12-3420.   Same; issuance of bonds and refundingbonds; approval required.The board of directors of a port authority may issue bonds hereunder forthe purpose of refunding any bonds or other obligations of the portauthority theretofore issued pursuant to this act; or it may authorize asingle issue of bonds hereunder for the purpose in part of refundingsuch previous obligations and in part for the purchasing, acquiring,constructing,reconstructing, improving, equipping, repairing, enlarging and remodelingfacilities of such port authority. The portauthority shall not issuesuch refunding bonds without first having received approval, by resolution, ofthe governing body of the cities or counties whichcomprise such port authority.

      Where bonds are issued under this section solely for refundingpurposes, such bonds either may be sold as provided in K.S.A. 12-3428, andamendments thereto, or may be exchanged for outstanding obligations. Ifsold, the proceeds either may be applied to payment of obligations refunded ormay bedeposited in escrow for the retirement thereof. All refunding bondsissued under this section shall in all respects be authorized, issuedand secured in the manner provided for other bonds issued under this actand shall have all attributes of such bonds. Except as otherwiseprovided in this section, all refunding bonds issued hereunder shall beissued in the manner prescribed by and subject to the provisions ofK.S.A. 10-116a, and amendments thereto. The board of directors mayprovide that any such refundingbonds shall have the same priority of lien on therevenues pledged for their payment as was provided for obligationsrefunded thereby.

      History:   L. 1969, ch. 89, § 20; L. 1977, ch. 58, § 8; L. 1981,ch. 76, § 16;L. 1987, ch. 75, § 14;L. 2002, ch. 94, § 2; July 1.