12-6a34. Same; creation of separate fund for each district; moneys credited to such funds and use thereof; use of remaining moneys.
12-6a34
12-6a34. Same; creation of separate fund for each
district; moneys credited to such funds and use thereof; use of remaining
moneys.
A separate fund shall be created for each district
and such fund shall be identified by a suitable title. Community
improvement district sales tax remitted to the municipality pursuant to
K.S.A. 2009 Supp. 12-6a31, and amendments thereto, special assessments paid to
the
municipality pursuant to this act, proceeds from the sale of bonds
issued pursuant to this act, and any other moneys appropriated by the
governing body for the purpose of paying project costs, including the
principal of and interest on bonds issued pursuant to this act, shall be
credited to such fund. Such fund shall be used solely to pay the cost of
the project through either the issuance
of bonds or pay-as-you-go financing, and shall not be limited by the estimated
cost amount listed
in the ordinance or resolution authorizing the project. In the event
moneys remain in the fund after the expiration of the community
improvement district sales tax, such moneys shall continue to be used
solely to pay the cost of the project. Upon payment of all project costs
and principal of and interest on any bonds issued for such district, the
municipality shall have the authority to spend any moneys remaining in
such fund for the purposes for which local sales tax receipts may be
spent.
History: L. 2009, ch. 122, § 10; July 1.