This bill amends section 10-126 of the Reissue Revised Statutes of Nebraska, which pertains to 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 removal of specific restrictions on the redemption of bonds issued by the Board of Regents of the University of Nebraska and the Board of Trustees of the Nebraska State Colleges. Additionally, the bill modifies the language regarding the process for calling and prepaying bonds, allowing for more flexibility in how these actions can be executed by the governing body of the obligor.

The bill also introduces a new provision that permits the governing body to condition the call for redemption on the issuance of refunding bonds or similar events that generate necessary funds for prepayment. Furthermore, it clarifies that all bonds without a special procedure for calling and prepayments may be called by a resolution or ordinance, which must now include specific conditions for the call. The original section 10-126 is repealed, consolidating the updated provisions into a single, revised statute.

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