2-226. State fair debt service special revenue fund; Kansas development finance authority, revenue bonds authorized; reporting requirements.
2-226
2-226. State fair debt service special revenue fund;
Kansas development finance authority, revenue bonds authorized; reporting
requirements.
(a) The state fair board may make expenditures from money
available therefor for the acquisition, construction, equipping, furnishing,
renovation, reconstruction and repair of the Kansas state fairgrounds. Capital
improvement projects for the acquisition, construction, equipping, furnishing,
renovation, reconstruction and repair of the Kansas state fairgrounds are
hereby approved for the state fair board for the purposes of subsection (b) of
K.S.A. 74-8905, and amendments thereto and the authorization of one or more
series of revenue bonds by the Kansas development finance authority in
accordance with that statute. Expenditures from bond proceeds authorized by
this section for
these capital improvement projects shall not exceed an aggregate of $29,000,000
plus all
amounts required for costs of any bond issuance, cost of interest on any bond
issued or obtained for such capital improvement project and any required
reserves for payment of any principal and interest on any bond.
(b) The state fair board shall pursue local, state and private funds to
offset expenditures from the state treasury for payment of principal and
interest on bonds issued to finance capital improvements for the Kansas state
fairgrounds. Subject to the provisions of appropriation acts, moneys credited
to the state economic development initiatives fund may be expended for payment
of principal and interest on bonds issued to finance such capital improvements.
Prior to the issuance of any bonds authorized pursuant to this section for any
such capital improvement project, the general manager of the Kansas state fair
shall report to the state finance council concerning such project and such
issuance. The report shall specifically include information about the proposed
utilization of bond proceeds for any capital improvement project and the
availability and use of other sources including local, state and private funds.
No bonds shall be issued under this section except upon approval by the state
finance council acting on this matter after a review by the joint committee on
state building construction. The approval of the issuance of bonds is hereby
characterized as a matter of
legislative delegation and subject to the guidelines prescribed in subsection
(c) of K.S.A. 75-3711c, and amendments thereto. Approval by the state finance
council may be given when the legislature is in session.
(c) There is hereby established the state fair debt service special revenue
fund in the state treasury. All moneys credited to this fund shall be expended
for the payment of principal and interest on bonds issued to finance capital
improvements for the Kansas state fairgrounds under this section. All
expenditures from the state fair debt service special revenue fund shall be in
accordance with the provisions of appropriation acts pursuant to vouchers
approved by the general manager of the Kansas state fair board or by the
designee of the general manager.
(d) During the fiscal year ending June 30, 2003, after bonds are issued by
the Kansas development finance authority to finance capital improvements for
the Kansas state fairgrounds in accordance with this section, the general
manager of the Kansas fair board shall certify that fact to the director of
accounts and reports and, upon receipt of such certification, or as soon
thereafter as moneys are available therefor, the director of accounts and
reports shall transfer an amount or amounts from the state economic development
initiatives fund or other available funds of the state, as specified by
appropriation act, to the state fair debt service special revenue fund.
History: L. 2001, ch. 129, § 1; July 1.