Natural resources districts (NRDs) would be able to issue general obligation bonds under a bill heard by the Natural Resources Committee Feb. 21.<\/p>\n
LB1003, introduced by Omaha Sen. Rick Kolowski, would authorize NRDs to issue general obligation bonds to finance all or part of the cost of nonrevenue-producing water projects authorized by law. Kolowski said without bonding authority, NRDs are forced to pay for projects slowly over time.<\/p>\n
\u201cWithout bonding authority, NRDs do not have the ability to raise the dollars it takes to complete projects within one year,\u201d he said. \u201cThe ability to bond for these projects will help spread the costs out over time, eliminating unnecessary delays.\u201d<\/p>\n
Under the bill, issuance of bonds would require a two-thirds approval of members of an NRD\u2019s board of directors. Bonds would be retired using the district\u2019s tax revenue and any other funds available to the district not pledged for another purpose.<\/p>\n
John Winkler, representing the Nebraska Association of Resources Districts, testified in support of the bill. He said bonding authority has allowed NRDs to complete projects for less money and ahead of projected deadlines.<\/p>\n
\u201cWe had several projects estimated to cost $125 million without bonding authority,\u201d he said. \u201cWith bonding authority we\u2019ll be able to complete the projects for $85 million. The projected construction period without bonding is 25 years, but with bonding authority it\u2019s only 10 years.\u201d<\/p>\n
Papillion Planning Director Mark Stursma also supported the bill, saying that general obligation bonds would allow NRDs to more easily complete municipal projects on time.<\/p>\n
\u201cThis would allow NRDs to more accurately predict the schedule of projects making it easier to partner with and be in support of private development,\u201d he said. \u201cMunicipalities use general obligation bonds to great effect. We see no reason why they shouldn\u2019t have the same tools.\u201d<\/p>\n
Mick Mines, representing the Papio Valley Preservation Association, testified in opposition. He said there are too many unanswered questions in the bill.<\/p>\n
\u201cWe need to remember that not all projects are worthy and not all projects are necessary,\u201d he said. \u201cNot all elected boards are fiscally responsible and this bill has very few protections for taxpayers.\u201d<\/p>\n
The committee took no immediate action on the bill.<\/p>\n","protected":false},"excerpt":{"rendered":"
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