12-5807.   Same; equipment; purchase, agreements andleases.(a) The authority shall have power to purchase equipment, recreationalequipment andmake public improvements, construct dams and docks and may execute agreements,leases andequipment trust certificates. All money required to be paid by the authorityunder the provisions ofsuch agreements, leases and equipment trust certificates shall be payablesolely from the revenue orincome to be derived from the riverfront authority and from grants. Payment forsuch equipment, orrentals therefor, may be made in installments, and the deferred installmentsmay be evidenced byequipment trust certificates payable solely from such revenue or income, andtitle to such equipmentshall not vest in the authority until the equipment trust certificates arepaid.

      (b)   The agreement to purchase may direct the vendor to sell and assign theequipment to abank or trust company, duly authorized to transact business in the state ofKansas, as trustee, for thebenefit and security of the equipment trust certificates and may direct thetrustee to deliver theequipment to one or more designated officers of the authority and may authorizethe trusteesimultaneously therewith to execute and deliver a lease of the equipment to theauthority.

      (c)   The agreements and leases shall be duly acknowledged before some personauthorizedby law to take acknowledgments of deeds and in the form required foracknowledgment of deeds andsuch agreements, leases and equipment trust certificates shall be authorized byvote of the board andshall contain such covenants, conditions and provisions as may be deemednecessary or appropriateto insure the payment of the equipment trust certificates from the revenue orincome to be derivedfrom the riverfront authority.

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

      (e)   An executed copy of each such agreement and lease shall be filed in theoffice of the cityand county clerk of the city and county in which said authority is operatingand such filing shallconstitute notice to any subsequent judgment creditor or any subsequentpurchaser.

      History:   L. 2008, ch. 85, § 7; July 1.