3-319.   Same; issuance of bonds; amount; limitations.Any county which is unconditionally authorized to make a tax levy underK.S.A. 3-316 may, in lieu of making all or part of such tax levy, issueand sell general obligation bonds as now provided by law for the issuanceof general obligation bonds for the purposes stated in this act except thatsuch bonds shall be issued to mature in not more than five years and exceptthat no election shall be required. In the event that bonds are issued underauthority of this section, the amount of such bonds which may be issuedshall be determined as follows:

      (a)   The amount of such bonds shall not exceed the amount of the productwhich results from multiplying three mills (or such lesser amount as specifiedin subsection (b)) times five or such lesser amount as specified in subsection(b) times the assessed taxable, tangible valuation of the county at thetime the bonds are issued, less the sum of all amounts specified in subsections(c) and (d).

      (b)   In the event that the initial resolution adopted under K.S.A. 3-316specified a lesser number of mills than two or a lesser number of yearsthan five, the numeral 4 or the numeral 5, respectively, in the subsection(a) shall be reduced accordingly.

      (c)   The maximum amount of bonds authorized by this section to be issuedshall be reduced by all amounts which have been or will be received by suchcounty from any tax levy (made before such bonds are issued) under authorityof K.S.A. 3-316, and such maximum amount shall be further reduced by theestimated amount of interest to be paid on such bonds.

      (d)   The maximum amount of bonds authorized by this section to be issuedshall be reduced by an amount equal to the amount of unpaid principal onbonds which have theretofore been issued under this section.

      History:   L. 1981, ch. 111, § 4; April 25.