10-621.   Definitions.As used in this act:

      (a)   "Bond" means a certificated or an uncertificated bond, no-fund warrant,temporary note or other agreement to repay borrowed money and any interestthereon whether in the form of a contract, lease, installment purchase agreementor otherwise, including a share, participation or other interest in any such agreement.

      (b)   "Certificated bond" means a registered bond which is represented by an instrument.

      (c)   "Code" means the internal revenue code of 1954, as amended.

      (d)   "Financial intermediary" means a bank, broker or clearing corporationor the nominee of any of them or other person or nominee which in the ordinarycourse of its business maintains bond accounts for its customers, when so acting.

      (e)   "Issuer" means a public entity which issues a bond.

      (f)   "Obligation" means an agreement of an issuer to pay the principal and anyinterest on a bond.

      (g)   "Original issuance" means the first transfer of a bond by an issuerto a purchaser.

      (h)   "Public entity" means the state of Kansas, political subdivisions,cities, counties, state universities or colleges, school districts, allspecial districts, joint agreement entities, public authorities,public trusts, nonprofit corporations and other organizationswhich are authorized under the constitution or laws of the state of Kansasto issue bonds, the interest thereon which may be exempt from federal income tax.

      (i)   "Registered bond" means a bond issued by a public entity pursuantto a system of registration.

      (j)   "System of registration" means a plan which:

      (1)   Provides that (A) a certificated bond specify a person entitled tothe bond and the rights it represents and (B) the transfer of a certificatedbond may be registered upon books maintained for that purpose by or on behalfof the issuer; and

      (2)   provides that (A) the transfer of an uncertificated bond be registeredupon books maintained for that purpose by or on behalf of the issuer and(B) such books specify the person entitled to the bond and the rights it represents.

      (k)   "Uncertificated bond" means a bond which is issued pursuant to a systemof registration and is not represented by an instrument.

      History:   L. 1983, ch. 49, § 2; May 12.