12-5607.   Equipment; purchase, agreements andleases.(a) The authority shall have power to purchase equipment such asland,riparianrights, dams and docks, recreational equipment and public improvements, and mayexecute agreements, leases and equipment trust certificates. All money requiredtobe paid by the authority under the provisions of such agreements, leases andequipment trust certificates shall be payable solely from the revenue or incometo bederived from the riverfront authority and from grants. Payment for suchequipment,or rentals therefor, may be made in installments, and the deferred installmentsmaybe evidenced by equipment trust certificates payable solely from such revenueorincome, and title to such equipment shall not vest in the authority until theequipment trust certificates are paid.

      (b)   The agreement to purchase may direct the vendor to sell and assign theequipment to a bank or trust company, duly authorized to transact business inthestate of Kansas, as trustee, for the benefit and security of the equipmenttrustcertificates and may direct the trustee to deliver the equipment to one or moredesignated officers of the authority and may authorize the trusteesimultaneouslytherewith to execute and deliver a lease of the equipment to the authority.

      (c)   The agreements and leases shall be duly acknowledged before some personauthorized by law to take acknowledgments of deeds and in the form required foracknowledgment of deeds and such agreements, leases and equipment trustcertificates shall be authorized by vote of the board and shall contain suchcovenants,conditions and provisions as may be deemed necessary or appropriate to insurethepayment of the equipment trust certificates from the revenue or income to bederived from the riverfront authority.

      (d)   The covenants, conditions and provisions of the agreements, leases andequipment trust certificates shall not conflict with any of the provisions ofany trustagreement securing the payment of bonds or certificates of the authority.

      (e)   An executed copy of each such agreement and lease shall be filed in theoffice ofthe city and county clerk of the city and county in which said authority isoperatingand such filing shall constitute notice to any subsequent judgment creditor oranysubsequent purchaser.

      History:   L. 2006, ch. 83, § 7; July 1.