12-17,167.   Approval of secretary; limitations;interest rate of bond issue.(a) The secretary shall review the STAR bond project plan,feasibility study and market study, alongwith other supporting documentation and determine whether to approve a request,and, if approved, issue an approval letter for a STAR bond project based uponthe requirements within this act andrules and regulations developed by the secretary.

      (b)   For major motorsports complex projects involving the use of state salestax financing pursuant toK.S.A. 2009 Supp.12-17,169, and amendments thereto,the secretaryshall set a limit on the total amount of such special obligation bonds that maybe issued to not exceed 50% of the major motorsports complex costs.

      (c)   A special obligation bond issue must bear interest at a reasonable rateas of the time of sale of the bonds, taking into account such factors ascurrent market conditions, the nature and degree of risk associated withrepayment of the bonds and other relevant factors.

      History:   L. 2007, ch. 179, § 8; July 1.