10-621. Definitions.
10-621
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 interest
thereon whether in the form of a contract, lease, installment purchase agreement
or 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 corporation
or the nominee of any of them or other person or nominee which in the ordinary
course 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 any
interest on a bond.
(g) "Original issuance" means the first transfer of a bond by an issuer
to a purchaser.
(h) "Public entity" means the state of Kansas, political subdivisions,
cities, counties, state universities or colleges, school districts, all
special districts, joint agreement entities, public authorities,
public trusts, nonprofit corporations and other organizations
which are authorized under the constitution or laws of the state of Kansas
to issue bonds, the interest thereon which may be exempt from federal income tax.
(i) "Registered bond" means a bond issued by a public entity pursuant
to a system of registration.
(j) "System of registration" means a plan which:
(1) Provides that (A) a certificated bond specify a person entitled to
the bond and the rights it represents and (B) the transfer of a certificated
bond may be registered upon books maintained for that purpose by or on behalf
of the issuer; and
(2) provides that (A) the transfer of an uncertificated bond be registered
upon 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 system
of registration and is not represented by an instrument.
History: L. 1983, ch. 49, § 2; May 12.