12-3413. Same; budget; rents and charges; surplus of funds, use.
12-3413
12-3413. Same; budget; rents and charges; surplus of funds, use.
(a) The board of directors of a port authority created in accordance
with K.S.A. 12-3402, and amendments thereto, shall annually prepare a budget
for the port authority.
(b) Rents, charges and administrative fees received by the port authority shall
be used for the general expenses of the port authority and to pay interest,
amortization, taxes and retirement charges on money borrowed and
reserves therefor. If there remains, at the end of any calendar year,
any surplus of such funds after providing for the above uses and
reserves therefor, the board of directors may pay such surplus into the
general funds of the political subdivisions creating and comprising the
port authority in proportion to their taxable tangible property
valuation 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.