85-1,112 Buildings renovation and land acquisition projects; Board of Regents; powers.
85-1,112. Buildings renovation and land acquisition projects; Board of Regents; powers.In order to accomplish any projects authorized by section 85-1,111, the Board of Regents of the University of Nebraska may enter into contracts with any person, firm, or corporation providing for the implementation of any such project of the university and providing for the long-term payment of the cost of such project from the University Buildings Renovation and Land Acquisition Fund. In no case shall any such contract run for a period longer than ten years or exceed fourteen million nine hundred two thousand thirty-six dollars, exclusive of administrative costs, financing costs, and reserves dedicated to secure payment of contracts. The Board of Regents shall not pledge the credit of the State of Nebraska for the payment of any sum owing on account of such contract, except that there may be pledged for the payment of any such contract any appropriations specifically made by the Legislature for such purpose. No contract shall be entered into pursuant to this section without prior approval by a resolution of the Board of Regents. SourceLaws 1983, LB 410, § 5; Laws 1985, LB 728, § 3; Laws 1986, LB 842, § 6.