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Purpose
The Authority is a body politic and corporate constituting
a public instrumentality of the State of Nebraska created
by the Nebraska Educational Finance Authority Act, and is
authorized under the Act to assist private institutions of
higher education in the State of Nebraska in the construction,
financing, and refinancing of needed educational facilities,
equipment and structures by means other than the appropriation
of public funds.
The Authority consists of seven members appointed by the
Governor of Nebraska. The members of the Authority serve
without compensation, but are entitled to reimbursement for
all necessary expenses incurred in connection with the performance
of their duties as members. Members are appointed for staggered
four year terms and any vacancy is filled by the Governor
for the remainder of an unexpired term. Each member is eligible
for re-appointment to a successive term, but is ineligible
for three consecutive full terms.
Following is an excerpt from the Nebraska Legislative Act
which defines more explicitly the purpose of the Authority.
85-1701. Legislative findings.
The Legislature finds and declares that:
- For the benefit of the people of the State of Nebraska,
the increase of their commerce, welfare, and prosperity,
and the improvement of their health and living conditions,
it is essential that this and future generations of youth
be given the greatest opportunity to learn and to fully
develop their intellectual and mental capacities and skills;
- To achieve these ends it is of the utmost importance
that private institutions of higher education within the
State be provided with appropriate additional means of
assisting such youth in achieving the required levels of
learning and development of their intellectual and mental
capacities and skills;
- It is the purpose of the Nebraska Educational Finance
Authority Act to provide a measure of assistance and an
alternative method of enabling private institutions of
higher education in the state to finance the acquisition,
construction, and renovation of needed educational facilities
and structures and to refund, refinance, or reimburse outstanding
indebtedness incurred by them or advanced made by them,
including advances from an endowment or any other similar
fund, for the construction, acquisition, or renovation
of needed educational facilities and structures, whether
or not constructed, acquired, or renovated prior to August
30, 1981;
- The financing and refinancing of educational facilities,
through means other than the appropriation of public funds
to private institutions of higher education, as described
in the act, is a valid public purpose;
Address: Nebraska Educational Finance Authority
2120 S. 72nd Street
Suite 1075
Omaha, Nebraska 68124
Telephone: 402-397-6482
Fax: 402-397-6783
Statuary Reference: Sections 85-1701et sqq., R. S. SUPP.,
2001
Legislative Purpose: The Legislative purpose of the Authority
is to provide a means whereby the private colleges and universities
in Nebraska can finance the construction and/or purchase
of campus buildings and equipment without the appropriation
of tax funds.
The Program: The Authority as been authorized by the Nebraska
Legislature to issue bonds for sale to private investors
to provide funds to loan to these private colleges and universities
to enable them to better serve the public's educational
needs.
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