10-122. Investment of sinking fund.
10-122
10-122. Investment of sinking fund.
The officers of any municipality which has levied and collected a
sinking fund for the payment of bonds not then due may invest the said
sinking fund in investments authorized by K.S.A. 12-1675, and amendments
thereto, in the manner prescribed therein or in any municipal bonds of this
state which shall become due at
or prior to the due date of the bonds for which such sinking fund was
levied and collected except that no sinking fund shall be invested
under this act in the bonds of any county, township, city or school
district where the bonded indebtedness thereof shall exceed fifteen (15)
percent of its total assessed valuation as shown by the last assessment
preceding such investment.
History: R.S. 1923, § 10-122; L. 1931, ch. 88, § 1; L. 1933,
ch. 35, § 1 (Special Session); L. 1977, ch. 54, § 1; July 1.