12-195b.   Same; pledge of proceeds for payment ofbonds; conditions.The governing body of any city or county by the appropriate ordinance orresolution, may authorize the issuance of general obligation bonds to providefor the payment of all or any portion of the cost of any public facilities orimprovements for which such city or county is otherwise authorized pursuant tothe constitution or laws of this state to issue general obligation bonds. Thegoverning 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 countywideor city retailers' sales taxes for payment of such bonds shall constitute anirrevocable pledge of the revenues and shall be made a lien on the revenues forthe benefit of bondholders. Any bonds issued under this section shall besubject to the following requirements:

      (a)   Before the governing body of any city or county shall issue any generalobligation bonds as authorized herein, the governing body shall cause to beprepared a comprehensive feasibility study showing that revenues received froma countywide or city retailers' sales tax would be sufficient to retire suchbonds.

      (b)   Such bonds shall constitute a general obligation of the city or countypayable from the pledged revenue received from countywide or city retailers'sales taxes and if not so paid such bonds shall be payable from ad valoremtaxes which for the purpose of paying such bonds may be levied without limit asto rate or amount by the city or county, and shall be printed as provided inK.S.A. 10-112, and amendments thereto.

      (c)   Any bonds issued under the provisions of this section and the interestthereon, shall be exempt from all taxes levied by the state of Kansas or anypolitical or taxing subdivision thereof, except inheritance taxes.

      (d)   All bonds which are to be financed in accordance with the provisions ofthis section shall be subject to any statutory limitation of bondedindebtedness imposed on a city or county unless:

      (1)   The law authorizing the issuance of such bonds specifically excludessuch bonds from any statutory limitation of bonded indebtedness;

      (2)   the bonds are excluded from the computation of bonded indebtednesspursuant to K.S.A. 10-307 or 10-309, and amendments thereto; or

      (3)   the bonds are issued by Douglas county orSherman county.

      (e)   In the event the governing body of a city or county proposes to issuesuch bonds, and the question of issuing bonds as authorized herein has notpreviously been submitted to and approved by the voters of the city or countysuch proposition shall be published once each week for two consecutive weeks inits official newspaper. If within 30 days after the last publication of theproposition, a petition is filed with the county election officer signed by notless than 5% of the electors of the city or county who voted in the lastpreceding general election of the city or county, then no such bonds shall beissued unless the proposition is submitted to and approved by a majority of thevoters of the city or county voting at an election held thereon. Any suchelections 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 themail 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.