12-2812. Investment of authority reserve or sinking funds.
12-2812
12-2812. Investment of authority reserve or sinking funds.
The authority shall have power to invest and reinvest any funds held in
reserve or sinking funds not required for immediate disbursement, in investments
authorized by K.S.A. 12-1675, and amendments thereto, in the manner prescribed
therein or in bonds
or notes of the United States, bonds of the state of Kansas or bonds of any
county, unified school district or city of the first class in which said
authority is operating a
transportation system or in bonds or certificates of the authority at not
to exceed their par value or their call price and to sell these securities
whenever the funds are needed for disbursement. Such investment or reinvestment
of any funds shall not be in conflict with any provisions of any trust agreement
securing the payment of bonds or certificates of the authority.
History: L. 1955, ch. 118, § 12; L. 1977, ch. 54, § 11; July 1.