12-6a34.   Same; creation of separate fund for eachdistrict; moneys credited to such funds and use thereof; use of remainingmoneys.A separate fund shall be created for each districtand such fund shall be identified by a suitable title. Communityimprovement district sales tax remitted to the municipality pursuant toK.S.A. 2009 Supp. 12-6a31, and amendments thereto, special assessments paid tothemunicipality pursuant to this act, proceeds from the sale of bondsissued pursuant to this act, and any other moneys appropriated by thegoverning body for the purpose of paying project costs, including theprincipal of and interest on bonds issued pursuant to this act, shall becredited to such fund. Such fund shall be used solely to pay the cost ofthe project through either the issuanceof bonds or pay-as-you-go financing, and shall not be limited by the estimatedcost amount listedin the ordinance or resolution authorizing the project. In the eventmoneys remain in the fund after the expiration of the communityimprovement district sales tax, such moneys shall continue to be usedsolely to pay the cost of the project. Upon payment of all project costsand principal of and interest on any bonds issued for such district, themunicipality shall have the authority to spend any moneys remaining insuch fund for the purposes for which local sales tax receipts may bespent.

      History:   L. 2009, ch. 122, § 10; July 1.