19-2637. Same; issuance of bonds to replace funds; terms and denomination of bonds; limitations inapplicable.
19-2637
19-2637. Same; issuance of bonds to replace funds;
terms and denomination of bonds; limitations inapplicable.
The bonds herein authorized shall be issued and sold in the manner as
provided by the law of other similar bonds except as in this act
otherwise provided; shall be issued in such denominations of fifty
dollars ($50) or more as may be determined by the board of county
commissioners of said county, shall bear interest not to exceed the
maximum rate of interest prescribed by K.S.A. 10-1009; shall run for not
less than one or more than fifteen (15) years
from the date of issue thereof; shall mature serially in annual
installments of approximately equal amounts: Provided, however,
That the earlier installments may be reduced and the later installments
increased so that the amount required to pay principal and interest
during the period covered by the maturity of such bonds will be in
approximately the same amount each year: Provided further, That the
statutory limitation of the debt of said county shall not apply to such
bond issue.
History: L. 1937, ch. 201, § 3; L. 1970, ch. 64, §
51; March 21.