10-503.   Bonds payable at state treasurer's office and at banks andtrust companies designated as fiscal agents and certain designatedco-paying agents.All bonds issued by thestate, 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 statetreasurer, in Topeka, Kansas. Unless otherwise provided, the governing body of anymunicipality as defined by K.S.A. 10-101, and amendments thereto, authorizingone or more series ofbonds aggregating not less than$200,000 principal amount is hereby authorized to designate and appoint by ordinancein the case of a city, and by resolution for any other municipality, afiscal agent of its choice to provide for payment of its bonds,and interest thereonand obligations hereafter issued and made payable by their terms at theoffice of such fiscal agent. Such fiscal agentshall be a bank located in thestate of Kansas having trust powers and operating a trust department actingin fiduciary capacities, including paying agency functions for stocks andbonds. In addition to the bank in the state ofKansas designated as a fiscal agent, the municipality may designate andappoint one or more trust companies or banks having trust powers andlocated in one or more federal reserve cities as co-paying agents with thedesignated Kansas bank. The trust companies or banksdesignated as co-paying agents shall have correspondent banking relationswith the designated Kansas bank and shall be engaged in the service ofpaying 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.