3-157. Same; bonds constitute lien on revenues of facilities; recitals in bonds; conclusive validity in favor of purchasers; negotiability; debt limits inapplicable.
3-157
3-157. Same; bonds constitute lien on revenues of facilities; recitals
in bonds; conclusive validity in favor of purchasers; negotiability; debt
limits inapplicable.
Such revenue bonds are hereby made a lien on the revenue produced from
the operation or rental of such special facility but shall not be general
obligations of the issuing municipality and shall not contain the recital
set forth in K.S.A. 10-112 or any amendment thereof, but shall contain
recitals stating the authority under which such bonds are issued; that they
are issued in conformity with the provisions, restrictions and limitations
of that authority and that such bonds and the interest thereon are to be
paid by the issuing municipality from the revenues derived from the
operation or rentals of said special facility and not from any other fund
or source; that the same have been registered in the office of the clerk of
the issuing municipality and the auditor of the state of Kansas
respectively, and that said bonds are negotiable. All such revenue bonds
when registered and issued as herein provided shall import absolute verity
and shall be conclusive in favor of all persons purchasing such bonds; that
all proceedings and conditions precedent have been held and performed to
authorize the issuance thereof and such bonds shall be negotiable and shall
be issued in addition to any statutory limits of bonded indebtedness of the
issuing municipality.
History: L. 1974, ch. 6, § 5; July 1.