12-4904.   Revenues from home; deposit and use of proceeds.Revenue derived from the operation of the home for the aged shall be paidinto the treasury of the city and deposited in a separatefund, except that if the city governing body has appointed aboard of trustees to supervise the operation of the home as provided inK.S.A. 12-4909 and amendments thereto, revenues shall be paid into thetreasury of the board of trustees and deposited in a separate fund. Revenues shall be used only for the purpose of paying the cost ofoperation, maintenance and repair of such home for the aged, providingan adequate depreciation fund and paying the principal of and theinterest upon the revenue bonds. Such revenue bonds are hereby made a lienon the revenues produced by such home for the aged, shall notbe general obligations of the city issuing the same but shall containrecitals stating the authority under which such bonds are issued, that theyare issued in conformity with the provisions, restrictions and limitationsof that authority, that such bonds and the interest thereon are to be paidby the issuing city from the revenues derived from the rates, fees andcharges herein mentioned and not from any other fund or source, that thesame have been registered in the offices of the clerk of the city and thestate treasurer, respectively, andthat the bonds are negotiable. All such bonds when registeredand issued, as herein provided, shall import absolute verity and shall beconclusive in favor of all persons purchasing such bonds that allproceedings and conditions precedent have been had and performed toauthorize the issuance thereof and may be issued in addition to thestatutory limit of bonded indebtedness of the city. The provisions ofK.S.A. 10-1207 and amendments thereto shall apply torevenue bonds issued under this act.

      History:   L. 1965, ch. 146, § 4; L. 1986, ch. 85, § 4; April 24.