All Local Sources of Revenue established for or received for the Program, shall be deposited into the Good Life District Economic Development Fund and may be appropriated and spent for eligible costs of the Good Life District Economic Development Program in any amount and at any time at the discretion and direction of the City Council.
Pursuant to Neb. Rev. Stat. § 77-4412(2)(b), the City intends to exercise the right to use all available Local Sources of Revenue available except that no property tax dollars shall be appropriated to the Program Fund. All Local Sources of Revenue shall be appropriated by the City solely for Program purposes until the Termination of the District.
The Nebraska Budget Act shall not apply this Program, any future Program, or any Local Sources of Revenue dedicated to such Program.
The City of Grand Island is authorized to establish all sources of revenue authorized in the Act within the Program Area, including, but not limited to, a Good Life District Occupation Tax, the future option to levy a local option sales and use tax of up to the greater of (i) the difference between the state sales tax rate levied in general and the state sales tax rate levied on transactions occurring within a good life district or (ii) two and three-quarters percent upon the same transactions that are sourced under the provisions of Neb. Rev. Stat. §§ 77-2703.01 to 77-2703.04 within the District on which the State of Nebraska is authorized to impose a tax pursuant to the Nebraska Revenue Act of 1967, as amended from time to time and/or any future options for taxation which may become available within the Program Area.
The City may issue bonds as provided in Neb. Rev. Stat. §§ 77-4418 to 77-4426 as it deems necessary from time to time. Such bonds may be issued in such principal amounts as the City Council determines are necessary to provide sufficient funds to carry out the Program or for any of the purposes of and powers granted pursuant to the Act, including the payment of eligible costs and all other costs or expenses of the City incident to and necessary or convenient to carry out the Program. Principal of and interest on such bonds shall be payable from the Local Sources of Revenue dedicated to the Program and/or deposited into the Fund.
Bonds issued or delivered under the Act shall be authorized by resolution of City Council and may be issued and secured under a resolution, trust indenture, or other security instrument in one or more series, and shall bear such date or dates, mature at such time or times prior to the expiration of the Program, bear interest at such rate or rates, be in such denomination or denominations, bear such title and designation, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in such medium of payment and at such place or places, and be subject to such terms of redemption, with or without premium, as such resolution, trust indenture, or other security instrument may provide and without limitation by any other law limiting amounts, maturities, interest rates, or redemption provisions. Any officer of the City authorized or designated to sign, countersign, execute, or attest any bond may utilize a facsimile signature in lieu of his or her manual signature. The bonds may be sold at public or private sale as provided by the City Council and at such price or prices as determined or directed by the City Council.
Bonds issued or delivered under the Act may be issued for such combination of eligible costs and redevelopment projects and other Program purposes and may be payable from Local Sources of Revenue or such other sources as permitted under the Act, as may be provided in the resolution, trust indenture, or other security instrument related to the bonds. The City may make any allocation or designation with respect to the application of proceeds of such bonds, and any allocation or designation of Local Sources of Revenue and other sources permitted under the Act to the repayment of such bonds, as determined in or pursuant to such resolution, trust indenture, other security instrument, or other measure of the City Council.
In the event any officer whose signatures appear on any bonds issued under the Act cease to be officers before the delivery of such obligations, such signatures shall nevertheless be valid and sufficient for all purposes to the same extent as if such officers had remained in office until such delivery.
The City reserves all rights incidental to the issuance of its bonds. Specifically, the City reserves all rights enumerated in Neb. Rev. Stat. §§ 77-4402 to 77-4429 as operative on August 13, 2024, including the right to issue refunding bonds or to issue additional bonds for Program purposes as part of the same series of bonds. All Bonds of the City issued pursuant the Act are declared to be issued for an essential public and governmental purpose and, together with interest thereon and income therefrom, shall be exempt from all taxes as provided in Neb. Rev. Stat. § 77-4428.
Any tax or revenue authorized or imposed as part of the Good Life District Program, including the Good Life District Occupation Tax, shall be in addition to all other forms of tax and shall be separate and apart from any tax imposed pursuant to the Local Option Revenue Act. No Program tax shall be subject to deduction for any refunds made pursuant to Neb. Rev. Stat. §§ 77-4105, 77-4106, 77-5725 or 77-5726 and shall not be affected by or included in the tax incentives available under the Employment and Investment Growth Act, the Nebraska Advantage Act, the ImagiNE Nebraska Act, the Nebraska Advantage Transformational Tourism and Redevelopment Act, the Urban Redevelopment Act, or any other tax incentive act which affects the local option tax imposed by a city pursuant to the Local Option Revenue Act.
All Local Sources of Revenue shall remain in effect and shall not end or terminate until this Good Life District Economic Development Program terminates except that the City reserves the right to limit the duration of any imposed Good Life District Occupation Tax or portion of any local option sales and use tax established pursuant to Neb. Rev. Stat. § 77-27,142 as set forth in any authorizing ordinance.
The obligations of the City with respect to the Program, including any bonds issued or contracts of the City entered into under the Act, shall not be a general obligation of the city or a pledge of its credit or taxing power, nor in any event shall bonds or contracts be payable out of any funds or properties of the city, other than the Local Sources of Revenue appropriated by the City and dedicated to the Program pursuant to the Act and any other taxes pledged for payment of bonds pursuant to the Act.
Bonds issued under the act shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. In no event should members of the City Council or any other City employee or official involved in executing bonds issued under the Act, be liable personally on such bonds by reason of the issuance thereof.
The City reserves the exclusive right to all revenue obtained from the Program and shall be authorized to collect any available Local Source of Revenue through June 5, 2054, or until terminated by the City as permitted by Neb. Rev. Stat. § 77-4412(7), whichever occurs first.
(Added by Ord. No. 9983, effective 09-03-2024)