10-1116b. Lease, lease-purchase or installment-purchase agreements; agreements for electric interconnection or transmission facilities; when allowed under cash-basis law.
10-1116b
10-1116b. Lease, lease-purchase or installment-purchase agreements;
agreements for electric
interconnection or transmission facilities; when allowed under cash-basis law.
Nothing in the provisions of K.S.A. 10-1101 et seq., and amendments
thereto, shall prohibit a
municipality from entering into (1) an agreement to pay for electric interconnection
or transmission facilities or services, (2) a lease agreement, without
an option to buy, or (3) a lease-purchase
agreement, if any of such
agreements specifically state that the municipality is obligated only to
pay periodic payments or monthly installments under the agreement as may
lawfully be made from (a) funds budgeted and appropriated for that purpose
during such municipality's current budget year or (b) funds made available
from any lawfully operated revenue producing source.
For the purpose of this act, a lease-purchase agreement shall include a
lease with an option to buy or an installment-purchase agreement.
History: L. 1980, ch. 51, § 1;
L. 1990, ch. 74, § 2; May 24.