12-4904. Revenues from home; deposit and use of proceeds.
12-4904
12-4904. Revenues from home; deposit and use of proceeds.
Revenue derived from the operation of the home for the aged shall be paid
into the treasury of the city and deposited in a separate
fund, except that if the city governing body has appointed a
board of trustees to supervise the operation of the home as provided in
K.S.A. 12-4909 and amendments thereto, revenues shall be paid into the
treasury of the board of trustees and deposited in a separate fund.
Revenues shall be used only for the purpose of paying the cost of
operation, maintenance and repair of such home for the aged, providing
an adequate depreciation fund and paying the principal of and the
interest upon the revenue bonds. Such revenue bonds are hereby made a lien
on the revenues produced by such home for the aged, shall not
be general obligations of the city issuing the same but shall contain
recitals stating the authority under which such bonds are issued, that they
are issued in conformity with the provisions, restrictions and limitations
of that authority, that such bonds and the interest thereon are to be paid
by the issuing city from the revenues derived from the rates, fees and
charges herein mentioned and not from any other fund or source, that the
same have been registered in the offices of the clerk of the city and the
state treasurer, respectively, and
that the bonds are negotiable. All such bonds when registered
and issued, as herein provided, shall import absolute verity and shall be
conclusive in favor of all persons purchasing such bonds that all
proceedings and conditions precedent have been had and performed to
authorize the issuance thereof and may be issued in addition to the
statutory limit of bonded indebtedness of the city. The provisions of
K.S.A. 10-1207 and amendments thereto shall apply to
revenue bonds issued under this act.
History: L. 1965, ch. 146, § 4; L. 1986, ch. 85, § 4; April 24.