3-158.   Same; terms;disposition of excess funds.Revenue bonds issued under the provisions of this act maybe sold at publicor private sale and shall mature not later than 40 yearsafter the date of issuance. The bonds shall bear interest at a rate notto exceed the maximum rate prescribed by K.S.A. 10-1009, and amendmentsthereto. The bonds may be in coupon or registeredform and interchangeable, and shall have such other terms and provisionsas the issuing municipality, by ordinance, resolution or trust agreementprovides. Such bonds and any interest thereon shallbe exempt from taxation under the laws of this state. In no case whererevenue bonds are issued under and by virtue of this act, after theproject has been completed, shall the total amount receivedtherefrom be in excessof the actual cost of the project. In the case where the bonds areissued prior to completion of the project and the total amountreceived therefrom exceeds the actual costs of the project when completed,then the excessshall be deposited in a separate fund and shall not be usedexcept for the purpose of paying the principal of and the interest uponthe revenue bonds issued under the act. No municipality shall have anyright or authority to levy taxes to pay any of the principal of orinterest on any revenue bonds or any judgment against the issuingmunicipality on account thereof. The provisions of K.S.A.10-113, and amendments thereto, shall not apply to any bonds issued hereunder.

      History:   L. 1974, ch. 6, § 6; L. 1975, ch. 4, § 1; L. 1978,ch. 99, § 5; L. 1980, ch. 3, § 1; L. 1983, ch. 49, § 15; May 12.