12-3413.   Same; budget; rents and charges; surplus of funds, use.(a) The board of directors of a port authority created in accordancewith K.S.A. 12-3402, and amendments thereto, shall annually prepare a budgetfor the port authority.

      (b)   Rents, charges and administrative fees received by the port authority shallbe used for the general expenses of the port authority and to pay interest,amortization, taxes and retirement charges on money borrowed andreserves therefor. If there remains, at the end of any calendar year,any surplus of such funds after providing for the above uses andreserves therefor, the board of directors may pay such surplus into thegeneral funds of the political subdivisions creating and comprising theport authority in proportion to their taxable tangible propertyvaluation as adjusted by the assessment ratio of the state.

      History:   L. 1969, ch. 89, § 13; L. 1981, ch. 76, § 10;L. 1987, ch. 75, § 9; July 1.