Nebraska Administrative Code › Topic - EDUCATION LANDS AND FUNDS, BOARD OF › Title 97 - Board of Educational Lands and Funds › Chapter 7 - IMPROVEMENTS OF EDUCATIONAL LANDS › Section 97-7-002 - Stipulations for Improvements

Current through June 17, 2024
The lessee agrees to only those stipulations that are
				  applicable to his particular improvement request.
002.01 To submit to the Board of Educational
				Lands and Funds within sixty (60) days following construction, a certified
				statement of all construction costs, and list all cost sharing they received.
				Copies of all receipts for any materials, labor or other cost involved must be
				attached to the Certified Statement of Cost.
002.02 That construction will be completed
				within one year immediately following the date of the Board approval or within
				the year proposed in the Great Plains Contract, if approved by the
				Board.
002.03 That at such time the
				land is offered for sale or lease to accept the appraised valuation as
				determined by the Board or its representative on the improvements listed herein
				that cannot be removed without damaging the land or other property. On the
				improvements listed herein that can be removed without damaging the land or
				other property the lessee may either accept the appraised valuation of the
				Board, transfer ownership thereof to the new lessee, or remove the improvements
				as personal property.
002.04 That
				certain improvement items listed herein are considered personal property and
				may be removed by the lessee provided said removal can be done without damage
				to the land, improvements, or other property. The lessee may elect at the
				expiration or termination of the lease to transfer ownership of said
				improvements to the new lessee with the understanding that said improvements
				shall then become the personal property of the new lessee. If lessee elects at
				the expiration or termination of the lease to leave the improvements described
				as personal property on the land, the lessee agrees it shall become property of
				the land and the lessee will not be compensated for same.
002.05 That any costs incurred in purchasing,
				establishing, constructing or installing the improvements herein listed will be
				fully depreciated at the expiration or termination of the lease and the lessee
				will not be compensated for the same.
002.06 That approval by the Board is null and
				void if the agreement is not properly completed and returned to the Board of
				Educational Lands and Funds within thirty (30) days after notification of the
				Board approval.
002.07 That failure
				to comply with the requirements which apply to each request will result in
				total forfeiture of all right, title and Interest in the
				improvements.
002.08 That pivot
				irrigation systems, whether leased or financed, shall not constitute an
				improvement to the school land as contemplated by Section
				72-240.07,
				but shall be considered personal property of the lessee. If at the expiration
				or termination of the lease, the lessee elects not to remove the pivot system
				as described herein, then he may either transfer ownership thereof to the new
				lessee or the company which holds a security interest thereon within three (3)
				months of the date the lease terminates, or if no such transfer is made within
				the allotted three (3) months, the lessee agrees that the pivot system shall
				become the property of the State and that he shall have no right to
				compensation therefore.
002.09 That
				the appraised valuation, or value to the land, of this improvement shall not
				exceed the principal amount of the original net cost of its purchase,
				establishment, construction or installation actually paid or incurred by the
				lessee who placed or made this improvement on educational land.