§ 41-5801 – Definition

41-5801. Definition 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.

§ 41-5802 – Authorization of school district impact aid revenue bonds

41-5802. Authorization of school district impact aid revenue bonds 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 […]

§ 41-5803 – Issuance and sale of impact aid revenue bonds

41-5803. Issuance and sale of impact aid revenue bonds 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. […]

§ 41-5804 – Impact aid revenue bond building and debt service funds

41-5804. Impact aid revenue bond building and debt service funds 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 […]

§ 41-5805 – Securing principal and interest

41-5805. Securing principal and interest 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 be secured by a […]

§ 41-5806 – Cancellation of unsold impact aid revenue bonds

41-5806. Cancellation of unsold impact aid revenue bonds 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 […]

§ 41-5807 – Payment of impact aid revenue bonds; use of surplus monies

41-5807. Payment of impact aid revenue bonds; use of surplus monies 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 […]

§ 41-5808 – Investment of monies in impact aid revenue bond building fund

41-5808. Investment of monies in impact aid revenue bond building fund 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 […]

§ 41-5809 – Investment of monies in impact aid revenue bond debt service fund

41-5809. Investment of monies in impact aid revenue bond debt service fund 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 […]

§ 41-5810 – Authorized investments of fund monies

41-5810. Authorized investments of fund monies 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 by […]

§ 41-5811 – Audit

41-5811. Audit 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 days after the end of the […]

§ 41-5812 – Lien of pledge

41-5812. Lien of pledge 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 school district to be placed in the impact aid revenue bond debt service fund are immediately subject to the lien of the pledge […]

§ 41-5813 – Characteristics of bonds; negotiable; exemption from taxation; obligation; legal investments

41-5813. Characteristics of bonds; negotiable; exemption from taxation; obligation; legal investments 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 code. B. The […]

§ 41-5814 – Effect of changing circumstances on bonds; agreement of state

41-5814. Effect of changing circumstances on bonds; agreement of state A. Bonds issued under this article remain valid and binding obligations of the school district notwithstanding that before the delivery of the bonds any of the persons whose signatures appear on the bonds cease to be officers of the school district. B. An amendment of […]

§ 41-5815 – Validity of bonds; certification by attorney general

41-5815. Validity of bonds; certification by attorney general 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 be […]