12-865. Same; revenue bonds; terms; disposition of excess funds.
12-865
12-865. Same; revenue bonds;
terms; disposition of excess funds.
Revenue bonds issued under the provisions of this act shall mature not later
than 40 years after the date of issuance. The bonds shall bear interest
at a rate not to exceed the maximum rate
of interest prescribed by K.S.A. 10-1009, and amendments thereto. In no case
where
revenue bonds are issued
under and by virtue of this act shall the total amount received therefrom be in
excess of the actual cost of the project. No city shall have any right
or authority to levy taxes to pay any of the principal of or interest on
any revenue bonds or any judgment against the issuing city on account
thereof and the provisions of K.S.A. 10-113, and amendments thereto,
shall not apply to any
bonds issued hereunder.
History: L. 1953, ch. 72, § 10; L. 1969, ch. 77, § 1; L. 1970,
ch. 64, § 11; L. 1978, ch. 99, § 11; L. 1983, ch. 49, § 45; May 12.