48-5341. Bonds payable from transportation excise taxes The board is designated as the body having sole and exclusive power to authorize and issue bonds or incur long-term obligations payable in whole or in part from monies collected from the transportation excise tax authorized pursuant to section 42-6106. The board may: 1. Issue negotiable bonds payable […]
48-5342. Bond requirements A. The bonds authorized by this article shall: 1. Be authorized by resolution of the board. 2. Bear such date or dates and shall mature at such time or times, not exceeding the earlier of twenty years from their respective dates or the date the transportation excise taxes securing the bonds cease, […]
48-5343. Bond payment; security In connection with the issuance of the bonds authorized by this article or to secure the payment of the bonds and interest on the bonds, the board by resolution may: 1. Provide that bonds issued under this article may be paid with and secured by a pledge on all or any […]
48-5344. Pledges; liens A. A pledge made pursuant to this article is valid and binding from the time when the pledge is made. The monies pledged pursuant to this article when placed in the bond account, bond proceeds account or construction account of the regional transportation fund are immediately subject to the lien of the […]
48-5345. Liability; bond validity A. The members of the board or a person executing the bonds is not personally liable for the payment of the bonds. B. The bonds are valid and binding obligations of the board notwithstanding the fact that before the delivery of the bonds any of the officers whose signatures appear on […]
48-5346. Bond purchase The board may purchase bonds out of any monies available and cancel these bonds.
48-5347. Notice; bond issuance A. The board shall publish a notice of its intention to issue bonds under this article for at least five consecutive days in a newspaper published in this state. The last day of publication shall be at least ten days before the issuance of the bonds. B. The notice shall state […]
48-5348. Bond proceeds; distribution; expenditures A. After deducting the necessary costs and expenses of the issuance and sale of the bonds, the board shall deposit, pursuant to sections 35-146 and 35-147, the proceeds received from the sale and delivery of bonds issued pursuant to this article in the regional transportation fund. The state treasurer or […]
48-5349. Agreement of state and county A. This state pledges to and agrees with the holders of the bonds that this state will not limit or alter the transportation excise taxes in a way that adversely affects the rights of the holders of the bonds, limit or alter the authority of the board levying a […]
48-5350. Taxation exemption The board is regarded as performing a governmental function in carrying out the purposes of this article and is not required to pay taxes or assessments on any of the property acquired or constructed or on the activities of the board in maintaining and caring for the real property or in the […]
48-5351. Attorney general bond certification A. The board may submit to the attorney general any bonds to be issued under this article after all proceedings for the authorization of the bonds have been taken. On the submission of the proceedings to the attorney general, the attorney general shall investigate and determine the validity of the […]
48-5352. Bond obligations of the board Bonds issued pursuant to this article: 1. Are obligations of the board issuing the bonds. 2. Are payable only pursuant to the terms of the bonds. 3. Are not obligations that are general, special or otherwise of this state or the county. 4. Are not a legal debt of […]
48-5353. Bonds; legal investments Bonds issued under this article are made securities: 1. In which all of the following may properly and legally invest monies including capital in their control or belonging to them: (a) Public officers and bodies of this state. (b) Municipalities and political subdivisions of this state. (c) Insurance companies and associations […]
48-5354. Federal income tax considerations Title 35, chapter 3, article 7 applies to the bonds and the authority.
