12-5707.   Equipment; purchase, agreements andleases.(a) The authority shall have power to purchase equipment,recreationalequipment and make public improvements, construct dams and docks and mayexecute agreements, leases andequipment trust certificates. All money required to be paid by the authorityunder the provisions of such agreements, leases and equipment trustcertificates shall be payable solely from the revenue or income to be derivedfrom the riverfront authority and from grants. Payment for such equipment, orrentals therefor, may be made in installments, and the deferredinstallments may be evidenced by equipment trust certificates payablesolely from such revenue or income, and title to such equipment shallnot vest in the authority until the equipment trust certificates are paid.

      (b)   The agreement to purchase may direct the vendor to sell andassign the equipment to a bank or trust company, duly authorized totransact business in the state of Kansas, as trustee, for the benefit andsecurity of the equipment trust certificates and may direct the trustee todeliver the equipment to one or more designated officers of the authorityand may authorize the trustee simultaneously therewith to execute anddeliver a lease of the equipment to the authority.

      (c)   The agreements and leases shall be duly acknowledged beforesome person authorized by law to take acknowledgments of deeds and inthe form required for acknowledgment of deeds and such agreements, leases andequipment trustcertificates shall be authorized by vote of theboard and shall contain such covenants, conditions and provisions as maybe deemed necessary or appropriate to insure the payment of the equipment trustcertificates from the revenue or income to be derived fromthe riverfront authority.

      (d)   The covenants, conditions and provisions of the agreements,leases and equipment trust certificates shall not conflict with any of theprovisions of any trust agreement securing the payment of bonds or certificatesof the authority.

      (e)   An executed copy of each such agreement and lease shall be filedin the office of the city and county clerk of the city and county in whichsaid authority is operating and such filing shall constitute notice to anysubsequent judgment creditor or any subsequent purchaser.

      History:   L. 2007, ch. 120, § 7; July 1.