10-103. Terms and denominations of municipal bonds.
10-103
10-103. Terms and denominations of municipal bonds.
(a) Except as provided in subsection (b), all municipal bonds payable from
special assessments against the property
benefited, shall be issued to mature in not more than 20
installments. The last installment shall mature
not more than 22 years after the date of issuance. All other municipal bonds shall
be issued to mature in not more than 30 installments. The
last installment shall mature not more than 32 years
after the date of issuance. Such bonds shall bear interest at a rate
not to exceed the maximum rate of interest prescribed by K.S.A. 10-1009,
and amendments thereto, payable at such times fixed by the municipality
issuing the same. Each bond shall specify
the date of its separate
maturity and shall be in such denomination as the municipality
issuing the
same determines.
(b) Municipal bonds sold, pursuant to written agreement, to the government
of the United States of America or any bureau, department, instrumentality
or agency thereof shall be issued to mature in not more than 40 years, may
have serial or term maturities and shall bear interest at a rate not to
exceed the maximum rate prescribed by K.S.A. 10-1009, and amendments thereto,
payable at such times fixed by the
municipality issuing the same. The bonds may be in coupon or registered
form and interchangeable, and shall have such other terms and provisions
as the municipality provides by ordinance, resolution or trust
agreement.
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.