This bill amends section 10-126 of the Reissue Revised Statutes of Nebraska, which governs the redemption of certain bonds issued by various governmental subdivisions and municipal corporations in the state. The key changes include the addition of a provision allowing counties to redeem bonds sold to an underwriting firm through a competitive sale, as well as the introduction of new language regarding the conditions under which bonds may be called for redemption. Specifically, the bill allows for the possibility of a call for redemption to be conditioned upon the issuance of refunding bonds or similar events that generate necessary funds for prepayment.

Additionally, the bill modifies the language regarding the process for calling bonds, replacing the requirement for a specific designation of the bonds to be prepaid with a more flexible approach that allows for a resolution or ordinance passed by the governing body of the obligor. It also clarifies that if sufficient funds are deposited with the paying agent to cover the called bonds and accrued interest, the bonds will cease to be a liability of the obligor. The original section 10-126 is repealed, consolidating the updated provisions into the amended statute.

Statutes affected:
Introduced: 10-126
Final Reading: 10-126
Slip Law: 10-126