12-195b. Same; pledge of proceeds for payment of bonds; conditions.
12-195b
12-195b. Same; pledge of proceeds for payment of
bonds; conditions.
The governing body of any city or county by the appropriate ordinance or
resolution, may authorize the issuance of general obligation bonds to provide
for the payment of all or any portion of the cost of any public facilities or
improvements for which such city or county is otherwise authorized pursuant to
the constitution or laws of this state to issue general obligation bonds. The
governing body may pledge revenues received from countywide or city retailers'
sales taxes imposed pursuant to K.S.A. 12-187 et seq., and amendments thereto,
for the payment of such bonds. The pledge of revenues received from countywide
or city retailers' sales taxes for payment of such bonds shall constitute an
irrevocable pledge of the revenues and shall be made a lien on the revenues for
the benefit of bondholders. Any bonds issued under this section shall be
subject to the following requirements:
(a) Before the governing body of any city or county shall issue any general
obligation bonds as authorized herein, the governing body shall cause to be
prepared a comprehensive feasibility study showing that revenues received from
a countywide or city retailers' sales tax would be sufficient to retire such
bonds.
(b) Such bonds shall constitute a general obligation of the city or county
payable from the pledged revenue received from countywide or city retailers'
sales taxes and if not so paid such bonds shall be payable from ad valorem
taxes which for the purpose of paying such bonds may be levied without limit as
to rate or amount by the city or county, and shall be printed as provided in
K.S.A. 10-112, and amendments thereto.
(c) Any bonds issued under the provisions of this section and the interest
thereon, shall be exempt from all taxes levied by the state of Kansas or any
political or taxing subdivision thereof, except inheritance taxes.
(d) All bonds which are to be financed in accordance with the provisions of
this section shall be subject to any statutory limitation of bonded
indebtedness imposed on a city or county unless:
(1) The law authorizing the issuance of such bonds specifically excludes
such bonds from any statutory limitation of bonded indebtedness;
(2) the bonds are excluded from the computation of bonded indebtedness
pursuant to K.S.A. 10-307 or 10-309, and amendments thereto; or
(3) the bonds are issued by Douglas county or
Sherman county.
(e) In the event the governing body of a city or county proposes to issue
such bonds, and the question of issuing bonds as authorized herein has not
previously been submitted to and approved by the voters of the city or county
such proposition shall be published once each week for two consecutive weeks in
its official newspaper. If within 30 days after the last publication of the
proposition, a petition is filed with the county election officer signed by not
less than 5% of the electors of the city or county who voted in the last
preceding general election of the city or county, then no such bonds shall be
issued unless the proposition is submitted to and approved by a majority of the
voters of the city or county voting at an election held thereon. Any such
elections shall be called and held in accordance with the provisions of K.S.A.
10-120, and amendments thereto, or in accordance with the provisions of the
mail ballot election act.
History: L. 1991, ch. 54, § 2;
L. 1995, ch. 242, § 1;
L. 2006, ch. 9, § 3;
L. 2006, ch. 204, § 4; July 1.