3-150.   Same; terms; disposition of excessfunds.Revenue bonds issued under the provisions of thisact shall mature not later than 40 years after the date of issuance. Thebonds shall bear interest at a rate not to exceed the maximum rate of interestprescribed by K.S.A. 10-1009, and amendments thereto. In no case where revenuebonds are issued under and by virtue of this act, after the project hasbeen completed, shall the total amount received therefrom be in excess ofthe actual cost of theproject. In the case where bonds are issued prior to completion of the projectand the total amount received therefrom exceeds the actual costs of theproject when completed, then the excess shallbe deposited in a separate fund and shall not be used except for the purpose ofpayingthe principal of and the interest upon the revenue bonds issued under thisact. No board or municipality shall have any right or authority to levytaxes to pay any of the principal of or interest on anyrevenue bonds or any judgment against the issuing board or municipalityon account thereof. The provisions of K.S.A. 10-113, andamendments 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.