10-1207.   Revenue bonds; terms; disposition of excess funds.Revenue bonds issuedunder the provisions of this actmay have serial or term maturities, but the date of maturity onthe bonds shall not be fixed for alonger period of time than 40 years after the date of issuance. Thebonds shall bear interest at a rate not to exceed the maximum rateof interest prescribed by K.S.A. 10-1009, and amendments thereto. Thebonds may be in coupon or registered form and interchangeable, and shallhave such other terms and provisionsas the municipality provides by ordinance, resolution or trust agreement.

      In no case where revenue bonds are issued under and by virtue of thisact shall the total amount received therefrom be in excess of the actual cost ofthe project plus capitalized interest for up to six months after completionof the plant or facility and reasonable reserves and issuanceexpenses. No municipality shall have any right or authority to levytaxes to pay any of the principal of or interest on any revenue bonds orany judgment against the issuing municipality on account thereof. Theprovisions of K.S.A. 10-113, and amendments thereto, shall not apply to any bonds issuedhereunder.

      History:   L. 1947, ch. 107, § 7; L. 1949, ch. 117, § 3; L.1968, ch. 135, § 2; L. 1970, ch. 64, § 8; L. 1978, ch. 99, § 8;L. 1979, ch. 47, § 3; L. 1983, ch. 49, § 40; May 12.