Constitutional amendment to authorize cities and villages to incur indebtedness for residential development projects and pledge taxes for such indebtedness and to change provisions relating to redevelopment projects

Summary

The proposal would give Nebraska’s cities and villages the authority to take on debt—through bonds, loans or other means—to develop, rehabilitate or redevelop residential areas, even if their charters normally forbid it. It also permits those municipalities to pledge future property taxes from the project area to cover the debt, with time limits of up to 15 years for housing projects and 20 years for broader redevelopment. The amendment was indefinitely postponed and never reached the ballot.

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