Nebraska Revised Statute 71-15,114

Chapter 71 Section 15,114

71-15,114.

Housing agency; borrow money and issue bonds; liability.

(1) A housing agency may borrow money, incur indebtedness, and issue bonds, notes, or other instruments from time to time in its discretion upon such terms and conditions as it shall deem necessary or desirable for any purpose permitted under the Nebraska Housing Agency Act, including paying or retiring debt previously incurred by it. This section, without reference to other statutes of the state, shall constitute full and complete authority for the authorization, issuance, delivery, and sale of bonds, notes, or other instruments under the act, and such authorization, issuance, delivery, and sale by the housing agency shall not be subject to any conditions, restrictions, or limitations imposed by any other law. For purposes of the act, obligations of a housing agency shall include all bonds, notes, or other instruments that are evidences of indebtedness. Such obligations may also include, but not be limited to, borrowings in anticipation of the receipt of proceeds from the sale of bonds, notes, or other instruments.

(2) Neither the commissioners of a housing agency nor any person executing the bonds shall be liable personally on any bonds, notes, or other instruments by reason of the issuance thereof.

(3) The obligations of a housing agency, including any bonds, notes, or other evidences of indebtedness, shall not be a debt of the city, the county, the state, or any public agency thereof, and the obligations shall so state on their face. Except as the state, a city, a county, or any other public agency shall otherwise expressly agree, and further except as the obligations of a housing agency, duly authorized by such agreement, shall specifically and directly otherwise provide, neither the state nor any city, county, or public agency other than the housing agency issuing the bonds shall be liable thereon, nor shall such bonds or obligations be payable out of any funds or properties other than those of such issuing housing agency pledged to the payment thereof or any guarantor or insurer thereof.

(4) The obligations of a housing agency shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.