12-17,176.   STAR bond projects using state financing;annual audit at municipality expense, scope; reporting, repayment,when.(a) STAR bond projects using state sales tax financingpursuant toK.S.A. 2009 Supp.12-17,169, and amendments thereto,shall be audited by an independent certified public accountant annually at theexpense of the city or county. The audit report shall supplement the annualreport required pursuant toK.S.A. 2009 Supp.12-17,169, and amendmentsthereto.

      (b)   Such audits shall determine whether bond financing obtained under K.S.A.2009 Supp. 12-17,169, and amendments thereto, is being used only for authorizedpurposes. Auditresults shall be reported to the house economic development and tourismcommittee, the senate commerce committee, or successor committees, the governorand the secretaries of commerce and revenue during the legislative sessionimmediately following the audit.

      (c)   If audit findings indicate that bond funds have been used forunauthorized or ineligible purposes, the city or county shall repay to the bondfund all such unauthorized or ineligible expenditures. Such city or countyshall enter into a repayment agreement with the secretary of revenue specifyingthe terms of such repayment obligation.

      History:   L. 2007, ch. 179, § 17; July 1.