10-308.   Cities; limitations.(a) Except as provided in this section and K.S.A. 10-309, andamendments thereto, and in any otherstatute which specifically exempts bonds from the statutory limitationson bonded indebtedness, the limitation on bonded indebtedness of citiesshall be governed bythis section. The authorized and outstanding bonded indebtedness ofany city shall not exceed 30% of the assessedvaluation of the city.

      (b) (1)   The authorized and outstanding bonded indebtedness of the cityof Junction Cityshall not exceed 40% of the assessed valuation of such city. The provisions ofthis paragraphshall expire on June 30, 2011.

      (2)   On and after July 1, 2011, the authorized and outstanding bondedindebtedness of thecity of Junction City shall not exceed 37% of the assessed valuation of suchcity. The provisionsof this paragraph shall expire on June 30, 2013.

      (3)   On and after July 1, 2013, the authorized and outstanding bondedindebtedness of thecity of Junction City shall not exceed 34% of the assessed valuation of suchcity. The provisionsof this paragraph shall expire on June 30, 2015.

      (c)   For the purpose of this section, assessed valuation means the valueof all taxable tangible property as certified to the county clerk on thepreceding August 25 which includes the assessedvaluation of motor vehicles as provided by K.S.A. 10-310, and amendmentsthereto.

      History:   L. 1978, ch. 52, § 1;L. 1982, ch. 57, § 1;L. 1985, ch. 64, § 1;L. 1986, ch. 61, § 1;L. 2006, ch. 33, § 1; March 30.