19-2765c. Same; investment of sewer and water expansion funds.
19-2765c
19-2765c. Same; investment of sewer and water
expansion funds.
(a) As used in this section: (1) "Improvement district" means an improvement
district authorized and existing pursuant to K.S.A. 19-2753 to 19-2765,
both sections inclusive, and amendments thereto, having a population of
more than one thousand (1,000) and located in a county having a population
of more than two hundred fifty thousand (250,000); (2) "fund" means a sewer
or water expansion fund or both maintained by an improvement district and
derived from sources other than general tax levies; and (3) "obligations
of the United States government" means direct obligations of the United
States government and also obligations guaranteed as to principal and interest
by the United States government.
(b) The governing body of any such improvement
district may invest all or part of any moneys in any such fund in investments
authorized by K.S.A. 12-1675, and amendments thereto, in the
manner prescribed therein or if the governing body shall determine that
any such moneys are not required for the purpose for which collected or
received for a period of more than six months from the date of investment,
such moneys may be invested in general obligation bonds issued by a
municipality
of this state or in obligations of the United States government. Income
from 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.