19-2876b. Same; recreation fund anticipation notes; interest; proceeds; redemption on maturity.
19-2876b
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 which
the expenditure of the moneys in said fund is authorized, the board of
commissioners of the county park and recreation district located in the
urban area herein designated may issue recreation funds anticipation
notes in such number and amount as the board deems necessary, but any
such 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 in
K.S.A. 10-1009(a). Such notes may be sold only to the board
of county commissioners referred to in K.S.A. 19-2876a,
and are otherwise nonnegotiable. The proceeds received from the sale of
such notes shall be deposited in the general fund established in K.S.A.
19-2876 and expended for any purpose authorized therein. Upon
maturity such notes shall be redeemed from the general fund of the
district.
History: L. 1971, ch. 91, § 2; April 9.