19-3601b. Same; issuance of bonds and no-fund warrants.
19-3601b
19-3601b. Same; issuance of bonds and no-fund
warrants.
The governing body of any fire district created under the
provisions of K.S.A. 19-3601 et seq. shall have the authority to issue
general obligation bonds under the provisions of the general bond law except
that before any bonds are issued, the governing body shall publish once
in a newspaper of general circulation within the district a notice of its
intention to issue such bonds and stating the purpose for which such bonds
are to be issued and the amount thereof. If within sixty (60) days after
the date of publication of such notice, a petition signed by not less than
five percent (5%) of the qualified electors residing in such district is
filed with the county election officer, no bonds shall be issued until approved
by a majority of the qualified electors residing in the district voting
at an election called and held therefor. At no time may the aggregate amount
of 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 authority
to issue no-fund warrants in the manner prescribed in K.S.A. 79-2940. All
such warrants and interest thereon may be payable in approximately equal
installments over a period of not to exceed five years from the first day
of July following their issuance. The governing body shall make a levy at the
first tax levying period after such warrants are issued sufficient to pay such
warrants and the interest thereon as may be required during the budget year.
History: L. 1979, ch. 75, § 2; July 1.