10-1211.   Refunding of bonds.Any municipality governed by the provisions of this act having issuedrevenue bonds under this act or any previous authority may, from time totime, issue revenue bonds pursuant to the provisions of this act torefund any previous issue or part thereof of its outstanding revenuebonds. Such refunding revenue bonds shall be issued in the mannerprescribed by and subject to the provisions of K.S.A. 10-116a. In addition,any such municipality may, from time to time,issue general obligation bonds, under the provisions of the general bondlaw, to refund any previous issue or part thereof of its outstandingrevenue bonds, including the principal amount thereof and all accruedoutstanding interest thereon, if such revenue bonds are callable inaccordance with their terms or the holders thereof are willing tosurrender them to the municipality. Such general obligation bonds shallnot be issued until a resolution adopted by the governing body of themunicipality stating the purpose for which such bonds are to be issued,the total amount of the bonds proposed to be issued, and the total costto the city of the refunding project, shall be published once each weekfor two consecutive weeks in the official newspaper of suchmunicipality. After publication, such bonds may be issued unless a petitionrequesting an election on the proposition, signed by electors equal innumber to not less than 5% of the electors of themunicipality who voted for the office of secretary of state at the last precedinggeneral election of such office, is filed with the clerk of such municipalitywithin 20 days following the last publication of such resolution. Ifsuch a petition is filed, the governing body of themunicipality shall submit the proposition to the voters at an electioncalled for such purpose and held within 90 days after the lastpublication of the resolution, and no bonds shall be issued unless suchproposition shall receive the approval of a majority of the votes castthereon. Such election shall be called and held in the manner providedby the general bond law. No such general obligation bonds shall beissued unless: (a) The total cost to the municipality on the generalobligation bonds shall amount to less than the remaining interest costto the municipality on the outstanding revenue bonds being refunded; (b)the anticipated revenues from the utility system involved are expectedto be sufficient to retire such general obligation bonds; and (c) therefunding is necessary to accomplish a comprehensive and orderlyfinancing plan for the utility system.

      History:   L. 1947, ch. 107, § 11; L. 1968, ch. 140, § 1; L.1977, ch. 58, § 3; L. 1981, ch. 173, § 6; July 1.