12-17,149.   Same; bonds.(a) Any municipality may issue bonds in one or more seriesto finance the undertaking of any project in accordance with the provisions ofthis act. Such bonds shall be made payable, both as to principal and interestsolely from a pledge of the sources of funds described inK.S.A. 2009 Supp.12-17,147, andamendments thereto. The municipality may pledge such revenue to the repaymentof such bonds prior to, simultaneously with or subsequent to the issuance ofsuch bonds, except for any revenues received under the provisions of subsection(d) ofK.S.A. 2009 Supp.12-17,147 and amendments thereto, which revenues aresubject to annualappropriation.

      (b)   Bonds issued pursuant to subsection (a) shall not be general obligationsof the municipality, give rise to a charge against its general credit or taxingpowers, or be payable out of any funds or properties other than any of thoseset forth in subsection (a) and such bonds shall so state on their face.

      (c)   Bonds issued pursuant to subsection (a) shall be special obligations ofthe municipality and are declared to be negotiable instruments. Such bondsshall be executed by the authorized representatives of the municipality andsealed with the corporate seal of the municipality. All details pertaining tothe issuance of the bonds and terms and conditions thereof shall be determinedby ordinance or resolution of the municipality. The provisions of K.S.A.10-106, and amendments thereto, requiring a public sale of bonds shall notapply to bonds issued under this act. All bonds issued pursuant to this act andall income or interest therefrom shall be exempt from all state taxes exceptinheritance taxes. Such bonds shall contain none of the recitals set forth inK.S.A. 10-112, and amendments thereto. Such bonds shall contain the followingrecitals: The authority under which such bonds are issued; that such bonds arein conformity with the provisions, restrictions and limitations thereof; andthat such bonds and the interest thereon are to be paid from the money andrevenue received as provided in subsection (a) such bonds shall mature in nomore than 22 years.

      (d)   Any municipality issuing bonds under the provisions of this act mayrefund all or part of such issue pursuant to the provisions of K.S.A. 10-116a,and amendments thereto.

      (e)   Bonds issued under the provisions of this act shall be in addition to andnot subject to any statutory limitation of bonded indebtedness imposed on suchmunicipality.

      History:   L. 2003, ch. 120, § 13; July 1.