10-1207. Revenue bonds; terms; disposition of excess funds.
10-1207
10-1207. Revenue bonds; terms; disposition of excess funds.
Revenue bonds issued
under the provisions of this act
may have serial or term maturities, but the date of maturity on
the bonds shall not be fixed for a
longer period of time than 40 years after the date of issuance. The
bonds shall bear interest at a rate not to exceed the maximum rate
of interest prescribed by K.S.A. 10-1009, and amendments thereto. The
bonds may be in coupon or registered form and interchangeable, and shall
have such other terms and provisions
as the municipality provides by ordinance, resolution or trust agreement.
In no case where revenue bonds are issued under and by virtue of this
act shall the total amount received therefrom be in excess of the actual cost of
the project plus capitalized interest for up to six months after completion
of the plant or facility and reasonable reserves and issuance
expenses. No municipality shall have any right or authority to levy
taxes to pay any of the principal of or interest on any revenue bonds or
any judgment against the issuing municipality on account thereof. The
provisions of K.S.A. 10-113, and amendments thereto, shall not apply to any bonds issued
hereunder.
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.