3-315. Same; terms; disposition of excess funds.
3-315
3-315. 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 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 cost 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. The board of
county commissioners of such county shall not 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 board on account thereof.
History: L. 1969, ch. 11, § 2; L. 1978, ch. 99, § 6; L. 1983,
ch. 49, § 16; May 12.