19-27a22. Revenue bonds for sewer projects in urban areas.
19-27a22
19-27a22. Revenue bonds for sewer projects in urban areas.
(a) The governing body of any sewer district located in a
county designated an urban area under the provisions of K.S.A. 19-3524,
and amendments thereto, without an election thereon, may issue revenue bonds
to (1) acquire
property rights in connection with disposal
of sewage, either within or outside the state; (2) enlarge main
sewers of the district; (3) construct disposal plants; (4) acquire or construct
revenue producing improvements
for the district; and (5) provide funds to enable the governing body
to exercise any of its powers. All revenue bonds issued shall be
secured by a pledge of the revenues of the district, including user fees,
charges and other revenues, any of
which may be pledged to their payment.
(b) Prior to issuing any revenue bonds, the governing body shall adopt
a resolution, which
shall be recorded in its journal, declaring the acquisition or
improvement necessary to be done and authorize issuance of revenue bonds
to pay all or part of the costs thereof, including legal, engineering
and other special costs. The resolution shall specify the amount of
bonds to be issued, the rate of interest thereon, the maturity dates and
the purpose for which the proceeds are to be expended.
Revenue
from the operation of any improvement financed in whole or in part by
revenue bonds shall be paid into the treasury of the
sewer district and kept in a separate fund to be used only for the
purpose of paying the cost of operating and maintaining the
improvement, providing an adequate depreciation fund and paying the
principal and interest on the revenue bonds issued.
History: L. 1983, ch. 99, § 23; July 1.