10-427.   Refunding bonds; purpose; conditions and limitations.Every municipality of the state of Kansas is hereby authorized and empoweredto refund any bonds, any interest on such bonds or both bonds and theinterest thereon of the municipality and may issue refundingbonds of the municipality therefor. The municipalityshall be governed by and subject to the provisions of article 1 of chapter10 of the Kansas Statutes Annotated, and amendments thereto, sofar as the same may be consistent with the provisions of this act. The principalamount of any issue of any refunding bonds shall not exceedthe aggregate amount of: (a) The principal amount of the issue or issuesor part thereof or interest being refunded; (b) the amount of any interest which hasaccrued 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 municipalitydeemed by the governing body to be necessary for the issuance of the refundingbonds; and (e) in the event the proceeds from the sale of the refundingbonds are to be placed in escrow and invested, the interest to accrue onthe refunding bonds from the date of delivery to the firstor any subsequent available redemption date or dates selected by the governingbody of the municipality, or to the date or dates of maturity, whicheveris determined by the governing body to be most advantageousor 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.