13-1391.   Same; revenue bonds; terms; use of funds;operating expenses.Whenever the governing body of a city of the first or second classissues revenue bonds under this act, such revenue bonds shall not be generalobligations of such city but shall be paid exclusivelyfrom the revenues derived from the operation of off-street parkingfacilities and on-street parking meters, except as hereinafter provided.The governing body of such city may provide, however, if it finds it tobe in the best interest of the city, that revenue bonds issued hereundershall be payable solely from the revenues derived from the operation ofon-street parking meters and that no charge shall be imposed for the useof the off-street parking facilities acquired or improved out of theproceeds of such bonds. Such revenue bonds shall not be taken intoaccount or in any wise be a limitation upon the power of such a city toissue bonds for any other purpose. No city issuing revenue bonds underthis act shall have any right or authority to levy taxes to pay any ofthe principal of, or interest on any such bonds or any judgment againstthe 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. All revenue bonds issuedhereunder shall mature to conform with the plan ofliquidation and payment of such bonds and the interest thereon asprovided by the governing body. The maturity date of such revenuebonds shall not exceed a longer period of time than 40 yearsafter the date of issuance and such bonds shall bear interest at a ratenot to exceed the maximum rate of interest prescribed by K.S.A. 10-1009,and amendments thereto.

      Such revenue bonds shall not contain the recitals set forth in K.S.A.10-112, and amendments thereto. Such bondsshall recite the authority under which such revenue bonds are issued,and that they are issued in conformity with the provisions, restrictionsand limitations thereof, and that such bonds and interest thereon are tobe paid from the net revenues received from the operation of off-streetparking facilities and from on-street parking meters. The revenuebonds shall recite, also, that the same have been registered in theoffice of the city clerk, and in the office of thetreasurer of the state of Kansas. Registration of the revenue bonds shallimport absolute verity, and shallbe conclusive as to the recitals, in favor of all persons purchasing suchbonds, and that all proceedings and conditions precedent have beenhad and performed to authorize the issuance of such bonds, and such bondsshall be negotiable.

      Whenever revenue bonds are issued under this act to finance the costof acquiring land and constructing or placing of improvements thereon,such revenue bonds shall be a specific lien on such land andimprovements and on all the revenues derived from the operation thereonof off-street parking facilities. Thegoverning body may provide in the ordinance authorizing any such revenuebonds that the additional bonds may be issued payable out of therevenues of the facilities then being acquired under such conditions andrestrictions as may be specified in such ordinance.

      All revenues derived from the operation of off-street parkingfacilities shall be placed in a special fund which shall be usedfor the payment of operational and maintenance costs of such off-streetparking facilities, including the cost of installation, maintenance andrepair of parking meters therein, for which such cities are herebyexpressly empowered to contract, and all revenues over and above thosenecessary for the above stated purposes shall be used for the retirementof revenue bonds issued hereunder and for the payment of interestthereon. All sums necessary for the operation of off-street parkingfacilities and on-street parking meters shall have a first claim on allrevenues received from such facilities and meters. The net amount, afterthe deduction of the necessary operating expenses, may be pledged forthe payment of any revenue bonds issued for the purposes hereinauthorized.

      History:   L. 1951, ch. 175, § 4; L. 1955, ch. 101, § 4; L. 1970,ch. 64, § 31; L. 1978, ch. 99, § 17; L. 1983, ch. 49, § 63; May 12.