10-427. Refunding bonds; purpose; conditions and limitations.
10-427
10-427. Refunding bonds; purpose; conditions and limitations.
Every municipality of the state of Kansas is hereby authorized and empowered
to refund any bonds, any interest on such bonds or both bonds and the
interest thereon of the municipality and may issue refunding
bonds of the municipality therefor. The municipality
shall be governed by and subject to the provisions of article 1 of chapter
10 of the Kansas Statutes Annotated, and amendments thereto, so
far as the same may be consistent with the provisions of this act. The principal
amount of any issue of any refunding bonds shall not exceed
the aggregate amount of: (a) The principal amount of the issue or issues
or part thereof or interest being refunded; (b) the amount of any interest which has
accrued or will accrue to the date of payment of the bonds being refunded;
(c) the amount of any redemption premium required; (d) expenses of the municipality
deemed by the governing body to be necessary for the issuance of the refunding
bonds; and (e) in the event the proceeds from the sale of the refunding
bonds are to be placed in escrow and invested, the interest to accrue on
the refunding bonds from the date of delivery to the first
or any subsequent available redemption date or dates selected by the governing
body of the municipality, or to the date or dates of maturity, whichever
is determined by the governing body to be most advantageous
or necessary to the municipality.
History: L. 1941, ch. 100, § 1; L. 1978, ch. 53, § 1; L. 1983,
ch. 48, § 4;
L. 1987, ch. 60, § 4; May 28.