Nebraska LB 67: Change provisions relating to determination of municipality population thresholds and references to cities, villages, and governing bodies

Bill Text

LEGISLATIVE BILL 67
Approved by the Governor March 06, 2019
 
Introduced by Hansen, M., 26.
 
A BILL FOR AN ACT relating to municipalities; to amend sections 8-205, 13-1302,
19-3052, 23-206, 23-339, and 31-505, Reissue Revised Statutes of Nebraska,
and  section  13-2705,  Revised  Statutes  Cumulative  Supplement,  2018;  to
change provisions relating to how population thresholds are determined as
prescribed; to redefine a term; to change references to cities, villages,
and governing bodies; and to repeal the original sections.
Be it enacted by the people of the State of Nebraska,
Section 1. Section 8-205, Reissue Revised Statutes of Nebraska, is amended
to read:
8-205  (1)  No  corporation,  except  a  bank  authorized  by  the  Director  of
Banking  and  Finance  to  operate  a  trust  department,  shall  be  authorized  to
transact business as a trust company under the Nebraska Trust Company Act on or
after  August  1,  2000,  unless  it  has  capital  stock  of  at  least  five  hundred
thousand  dollars,  all  of  which  shall  be  fully  paid  up  in  cash  before  the
corporation is authorized to commence business.
(2)(a)  Corporations,  except  a  bank  authorized  to  operate  a  trust
department, authorized to transact business as a trust company under the act
before August 1, 2000, shall, on or after such date, maintain a capital stock
of  at  least  two  hundred  thousand  dollars  in  cities  of 
at  least  one  hundred
thousand inhabitants  or  more inhabitants,  one  hundred  thousand  dollars  in
cities  of at  least  fifty  thousand inhabitants  but  fewer and  less  than  one
hundred thousand inhabitants, fifty thousand dollars in cities of at least more
than  ten  thousand inhabitants  but  fewer and  less than  fifty  thousand
inhabitants, and twenty-five thousand dollars in cities and villages of fewer
than having  ten  thousand  inhabitants or  less.  The  population  of  a  city  for
purposes of this subsection shall be the population as determined by the most
recent federal decennial census or the most recent revised certified count by
the United States Bureau of the Census.
(b) A corporation, except a bank authorized to operate a trust department,
authorized to transact business as a trust company under the act before August
1, 2000, subject to the capital stock requirement of subdivision (2)(a) of this
section, which complies with the capital stock requirement of subsection (1) of
this section, shall be subject to the capital stock requirement of subsection
(1) of this section and shall maintain a capital stock of at least the minimum
amount required by subsection (1) of this section.
(c) A corporation, except a bank authorized to operate a trust department,
authorized to transact business as a trust company under the act before August
1, 2000, subject to the capital stock requirement of subdivision (2)(a) of this
section,  which  complies  with  the  capital  stock  requirement  of  a  corporation
located in a larger city pursuant to subdivision (2)(a) of this section, shall
be subject to the capital stock requirement of such a corporation located in a
larger city pursuant to subdivision (2)(a) of this section and shall maintain a
capital stock of at least the minimum amount required for such a corporation
located in a larger city pursuant to subdivision (2)(a) of this section.
(d) A capital stock requirement once attained by a corporation pursuant to
either this subsection or subsection (1) of this section shall not be reduced.
(3) If at any time the department determines that the capital stock of a
trust company is impaired, it may require the shareholders of the trust company
to make up the capital stock impairment.
Sec. 2. Section 13-1302, Reissue Revised Statutes of Nebraska, is amended
to read:
13-1302  For  purposes  of  sections  13-1301  to  13-1312,  unless  the  context
otherwise requires:
(1) Bonds means bonds issued by the commission pursuant to such sections;
(2)  City  means  a  city  of  the  metropolitan  class  as  defined  in  section
14-101  or  a  city  of  the  primary  class  as  defined  in  section  15-101,  the
population  of  which  according  to  the  most  recent  federal  census or  the  most
recent revised certified count by the United States Bureau of the Census was
more than one-half in number of the total population, according to such census
or revised count, of the county in which such city is located;
(3) Commission means a public building commission created by and activated
pursuant to sections 13-1301 to 13-1312;
(4)  County  means  a  county  in  which  a  city  of  the  metropolitan  class  or
primary class is located;
(5) Governing body means the city council in the case of the city and the
county board of county commissioners in the case of the county;
(6) Other governmental units means a city, other than a city as defined in
this section, village, district, authority, public agency, board, commission,
or other public corporation, politica