3-158. Same; terms; disposition of excess funds.
3-158
3-158. Same; terms;
disposition of excess funds.
Revenue bonds issued under the provisions of this act may
be sold at public
or private sale and 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 prescribed by K.S.A. 10-1009, and amendments
thereto. The bonds may be in coupon or registered
form and interchangeable, and shall have such other terms and provisions
as the issuing municipality, by ordinance, resolution or trust agreement
provides. Such bonds and any interest thereon shall
be exempt from taxation under the laws of this state. 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 the 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 the act. No 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
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. 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.