revenue bond debt service fund. B. The state treasurer or the paying agent fo…

A. As provided by section 41-5761, the board may authorize the state treasurer or bond trustee to invest monies in the school facilities revenue bond proceeds fund established by section 41-5753. B. The order directing an investment shall state a specified time when the proceeds …

A. The board may authorize the state treasurer or bond trustee to invest and reinvest any monies in the school facilities revenue bond debt service fund as provided by section 41-5761. B. All monies earned as interest or otherwise derived from the investment of the monies in the …

A. On notice from the board, the state treasurer or bond trustee shall invest and divest monies in either the school facilities revenue bond proceeds fund or the school facilities revenue debt service fund in any of the following: 1. Obligations issued or guaranteed by the United…

A. Bonds issued under this article are fully negotiable within the meaning and for all purposes of the uniform commercial code, subject only to any provisions for registration, regardless of whether the bonds actually constitute negotiable instruments under the uniform commercial…

A. Bonds issued under this article remain valid and binding obligations of the board notwithstanding that, before the delivery of the bonds, any of the persons whose signatures appear on the bonds cease to be members of the board. B. An amendment of any provision of this article …

A. This article constitutes full authority for authorizing and issuing bonds without reference to any other law of this state. No other law with regard to authorizing or issuing obligations or that in any way impedes or restricts performing the acts authorized by this article may…

A. The board may issue revenue bonds in a principal amount not to exceed $800,000,000 pursuant to this article. The board may also issue qualified zone academy bonds within the meaning of section 1397e of the United States internal revenue code of 1986 or successor provisions pur…

A. The board shall issue the school improvement revenue bonds in the number and amount provided in the resolution. B. The bonds shall be sold at public or private sale at the price and on the terms prescribed in the resolution at, above or below par. C. The net proceeds of the sa…

A. If the board issues revenue bonds under this article, the board shall establish a school improvement revenue bond proceeds fund consisting of the net proceeds received from the sale of the bonds. B. The board may use monies in the school improvement revenue bond proceeds fund …

A. The board shall establish a school improvement revenue bond debt service fund consisting of monies received by the board pursuant to section 42-5029, subsection E and section 37-521, subsection B, paragraph 1. All monies received pursuant to section 42-5029, subsection E shall…

A. In connection with issuing bonds authorized by this article and to secure the principal and interest on the bonds, the board by resolution may: 1. Segregate the school improvement revenue bond debt service fund into one or more accounts and subaccounts and provide that bonds i…

A. Any pledge made under this article is valid and binding from the time when the pledge is made. B. The monies so pledged and received by the board to be placed in the school improvement revenue bond debt service fund are immediately subject to the lien of the pledge without any…

The board may purchase bonds for cancellation out of any monies available for the purchase at a price of not more than either of the following: 1. If the bonds are redeemable at the time of the purchase, the applicable redemption price plus accrued interest to the next interest p…

A. The revenue bonds shall be paid solely from monies from the school improvement revenue bond debt service fund established pursuant to section 41-5784 and other monies that are credited to the school improvement revenue bond debt service fund. B. The state treasurer or the payi…

A. As provided by section 41-5791, the board may authorize the state treasurer or bond trustee to invest monies in the school improvement revenue bond proceeds fund established pursuant to section 41-5783. B. The order directing an investment shall state a specified time when the…

A. The board may authorize the state treasurer or bond trustee to invest and reinvest any monies in the school improvement revenue bond debt service fund as provided by section 41-5791. B. All monies earned as interest or otherwise derived from the investment of the monies in the…

A. On notice from the board, the state treasurer or bond trustee shall invest and divest monies in either the school improvement revenue bond proceeds fund or the school improvement revenue bond debt service fund in any of the following: 1. Obligations issued or guaranteed by the…

A. Bonds issued under this article are fully negotiable within the meaning and for all purposes of the uniform commercial code, subject only to any provisions for registration, regardless of whether the bonds actually constitute negotiable instruments under the uniform commercial…

A. Bonds issued under this article remain valid and binding obligations of the board notwithstanding that before the delivery of the bonds any of the persons whose signatures appear on the bonds cease to be members of the board. B. An amendment of any provision of this article do…

A. This article constitutes full authority for authorizing and issuing bonds without reference to any other law of this state. No other law with regard to authorizing or issuing obligations or that in any way impedes or restricts performing the acts authorized by this article may…

For the purposes of this article, "impact and revenues" means the revenues received by the school district pursuant to 20 United States Code sections 7701 through 7714.

A. On voter approval pursuant to section 15-491, a school district governing board may issue negotiable impact aid revenue bonds pursuant to this article. Bonds may be issued under this article in a total aggregate amount not to exceed three times the average of the school distri…

A. The governing board shall issue the bonds in the number and amount provided in the resolution. B. The bonds shall be sold at public or private sale at the price and on the terms prescribed in the resolution for at, above or below par. C. The proceeds of the sale of the bonds s…

A. If a school district issues impact aid revenue bonds under this article, the governing board shall establish: 1. An impact aid revenue bond building fund consisting of the net proceeds received from the sale of the bonds. The fund shall be a continuing fund that is not subject…

To secure the principal and interest on the impact aid revenue bonds, the school district governing board by resolution may: 1. Segregate the impact aid revenue bond debt service fund into one or more accounts and subaccounts and provide that bonds issued under this article may b…

A. If an impact aid revenue bond issue remains unsold for six months after being offered for sale, the governing board of the school district or any school district comprised wholly or partly of territory that was part of the school district at the time of issuing the bonds may c…

A. The impact aid revenue bonds shall be paid solely from monies distributed to the school district from impact aid revenues and other monies that are authorized by this article and that are credited to the school district's impact aid revenue bond debt service fund. B. The coun…

A. If monies in the impact aid revenue bond building fund are not required to be used for a period of ten days or more, the governing board may authorize their investment. B. The order directing an investment shall state a specified time when the proceeds from the sale of the bon…

A. The governing board may authorize the investment and reinvestment of any monies in the school district's impact aid revenue bond debt service fund. B. All monies earned as interest or otherwise derived from the investment of the monies in the impact aid revenue bond debt servi…

A. The monies in either the impact aid revenue bond building fund or debt service fund may be invested and reinvested at the direction of the school district governing board in any of the investments authorized by section 41-5761. B. The purchase of the securities shall be made b…

A. The governing board shall cause an annual audit to be made of the impact aid revenue bond building fund and the impact aid revenue bond debt service fund, including all accounts and subaccounts in the funds. A certified public accountant shall conduct the audit within ninety d…