Municipal borrowing options expanded
Senators passed a bill July 21 that allows cities and villages to borrow money after a calamity.
![Sen. Sue Crawford](https://update.legislature.ne.gov/wp-content/uploads/2017/01/SenCrawford_inline-200x300.jpg)
LB870, introduced by Bellevue Sen. Sue Crawford, allows cities and villages to borrow directly from a financial institution to repair or rebuild property or restore public services damaged or disrupted by a natural disaster.
The bill limits direct borrowing to 20 percent of the annual budget of a second class city or village or 10 percent for a first, primary or metropolitan class city.
LB870 was approved on a 48-0 vote and takes effect immediately.
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