10-103.   Terms and denominations of municipal bonds.(a) Except as provided in subsection (b), all municipal bonds payable fromspecial assessments against the propertybenefited, shall be issued to mature in not more than 20installments. The last installment shall maturenot more than 22 years after the date of issuance. All other municipal bonds shallbe issued to mature in not more than 30 installments. Thelast installment shall mature not more than 32 yearsafter the date of issuance. Such bonds shall bear interest at a ratenot to exceed the maximum rate of interest prescribed by K.S.A. 10-1009,and amendments thereto, payable at such times fixed by the municipalityissuing the same. Each bond shall specifythe date of its separatematurity and shall be in such denomination as the municipalityissuing thesame determines.

      (b)   Municipal bonds sold, pursuant to written agreement, to the governmentof the United States of America or any bureau, department, instrumentalityor agency thereof shall be issued to mature in not more than 40 years, mayhave serial or term maturities and shall bear interest at a rate not toexceed the maximum rate prescribed by K.S.A. 10-1009, and amendments thereto,payable at such times fixed by themunicipality issuing the same. The bonds may be in coupon or registeredform and interchangeable, and shall have such other terms and provisionsas the municipality provides by ordinance, resolution or trustagreement.

      History:   R.S. 1923, § 10-103; L. 1925, ch. 92, § 1; L. 1947,ch. 103, § 1; L. 1955, ch. 69, § 1; L. 1967, ch. 75, § 1; L. 1968,ch. 135, § 1; L. 1970, ch. 64, § 2; L. 1978, ch. 99, § 7; L. 1981,ch. 56, § 1; L. 1983, ch. 49, § 19; May 12.