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Current as of January 01, 2024 | Updated by Findlaw Staff
(1) The project must receive an investment of one billion six hundred million dollars before the end of the transformational period. If the project investment fails to reach such threshold, all of the matching funds paid to the applicant under the Nebraska Transformational Projects Act shall be repaid by the applicant to the director, and the applicant shall be entitled to no matching funds for the project.
(2) The project must maintain the required level of investment for the entire continuation period. If the project fails to maintain the required level of investment for the entire continuation period, all of the matching funds paid to the applicant under the act shall be repaid by the applicant to the director, and the applicant shall be entitled to no matching funds for the project.
(3) The repayment required by this section shall not occur if (a) the failure to receive a donation, or achieve or maintain the required level of investment, was caused by an act of God or a national emergency or (b) the state does not fully fund the matching funds as qualified pursuant to section 81-12,185.
Cite this article: FindLaw.com - Nebraska Revised Statutes Chapter 81. State Administrative Departments § 81-12,187. Matching funds; repayment; required; when - last updated January 01, 2024 | https://codes.findlaw.com/ne/chapter-81-state-administrative-departments/ne-rev-st-sect-81-12-187/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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