19-3554. Issuance of no-fund warrants; assessments.
19-3554
19-3554. Issuance of no-fund warrants;
assessments.
The governing body
of any district created pursuant to K.S.A. 19-3545 et seq., and amendments
thereto, may issue no-fund warrants in amounts sufficient to pay
preliminary engineering, financial
and legal
services to determine the advisability of proceeding with the acquisition
or construction of a water supply system.
Such warrants shall be authorized, issued,
registered and redeemed as prescribed by K.S.A. 79-2940, and amendments
thereto, and shall bear interest at a rate not to exceed the maximum rate
prescribed by K.S.A. 10-1009, and amendments thereto. Any surplus
existing after the redemption of such warrants shall be handled in the manner
prescribed by K.S.A. 79-2940, and amendments thereto.
The governing body of the district shall make not more than five equal annual
tax levies, as determined by the state court of tax
appeals, at the next succeeding tax-levying
periods after such warrants are issued in an amount
sufficient to pay such warrants and interest thereon.
History: L. 1977, ch. 353, § 10; L. 1982, ch. 125, § 2;
L. 2008, ch. 109, § 48; July 1.