10-503. Bonds payable at state treasurer's office and at banks and trust companies designated as fiscal agents and certain designated co-paying agents.
10-503
10-503. Bonds payable at state treasurer's office and at banks and
trust companies designated as fiscal agents and certain designated
co-paying agents.
All bonds issued by the
state, or any municipality defined by K.S.A. 10-101, and amendments thereto,
and the interest thereon, shall be made payable at the office of the state
treasurer, in Topeka, Kansas. Unless otherwise provided, the governing body of any
municipality as defined by K.S.A. 10-101, and amendments thereto, authorizing
one or more series of
bonds aggregating not less than
$200,000 principal amount is hereby authorized to designate and appoint by ordinance
in the case of a city, and by resolution for any other municipality, a
fiscal agent of its choice to provide for payment of its bonds,
and interest thereon
and obligations hereafter issued and made payable by their terms at the
office of such fiscal agent. Such fiscal agent
shall be a bank located in the
state of Kansas having trust powers and operating a trust department acting
in fiduciary capacities, including paying agency functions for stocks and
bonds. In addition to the bank in the state of
Kansas designated as a fiscal agent, the municipality may designate and
appoint one or more trust companies or banks having trust powers and
located in one or more federal reserve cities as co-paying agents with the
designated Kansas bank. The trust companies or banks
designated as co-paying agents shall have correspondent banking relations
with the designated Kansas bank and shall be engaged in the service of
paying agent for municipal bonds.
History: L. 1908, ch. 58, § 2; R.S. 1923, § 10-503; L. 1969,
ch. 63, § 4; L. 1983, ch. 49, § 32; May 12.