85-327. Wayne State College construction project; board of trustees; powers.

In order to accomplish the project authorized by section 85-326, the Board of Trustees of the Nebraska State Colleges may enter into contracts with any person, firm, or corporation providing for the long-term payment of the cost of such project from the State College Facility Fund. In no case shall any such contract extend for a period beyond July 15, 1997, or obligate payments beyond those which may be satisfied with funds available pursuant to sections 77-2602 and 85-326. The Board of Trustees 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 Trustees. The Board of Trustees may also convey or lease and lease back all or any part of the project authorized by section 85-326 and the land on which such project is situated to such person, firm, or corporation as the Board of Trustees may contract with pursuant to this section to facilitate the long-term payment of the cost of such project. Any such conveyance or lease shall provide that when the cost of such project has been paid, together with interest and other costs thereon, such project and the land on which such project is located shall become the property of the Board of Trustees.

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