3-315.   Same; terms;disposition of excess funds.Revenue bonds issued under the provisions of this act shall mature not laterthan 40 years after the date of issuance. The bonds shall bear interestat a rate not to exceed the maximum rate prescribed by K.S.A. 10-1009, andamendments thereto. In no case where revenue bonds are issued under andby virtue of this act, after the project has been completed, shall the totalamount 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 andthe total amount received therefrom exceeds the actual cost of the projectwhen completed, then the excess shall be deposited in a separate fund andshall not be used except for the purpose of paying the principal of andthe interest upon the revenue bonds issued under this act. The board ofcounty commissioners of such county shall not have any right or authorityto levy taxes to payany of the principal of or interest on any revenue bondsor 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.