10-122.   Investment of sinking fund.The officers of any municipality which has levied and collected asinking fund for the payment of bonds not then due may invest the saidsinking fund in investments authorized by K.S.A. 12-1675, and amendmentsthereto, in the manner prescribed therein or in any municipal bonds of thisstate which shall become due ator prior to the due date of the bonds for which such sinking fund waslevied and collected except that no sinking fund shall be investedunder this act in the bonds of any county, township, city or schooldistrict where the bonded indebtedness thereof shall exceed fifteen (15)percent of its total assessed valuation as shown by the last assessmentpreceding 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.