10-1205. Liens on revenues of utilities; recitals; negotiability.
10-1205
10-1205. Liens on revenues of utilities; recitals; negotiability.
Such revenue bonds are hereby made a lien on the revenues produced from
such utility, which revenues may be pledged for the benefit of bondholders
to a trustee under a trust agreement, but such bonds shall not be a general
obligation of the issuing
municipality and shall not contain the recital set forth in K.S.A. 10-112,
or any amendments thereto, but shall
contain recitals stating the
authority under which such bonds are issued, that they are issued in
conformity with the provisions, restrictions and limitations of that
authority, that such bonds and the interest thereon are to be paid by
the issuing municipality from the revenues derived from the rates, fees
or charges herein mentioned and not from any other fund or source, that
the same have been registered in the office of the clerk of the issuing
municipality and the state treasurer of the state of Kansas,
respectively, and that said bonds are negotiable. All such bonds, when
registered and issued, as herein provided, shall import absolute verity
and shall be conclusive in favor of all persons purchasing such bonds
that all proceedings and conditions precedent have been had and
performed to authorize the issuance thereof and such bonds shall be
negotiable and may be issued in addition to the statutory limit of
bonded indebtedness of the issuing municipality.
History: L. 1947, ch. 107, § 5; L. 1974, ch. 45, § 9; L. 1979,
ch. 47, § 2; July 1.