19-3601b.   Same; issuance of bonds and no-fundwarrants.The governing body of any fire district created under theprovisions of K.S.A. 19-3601 et seq. shall have the authority to issuegeneral obligation bonds under the provisions of the general bond law exceptthat before any bonds are issued, the governing body shall publish oncein a newspaper of general circulation within the district a notice of itsintention to issue such bonds and stating the purpose for which such bondsare to be issued and the amount thereof. If within sixty (60) days afterthe date of publication of such notice, a petition signed by not less thanfive percent (5%) of the qualified electors residing in such district isfiled with the county election officer, no bonds shall be issued until approvedby a majority of the qualified electors residing in the district votingat an election called and held therefor. At no time may the aggregate amountof outstanding bonds issued under this section exceed five percent (5%)of the assessed valuation of tangible property within the district.

      The governing body of any such fire district shall also have the authorityto issue no-fund warrants in the manner prescribed in K.S.A. 79-2940. Allsuch warrants and interest thereon may be payable in approximately equalinstallments over a period of not to exceed five years from the first dayof July following their issuance. The governing body shall make a levy at thefirst tax levying period after such warrants are issued sufficient to pay suchwarrants and the interest thereon as may be required during the budget year.

      History:   L. 1979, ch. 75, § 2; July 1.