12-1814.   Sidewalks; terms of scrip or bonds; issuance and sale.Any issue of sidewalk scrip or sidewalk bonds shall be issued to maturein not more than four installments. The last installment shall be not morethan four years after the date of the scrip or bonds. Scrip and bonds shall bearinterest of not more than the maximum rate of interest prescribed by K.S.A.10-1009, and amendmentsthereto. Scrip andbonds shall be general obligations of the city, and the city shall takeinto account probable delinquencies in payment of assessments orinstallments of assessments and make a general tax levy therefor or includethe amount in the city's general bond tax levy in order to pay the scrip onbonds and interest when due, delinquent assessments notwithstanding, butthis levy by the city shall not affect the obligation of the property ownerto pay the assessment.

      Bonds shall be in the general form of other bonds, and shall beregistered, sold and issued in the manner provided by the general bond law.Scrip shall promise that the city will pay the bearer the statedamount on a stated date with interest at a stated rate, or in statedamounts, payable on stated dates interest coupons may be issued. The scripalso shall state that the paymentof principal and interest shall be paid at the office of the city treasurer,and that it is issued for sidewalk purposes, shall be dated, shallbe signed by the mayor and attested by the city clerk, shall have the sealof the city attached thereto, shall be registered in the offices of thecity clerk and city treasurer, shall be disposed of at not less than parand accrued interest by being turned over to the contractor or sold and theproceeds used for the payment of the costs of the sidewalks. The sale ofscrip may be public or private, or without advertisement or bids. One issueof bonds or scrip may be for assessments against one or more tracts of landand may include or be only for the cost of intersectionsidewalks, sidewalks along city, state or federal property or in othercases where the city at large must pay the cost. The issuance of bonds andscrip shall be authorized by an ordinance for each issue.

      History:   L. 1941, ch. 103, § 14; L. 1970, ch. 64, §16; L. 1983, ch. 49, § 51; May 12.