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 premium for the redemption of bonds and clarifies that bonds without a special procedure for calling and prepayments may be called by a resolution or ordinance passed by the governing body of the obligor.

Additionally, the bill specifies 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 for the obligor. If not, the call will be revoked, and the bonds will remain in effect. The original section 10-126 is repealed, consolidating the updated provisions into a single, revised statute.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