In addition to any other methods of financing authorized in the Nebraska Elementary and Secondary School Finance Authority Act, the authority may finance the cost of a project or program, refund outstanding indebtedness, or reimburse advances from an endowment or any similar fund of an elementary or secondary school as authorized by section 79-1831 by issuing its bonds for the purpose of purchasing the securities of an elementary or secondary school. Any such securities shall have the same principal amounts, maturities, and interest rates as the bonds being issued, may be secured by a first mortgage lien on or security interest in any real or personal property, subject to such exceptions as the authority may approve and created by a mortgage or security instrument satisfactory to the authority, and may be insured or guaranteed by others. Any such bonds shall be secured by a pledge of such securities under the trust agreement creating such bonds, shall be payable solely out of the payments to be made on such securities, and shall not exceed in principal amount the cost of such project or program, the refunding of such indebtedness, or reimbursement of such advances as determined by the elementary or secondary school and approved by the authority. In other respects any such bonds shall be subject to the act, including sections 79-1838 and 79-1839, and the trust agreement creating such bonds may contain any of the provisions set forth in section 79-1840 as the authority may consider appropriate.

If a project is financed pursuant to this section, the title to such project shall remain in the elementary or secondary school owning the same, subject to the lien of the mortgage or security interest, if any, securing the securities then being purchased, and there shall be no lease of such facility between the authority and such elementary or secondary school.

Section 79-1837 shall not apply to any project financed pursuant to this section, but the authority shall return the securities purchased through the issuance of bonds pursuant to this section to the elementary or secondary school issuing such securities when such bonds have been fully paid and retired or when adequate provision has been made to pay and retire such bonds fully and all other conditions of the trust agreement creating such bonds have been satisfied and any lien established pursuant to this section has been released in accordance with the trust agreement.