13-1391. Same; revenue bonds; terms; use of funds; operating expenses.
13-1391
13-1391. Same; revenue bonds; terms; use of funds;
operating expenses.
Whenever the governing body of a city of the first or second class
issues revenue bonds under this act, such revenue bonds shall not be general
obligations of such city but shall be paid exclusively
from the revenues derived from the operation of off-street parking
facilities and on-street parking meters, except as hereinafter provided.
The governing body of such city may provide, however, if it finds it to
be in the best interest of the city, that revenue bonds issued hereunder
shall be payable solely from the revenues derived from the operation of
on-street parking meters and that no charge shall be imposed for the use
of the off-street parking facilities acquired or improved out of the
proceeds of such bonds. Such revenue bonds shall not be taken into
account or in any wise be a limitation upon the power of such a city to
issue bonds for any other purpose. No city issuing revenue bonds under
this act shall have any right or authority to levy taxes to pay any of
the principal of, or interest on any such 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. All revenue bonds issued
hereunder shall mature to conform with the plan of
liquidation and payment of such bonds and the interest thereon as
provided by the governing body. The maturity date of such revenue
bonds shall not exceed a longer period of time than 40 years
after the date of issuance and such 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.
Such revenue bonds shall not contain the recitals set forth in K.S.A.
10-112, and amendments thereto. Such bonds
shall recite the authority under which such revenue bonds are issued,
and that they are issued in conformity with the provisions, restrictions
and limitations thereof, and that such bonds and interest thereon are to
be paid from the net revenues received from the operation of off-street
parking facilities and from on-street parking meters. The revenue
bonds shall recite, also, that the same have been registered in the
office of the city clerk, and in the office of the
treasurer of the state of Kansas. Registration of the revenue bonds shall
import absolute verity, and shall
be conclusive as to the recitals, in favor of all persons purchasing such
bonds, and that all proceedings and conditions precedent have been
had and performed to authorize the issuance of such bonds, and such bonds
shall be negotiable.
Whenever revenue bonds are issued under this act to finance the cost
of acquiring land and constructing or placing of improvements thereon,
such revenue bonds shall be a specific lien on such land and
improvements and on all the revenues derived from the operation thereon
of off-street parking facilities. The
governing body may provide in the ordinance authorizing any such revenue
bonds that the additional bonds may be issued payable out of the
revenues of the facilities then being acquired under such conditions and
restrictions as may be specified in such ordinance.
All revenues derived from the operation of off-street parking
facilities shall be placed in a special fund which shall be used
for the payment of operational and maintenance costs of such off-street
parking facilities, including the cost of installation, maintenance and
repair of parking meters therein, for which such cities are hereby
expressly empowered to contract, and all revenues over and above those
necessary for the above stated purposes shall be used for the retirement
of revenue bonds issued hereunder and for the payment of interest
thereon. All sums necessary for the operation of off-street parking
facilities and on-street parking meters shall have a first claim on all
revenues received from such facilities and meters. The net amount, after
the deduction of the necessary operating expenses, may be pledged for
the payment of any revenue bonds issued for the purposes herein
authorized.
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.