2-226.   State fair debt service special revenue fund;Kansas development finance authority, revenue bonds authorized; reportingrequirements.(a) The state fair board may make expenditures from moneyavailable therefor for the acquisition, construction, equipping, furnishing,renovation, reconstruction and repair of the Kansas state fairgrounds. Capitalimprovement projects for the acquisition, construction, equipping, furnishing,renovation, reconstruction and repair of the Kansas state fairgrounds arehereby approved for the state fair board for the purposes of subsection (b) ofK.S.A. 74-8905, and amendments thereto and the authorization of one or moreseries of revenue bonds by the Kansas development finance authority inaccordance with that statute. Expenditures from bond proceeds authorized bythis section forthese capital improvement projects shall not exceed an aggregate of $29,000,000plus allamounts required for costs of any bond issuance, cost of interest on any bondissued or obtained for such capital improvement project and any requiredreserves for payment of any principal and interest on any bond.

      (b)   The state fair board shall pursue local, state and private funds tooffset expenditures from the state treasury for payment of principal andinterest on bonds issued to finance capital improvements for the Kansas statefairgrounds. Subject to the provisions of appropriation acts, moneys creditedto the state economic development initiatives fund may be expended for paymentof principal and interest on bonds issued to finance such capital improvements.Prior to the issuance of any bonds authorized pursuant to this section for anysuch capital improvement project, the general manager of the Kansas state fairshall report to the state finance council concerning such project and suchissuance. The report shall specifically include information about the proposedutilization of bond proceeds for any capital improvement project and theavailability and use of other sources including local, state and private funds.No bonds shall be issued under this section except upon approval by the statefinance council acting on this matter after a review by the joint committee onstate building construction. The approval of the issuance of bonds is herebycharacterized as a matter oflegislative delegation and subject to the guidelines prescribed in subsection(c) of K.S.A. 75-3711c, and amendments thereto. Approval by the state financecouncil may be given when the legislature is in session.

      (c)   There is hereby established the state fair debt service special revenuefund in the state treasury. All moneys credited to this fund shall be expendedfor the payment of principal and interest on bonds issued to finance capitalimprovements for the Kansas state fairgrounds under this section. Allexpenditures from the state fair debt service special revenue fund shall be inaccordance with the provisions of appropriation acts pursuant to vouchersapproved by the general manager of the Kansas state fair board or by thedesignee of the general manager.

      (d)   During the fiscal year ending June 30, 2003, after bonds are issued bythe Kansas development finance authority to finance capital improvements forthe Kansas state fairgrounds in accordance with this section, the generalmanager of the Kansas fair board shall certify that fact to the director ofaccounts and reports and, upon receipt of such certification, or as soonthereafter as moneys are available therefor, the director of accounts andreports shall transfer an amount or amounts from the state economic developmentinitiatives fund or other available funds of the state, as specified byappropriation act, to the state fair debt service special revenue fund.

      History:   L. 2001, ch. 129, § 1; July 1.