19-2777.   Same; terms of revenue bonds.(a) Except as provided by subsection (b), any revenue bonds issuedunder the provisions of K.S.A. 19-2776, and amendmentsthereto, shall mature serially or otherwise. Such bonds shall maturewithin a maximum period of30 years from the date ofissuance and shall bear interest at a rate not to exceed the maximumrate of interest prescribed by K.S.A. 10-1009, and amendments thereto.

      (b)   Any revenue bonds issued under the provisions of K.S.A. 19-2776, andamendments thereto, and sold, pursuant to written agreement, to the governmentof the United States of America or any bureau, department, instrumentality oragency thereof, shall be issued to mature in not more than 40 years and shallbear interest at a rate not to exceed the maximum rate prescribed by K.S.A.10-1009, and amendments thereto, payable at such times fixed by the board ofdirectors of the improvement district issuing the same. The bonds shallmature serially or otherwise, may be in coupon or registered form andinterchangeable, and shall have such other terms and provisions as the board ofdirectors of the improvement district provides by resolution or trustagreement.

      History:   L. 1945, ch. 180, § 25; L. 1968, ch. 135,§ 4; L. 1970, ch. 64, § 57;L. 2001, ch. 48, § 1; April 5.