19-2876b.   Same; recreation fund anticipation notes; interest;proceeds; redemption on maturity.Whenever the moneys in the general fund established pursuant to K.S.A.19-2876 are insufficient to carry out the purposes for whichthe expenditure of the moneys in said fund is authorized, the board ofcommissioners of the county park and recreation district located in theurban area herein designated may issue recreation funds anticipationnotes in such number and amount as the board deems necessary, but anysuch notes shall not be issued for a period longer than twelve (12)months, and shall bear interest at a rate not to exceed that provided inK.S.A. 10-1009(a). Such notes may be sold only to the boardof county commissioners referred to in K.S.A. 19-2876a,and are otherwise nonnegotiable. The proceeds received from the sale ofsuch notes shall be deposited in the general fund established in K.S.A.19-2876 and expended for any purpose authorized therein. Uponmaturity such notes shall be redeemed from the general fund of thedistrict.

      History:   L. 1971, ch. 91, § 2; April 9.