10-308. Cities; limitations.
10-308
10-308. Cities; limitations.
(a) Except as provided in this section and K.S.A. 10-309, and
amendments thereto, and in any other
statute which specifically exempts bonds from the statutory limitations
on bonded indebtedness, the limitation on bonded indebtedness of cities
shall be governed by
this section. The authorized and outstanding bonded indebtedness of
any city shall not exceed 30% of the assessed
valuation of the city.
(b) (1) The authorized and outstanding bonded indebtedness of the city
of Junction City
shall not exceed 40% of the assessed valuation of such city. The provisions of
this paragraph
shall expire on June 30, 2011.
(2) On and after July 1, 2011, the authorized and outstanding bonded
indebtedness of the
city of Junction City shall not exceed 37% of the assessed valuation of such
city. The provisions
of this paragraph shall expire on June 30, 2013.
(3) On and after July 1, 2013, the authorized and outstanding bonded
indebtedness of the
city of Junction City shall not exceed 34% of the assessed valuation of such
city. The provisions
of this paragraph shall expire on June 30, 2015.
(c) For the purpose of this section, assessed valuation means the value
of all taxable tangible property as certified to the county clerk on the
preceding August 25 which includes the assessed
valuation of motor vehicles as provided by K.S.A. 10-310, and amendments
thereto.
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.