10-428. Same; surrender; deposit.
10-428
10-428. Same; surrender; deposit.
No refunding bonds issued under the provisions of this act shall be
delivered to the purchaser thereof or be exchanged with the holder of the
previously outstanding indebtedness refunded until the outstanding bonds,
or other evidence of indebtedness to be refunded, shall have been
surrendered to the issuing municipality: Provided, however, That bonds
issued under the provisions of this act for the purpose of refunding
outstanding bonds may be delivered to the purchaser thereof not more than
ninety days prior to the stated maturity of the bonds so refunded without
the then surrender to the issuing municipality of the bonds so refunded,
but such delivery shall not be made until such issuing municipality shall
have deposited, in the office of the state treasurer of the state of Kansas
or other fiscal agency in the state of Kansas, the amount of the principal
and interest due at the date of the maturity of such outstanding bonds
which will mature within said ninety-day period, and the principal amount
of the refunding bonds, so delivered, shall not exceed the principal amount
of the outstanding bonds so maturing within said ninety-day period.
History: L. 1941, ch. 100, § 2; April 7.