3-150. Same; terms; disposition of excess funds.
3-150
3-150. Same; terms; disposition of excess
funds.
Revenue bonds issued under the provisions of this
act shall mature not later than 40 years after the date of issuance. The
bonds shall bear interest at a rate not to exceed the maximum rate of interest
prescribed by K.S.A. 10-1009, and amendments thereto. In no case where revenue
bonds are issued under and by virtue of this act, after the project has
been completed, shall the total amount received therefrom be in excess of
the actual cost of the
project. In the case where bonds are issued prior to completion of the project
and the total amount received therefrom exceeds the actual costs of the
project when completed, then the excess shall
be deposited in a separate fund and shall not be used except for the purpose of
paying
the principal of and the interest upon the revenue bonds issued under this
act. No board or municipality shall have any right or authority to levy
taxes to pay any of the principal of or interest on any
revenue bonds or any judgment against the issuing board or municipality
on account thereof. The provisions of K.S.A. 10-113, and
amendments thereto, shall not apply to any bonds issued hereunder.
History: L. 1951, ch. 174, § 6; L. 1967, ch. 9, § 2; L. 1970,
ch. 64, § 1; L. 1978, ch. 99, § 4; L. 1983, ch. 49, § 14; May 12.