Purpose

The Authority is a body politic and corporate constituting a public instrumentality of the State of Nebraska created by the Nebraska Educational Finance Authority Act, and is authorized under the Act to assist private institutions of higher education in the State of Nebraska in the construction, financing, and refinancing of needed educational facilities, equipment and structures by means other than the appropriation of public funds.

The Authority consists of seven members appointed by the Governor of Nebraska. The members of the Authority serve without compensation, but are entitled to reimbursement for all necessary expenses incurred in connection with the performance of their duties as members. Members are appointed for staggered four year terms and any vacancy is filled by the Governor for the remainder of an unexpired term. Each member is eligible for re-appointment to a successive term, but is ineligible for three consecutive full terms.

Following is an excerpt from the Nebraska Legislative Act which defines more explicitly the purpose of the Authority.

85-1701. Legislative findings.

The Legislature finds and declares that:

  1. For the benefit of the people of the State of Nebraska, the increase of their commerce, welfare, and prosperity, and the improvement of their health and living conditions, it is essential that this and future generations of youth be given the greatest opportunity to learn and to fully develop their intellectual and mental capacities and skills;
  2. To achieve these ends it is of the utmost importance that private institutions of higher education within the State be provided with appropriate additional means of assisting such youth in achieving the required levels of learning and development of their intellectual and mental capacities and skills;
  3. It is the purpose of the Nebraska Educational Finance Authority Act to provide a measure of assistance and an alternative method of enabling private institutions of higher education in the state to finance the acquisition, construction, and renovation of needed educational facilities and structures and to refund, refinance, or reimburse outstanding indebtedness incurred by them or advanced made by them, including advances from an endowment or any other similar fund, for the construction, acquisition, or renovation of needed educational facilities and structures, whether or not constructed, acquired, or renovated prior to August 30, 1981;
  4. The financing and refinancing of educational facilities, through means other than the appropriation of public funds to private institutions of higher education, as described in the act, is a valid public purpose;

Address:

Nebraska Educational, Health and Social Services Finance Authority

1015 N 98th Street

Suite 200

Omaha, Nebraska 68114

Telephone: 402-390-2480

Fax: 402-390-0885

Statuary Reference: Sections 85-1701et sqq., R. S. SUPP., 2001

Legislative Purpose: The Legislative purpose of the Authority is to provide a means whereby the private colleges and universities in Nebraska can finance the construction and/or purchase of campus buildings and equipment without the appropriation of tax funds.

The Program: The Authority as been authorized by the Nebraska Legislature to issue bonds for sale to private investors to provide funds to loan to these private colleges and universities to enable them to better serve the public's educational needs.