13-13,100. Same; terms.
13-13,100
13-13,100. Same; terms.
Revenue bonds issued under the provisions of this act shall mature not later
than 40 years after the date of issuance. 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. In no
case where revenue bonds
are issued pursuant to this act, after the
project has been
completed, shall the total amount received therefrom be in excess of the actual
costs of the project. In the case where the bonds are issued prior to
completion of the project and the total amount received therefrom
exceeds the
actual costs of the project when completed, then the excess shall
forthwith be deposited in a separate fund and shall not be used except
for the purpose of paying the principal of and the interest upon the
revenue bonds issued under the act. No board or municipality shall have
any right or authority to levy taxes to pay any of the principal of or
interest on any such bond or any judgment against the issuing board or
municipality 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. 1967, ch. 110, § 6; L. 1970, ch. 64, § 32; L. 1978,
ch. 99, § 18; L. 1983, ch. 49, § 64; May 12.