19-3554.   Issuance of no-fund warrants;assessments.The governing bodyof any district created pursuant to K.S.A. 19-3545 et seq., and amendmentsthereto, may issue no-fund warrants in amounts sufficient to paypreliminary engineering, financialand legalservices to determine the advisability of proceeding with the acquisitionor construction of a water supply system.Such warrants shall be authorized, issued,registered and redeemed as prescribed by K.S.A. 79-2940, and amendmentsthereto, and shall bear interest at a rate not to exceed the maximum rateprescribed by K.S.A. 10-1009, and amendments thereto. Any surplusexisting after the redemption of such warrants shall be handled in the mannerprescribed by K.S.A. 79-2940, and amendments thereto.

      The governing body of the district shall make not more than five equal annualtax levies, as determined by the state court of taxappeals, at the next succeeding tax-levyingperiods after such warrants are issued in an amountsufficient 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.