19-2765c.   Same; investment of sewer and waterexpansion funds.(a) As used in this section: (1) "Improvement district" means an improvementdistrict authorized and existing pursuant to K.S.A. 19-2753 to 19-2765,both sections inclusive, and amendments thereto, having a population ofmore than one thousand (1,000) and located in a county having a populationof more than two hundred fifty thousand (250,000); (2) "fund" means a seweror water expansion fund or both maintained by an improvement district andderived from sources other than general tax levies; and (3) "obligationsof the United States government" means direct obligations of the UnitedStates government and also obligations guaranteed as to principal and interestby the United States government.

      (b)   The governing body of any such improvementdistrict may invest all or part of any moneys in any such fund in investmentsauthorized by K.S.A. 12-1675, and amendments thereto, in themanner prescribed therein or if the governing body shall determine thatany such moneys are not required for the purpose for which collected orreceived for a period of more than six months from the date of investment,such moneys may be invested in general obligation bonds issued by amunicipalityof this state or in obligations of the United States government. Incomefrom such investments shall be added to and become a part of the fund.

      History:   L. 1965, ch. 206, § 1; L. 1977, ch. 54, § 29; July 1.