12-5807. Same; equipment; purchase, agreements and leases.
12-5807
12-5807. Same; equipment; purchase, agreements and
leases.
(a) The authority shall have power to purchase equipment, recreational
equipment and
make public improvements, construct dams and docks and may execute agreements,
leases and
equipment trust certificates. All money required to be paid by the authority
under the provisions of
such agreements, leases and equipment trust certificates shall be payable
solely from the revenue or
income to be derived from the riverfront authority and from grants. Payment for
such equipment, or
rentals therefor, may be made in installments, and the deferred installments
may be evidenced by
equipment trust certificates payable solely from such revenue or income, and
title to such equipment
shall not vest in the authority until the equipment trust certificates are
paid.
(b) The agreement to purchase may direct the vendor to sell and assign the
equipment to a
bank or trust company, duly authorized to transact business in the state of
Kansas, as trustee, for the
benefit and security of the equipment trust certificates and may direct the
trustee to deliver the
equipment to one or more designated officers of the authority and may authorize
the trustee
simultaneously therewith to execute and deliver a lease of the equipment to the
authority.
(c) The agreements and leases shall be duly acknowledged before some person
authorized
by law to take acknowledgments of deeds and in the form required for
acknowledgment of deeds and
such agreements, leases and equipment trust certificates shall be authorized by
vote of the board and
shall contain such covenants, conditions and provisions as may be deemed
necessary or appropriate
to insure the payment of the equipment trust certificates from the revenue or
income to be derived
from the riverfront authority.
(d) The covenants, conditions and provisions of the agreements, leases and
equipment trust
certificates shall not conflict with any of the provisions of any trust
agreement securing the payment
of bonds or certificates of the authority.
(e) An executed copy of each such agreement and lease shall be filed in the
office of the city
and county clerk of the city and county in which said authority is operating
and such filing shall
constitute notice to any subsequent judgment creditor or any subsequent
purchaser.
History: L. 2008, ch. 85, § 7; July 1.