12-17,177. STAR bond project district containing an auto race track facility; approval; financing, bond issuance, limitations; reporting requirements; secretary to determine satisfaction of bond debt.
12-17,177
12-17,177. STAR bond project district containing an
auto race track facility; approval; financing, bond issuance, limitations;
reporting requirements; secretary to determine satisfaction of bond
debt.
(a) The boundaries of any STAR bond project district in a
major
tourism area including an auto race track facility located in Wyandotte county,
shall, without regard to that portion
of the district pertaining to the auto race track facility, be as follows:
Beginning at the intersection of Interstate 70 and Interstate 435; West along
Interstate 70 to 118th Street; North along 118th Street to State Avenue;
Northeasterly along proposed relocated State Avenue to 110th Street; North
along 110th Street to Parallel Parkway; East along Parallel Parkway to
Interstate 435; South along Interstate 435 to Interstate 70.
(b) Any major tourism area may include an additional area not exceeding 400
acres of additional property, excluding roads and highways, in addition to the
property necessary for the auto race track facility upon a finding by the
governor that the development plan and each project within such additional 400
acre area will enhance the major tourism area. For the development of each
project within such additional 400 acre area the city shall select qualified
developers pursuant to a request for proposals in accordance with written
official procedures approved by the governing body of the city.
(c) Any project within such additional 400 acre area that is financed in
whole or in part by special obligation bonds payable from revenues derived
from subsection (a)(1)(C), (a)(1)(F) or (a)(1)(G) of
K.S.A. 2009 Supp.
12-17,169, and amendments
thereto, shall not be entitled to any real property tax abatements or the
revenues described in K.S.A. 12-1775, and amendments thereto.
(d) Any project within such additional 400 acre area must be approved by the
governor and construction must be commenced by July 1, 2002.
(e) The maximum principal amount of special obligation bonds issued to fund
STAR bond projects within a major tourism area, including any such additional
400 acre area, shall not exceed $308,000,000, unless the city has secured prior
approval from the secretary of commerce and the secretary of revenue. Any
special obligation bonds issued for the following purposes shall not be counted
toward such limit on the principal amount:
(1) Special obligation bonds issued solely for the purpose of refunding such
bonds, either at maturity or in advance of maturity, pursuant to the provisions
of K.S.A. 10-116a, and amendments thereto; and
(2) special obligation bonds issued solely to fund reserve funds for such
refunding bonds.
(f) Prior to issuing any special obligation bonds for any purpose, the city
or county must have the approval of the secretary and the secretary of revenue.
(g) The city or county shall prepare and submit annually to the secretary by
October 1 of each year, a report describing the status of any projects within a
major tourism area and all other STAR bond projects, including any such
additional 400 acre area, any expenditures of the proceeds of special
obligation bonds that have occurred since the last annual report and any
expenditures of the proceeds of such bonds expected to occur in the future,
including the amount of sales tax revenue, how it has been spent, the projected
amount of such revenue and the anticipated use of such
revenue. The department of commerce shall compile this information and submit a
report annually to the governor, Kansas, Inc. and the legislature by February 1
of each year.
(h) Any business located in Kansas within 50 miles of a major tourism area
that relocates into a major tourism area, including such additional 400 acre
area, shall not receive any of the benefits of
K.S.A. 2009 Supp.
12-17,160 et
seq., and
amendments thereto.
(i) If a city determines that revenues from sources other than property taxes
will be sufficient to pay any special obligation bonds issued to finance a STAR
bond project for an auto race track facility as described in
K.S.A. 2009 Supp.
12-17,162, and
amendments thereto, and the secretary makes a finding that such project will
create a major tourism area as defined in
K.S.A. 2009 Supp.
12-17,162, and
amendments thereto,
all real and personal property, constituting an auto race track facility
described in
K.S.A. 2009 Supp.
12-17,162, and amendments thereto, in such STAR
bond project
district
shall be exempt from property taxation for a period ending on the earlier of:
(1) The date which is 30 years after the date of the finding by the secretary
with respect to such major tourism area; or
(2) the date on which no such special obligation bonds issued to finance such
auto race track facility in a major tourism area remain outstanding.
(j) The city which is authorized to issue bonds pursuant to the provisions of
K.S.A. 2009 Supp.
12-17,160 et seq., and amendments thereto, in order to
finance a STAR bond
project in a major tourism area as defined by
K.S.A. 2009 Supp.
12-17,162, and
amendments
thereto, shall obtain underwriting services required by the city for the
issuance of such bonds pursuant to written proposals received in accordance
with this section.
Each city which is authorized to issue such bonds shall establish written
official procedures for obtaining underwriting services required for the
issuance of such bonds, including specifications
for requests for proposals and criteria for evaluation of proposals on a
competitive basis. The proposal evaluation criteria shall include factors based
on cost, capacity to provide the required services, qualifications and
experience.
Prior to the issuance of any such bond to finance a STAR bond project in a
major tourism area, the city shall publish notice of a
request for proposals to provide the underwriting services that are required by
the city with regard to the proposed bond issuance and shall mail requests for
proposals to qualified interested parties upon request for such notice. The
city shall award contracts for such underwriting services from the proposals
received in accordance with the procedures and evaluation criteria adopted by
the city for such purpose. A city shall publish such notice in the official
newspaper of the city.
(k) A STAR bond project in a major tourism area for an auto race track
facility, shall be completed within 30 years from the date the secretary makes
the finding that the STAR bond project
will create a major tourism area pursuant to subsection (l) of K.S.A. 2009
Supp. 12-17,162,
and amendments thereto.
(l) The maximum maturity on bonds issued to finance projects pursuant to this
act shall not exceed 20 years as provided in
K.S.A. 2009 Supp.
12-17,166,
except that:
(1) Such maximum period of special obligation bonds not payable from revenues
described by subsections (a)(1)(C), (a)(1)(F) and (a)(1)(G) of K.S.A. 2009
Supp. 12-17,169, and
amendments thereto, issued to finance an auto race track facility shall not
exceed 30 years; and
(2) such maximum period, if the governor determines and makes and submits a
finding to the speaker of the house of representatives and the president of the
senate that a maturity greater than 20 years, but in no event exceeding 30
years, is necessary for the economic feasibility of the financing of an auto
race track facility with special obligation bonds payable primarily from
revenues described by subsections (a)(1)(C), (a)(1)(F) and (a)(1)(G) of K.S.A.
2009 Supp. 12-17,169, and amendments thereto, may be extended in accordance
with such
determination and finding.
(m) The secretary of revenue shall determine when the amount of sales tax and
other revenues that have been collected and distributed to the bond debt
service or reserve fund is sufficient to satisfy all principal and interest
costs to the maturity date or dates, of any special obligation bonds issued by
a city or county to finance a STAR bond project in a major tourism area.
Thereafter, all sales tax and other revenues shall be collected and distributed
in accordance with applicable law.
History: L. 2007, ch. 179, § 18; July 1.