Nebraska Revised Statute 19-1302
Chapter 19 Section 1302
Sinking funds; purposes; tax to establish; amount of levy; when authorized.
The local governing body of any city of the first or second class or any village, subject to all the limitations set forth in sections 19-1301 to 19-1304, shall have the power to levy a tax of not to exceed ten and five-tenths cents on each one hundred dollars in any one year upon the taxable value of all the taxable property within such municipality for a term of not to exceed ten years, in addition to the amount of tax which may be annually levied for the purposes of the adopted budget statement of such municipality, for the purpose of establishing a sinking fund for the construction, purchase, improvement, extension, original equipment, or repair, not including maintenance, of any one or more of the following public improvements, including acquisition of any land incident to the making thereof: Municipal library; municipal auditorium or community house for social or recreational purposes; city or village hall; municipal public library, auditorium, or community house in a single building; municipal swimming pool and appurtenances thereto; municipal jail; municipal building to house equipment or personnel of a fire department, together with firefighting equipment or apparatus; municipal park; municipal cemetery; municipal medical clinic building, together with furnishings and equipment; or municipal hospital. No such city or village shall be authorized to levy the tax or to establish the sinking fund as provided in this section if, having bonded indebtedness, such city or village has been in default in the payment of interest thereon or principal thereof for a period of ten years prior to the date of the passage of the resolution providing for the submission of the proposition for establishment of the sinking fund as required in section 19-1303.
- Laws 1939, c. 12, § 2, p. 80;
- C.S.Supp.,1941, § 19-1302;
- R.S.1943, § 19-1302;
- Laws 1953, c. 287, § 35, p. 951;
- Laws 1961, c. 59, § 1, p. 217;
- Laws 1967, c. 95, § 1, p. 292;
- Laws 1969, c. 145, § 26, p. 669;
- Laws 1979, LB 187, § 80;
- Laws 1992, LB 719A, § 80.
This section does not apply to creating a sinking fund for payment of interest and principal of bonds. Talbott v. City of Lyons, 171 Neb. 186, 105 N.W.2d 918 (1960).