10-116a.Refunding of revenue bonds and interest thereon; limitations;
investment of certain bond proceeds.
Any municipal or quasi-municipal corporation which has issued or may hereafter
issue revenue bonds under the laws of the state of Kansas, may issue, without an
election, revenue bonds pursuant to the provisions of this section to refund
any revenue bond issue or issues, or part thereof, any interest on such
bonds or both such bonds and interest. The principal amount of any issue of
refunding revenue bonds shall not
exceed the aggregate amount of: (a) The principal amount of the revenue
bonds or interest being refunded; (b) the amount of any interest which
has accrued thereon
or interest
that will accrue to the date of payment of the bonds being refunded; (c)
the amount of any premium
required to be paid should the bonds be called for redemption and
payment; (d) expenses of the municipal or quasi-municipal corporation deemed
by the governing body to be necessary for the issuance of the refunding
bonds; and (e) expenses incident to the payment of the bonds being refunded.
The refunding revenue bonds may be sold or exchanged for the
bonds being refunded either as a whole or in installments at any time or
times, either at, before, or after the maturity of the bonds being
refunded. If the refunding
revenue bonds are sold more than six months prior to the maturity or
earliest prior redemption date of the bonds being refunded, the proceeds
derived from the sale, together with any other moneys on hand, shall be
placed in escrow under a trust agreement with a Kansas bank having full
trust powers. The
proceeds and moneys shall be invested in direct obligations
of, or obligations the principal of and the interest on which are
unconditionally guaranteed by, the United States of America or municipal
obligations which are secured by direct obligations of the United States of
America, and which shall
mature or be subject to redemption by the holders
thereof not later than the respective dates when the proceeds of
the obligations together with the interest accruing thereon and any other
moneys or investments held in escrow will be required for the purposes
intended. The trust agreement shall pledge or assign the moneys and
investments held in trust for the payment of the principal of the revenue
bonds being refunded and may pledge or assign the moneys and investments
held in trust for the payment of the interest on the revenue bonds being
refunded and any redemption premium thereon. The trust agreement may pledge
or assign any of the obligations or other moneys or investments, or interest
accruing thereon, held in trust, which are in excess of the amount of the
obligations and other moneys and investments held which is equal to the
amount of the principal of the bonds to be refunded which comes due on the
date for which the bonds may have been called for redemption or irrevocable
instructions to call bonds for redemption have been given
and any redemption
premium thereon, for the payment of the principal of and interest on any
or all of the refunding revenue bonds and any redemption premium thereon,
and shall contain provisions for protecting and enforcing the rights and
remedies of the holders of the revenue bonds. The
refunding revenue bonds issued pursuant to this section shall not be general
obligations of the municipal or quasi-municipal corporation, except as
herein provided, and insofar as the same may be made applicable the
issuance of the refunding revenue bonds, the security thereof, and the
rights, duties and obligations of the municipal or quasi-municipal corporation
in respect thereof, shall be
governed by the laws governing such matters with respect to the bonds being
refunded and all other laws
generally applicable to revenue bonds issued in this state by
the municipal or quasi-municipal corporation.
History: L. 1965, ch. 136, § 1; L. 1976, ch. 60, § 1; L. 1977,
ch. 58, § 1; L. 1978, ch. 47, § 1; L. 1983, ch. 48, § 3;
L. 1987, ch. 60, § 1; May 28.
10-116a.Refunding of revenue bonds and interest thereon; limitations;
investment of certain bond proceeds.
Any municipal or quasi-municipal corporation which has issued or may hereafter
issue revenue bonds under the laws of the state of Kansas, may issue, without an
election, revenue bonds pursuant to the provisions of this section to refund
any revenue bond issue or issues, or part thereof, any interest on such
bonds or both such bonds and interest. The principal amount of any issue of
refunding revenue bonds shall not
exceed the aggregate amount of: (a) The principal amount of the revenue
bonds or interest being refunded; (b) the amount of any interest which
has accrued thereon
or interest
that will accrue to the date of payment of the bonds being refunded; (c)
the amount of any premium
required to be paid should the bonds be called for redemption and
payment; (d) expenses of the municipal or quasi-municipal corporation deemed
by the governing body to be necessary for the issuance of the refunding
bonds; and (e) expenses incident to the payment of the bonds being refunded.
The refunding revenue bonds may be sold or exchanged for the
bonds being refunded either as a whole or in installments at any time or
times, either at, before, or after the maturity of the bonds being
refunded. If the refunding
revenue bonds are sold more than six months prior to the maturity or
earliest prior redemption date of the bonds being refunded, the proceeds
derived from the sale, together with any other moneys on hand, shall be
placed in escrow under a trust agreement with a Kansas bank having full
trust powers. The
proceeds and moneys shall be invested in direct obligations
of, or obligations the principal of and the interest on which are
unconditionally guaranteed by, the United States of America or municipal
obligations which are secured by direct obligations of the United States of
America, and which shall
mature or be subject to redemption by the holders
thereof not later than the respective dates when the proceeds of
the obligations together with the interest accruing thereon and any other
moneys or investments held in escrow will be required for the purposes
intended. The trust agreement shall pledge or assign the moneys and
investments held in trust for the payment of the principal of the revenue
bonds being refunded and may pledge or assign the moneys and investments
held in trust for the payment of the interest on the revenue bonds being
refunded and any redemption premium thereon. The trust agreement may pledge
or assign any of the obligations or other moneys or investments, or interest
accruing thereon, held in trust, which are in excess of the amount of the
obligations and other moneys and investments held which is equal to the
amount of the principal of the bonds to be refunded which comes due on the
date for which the bonds may have been called for redemption or irrevocable
instructions to call bonds for redemption have been given
and any redemption
premium thereon, for the payment of the principal of and interest on any
or all of the refunding revenue bonds and any redemption premium thereon,
and shall contain provisions for protecting and enforcing the rights and
remedies of the holders of the revenue bonds. The
refunding revenue bonds issued pursuant to this section shall not be general
obligations of the municipal or quasi-municipal corporation, except as
herein provided, and insofar as the same may be made applicable the
issuance of the refunding revenue bonds, the security thereof, and the
rights, duties and obligations of the municipal or quasi-municipal corporation
in respect thereof, shall be
governed by the laws governing such matters with respect to the bonds being
refunded and all other laws
generally applicable to revenue bonds issued in this state by
the municipal or quasi-municipal corporation.
History: L. 1965, ch. 136, § 1; L. 1976, ch. 60, § 1; L. 1977,
ch. 58, § 1; L. 1978, ch. 47, § 1; L. 1983, ch. 48, § 3;
L. 1987, ch. 60, § 1; May 28.
10-116a.Refunding of revenue bonds and interest thereon; limitations;
investment of certain bond proceeds.
Any municipal or quasi-municipal corporation which has issued or may hereafter
issue revenue bonds under the laws of the state of Kansas, may issue, without an
election, revenue bonds pursuant to the provisions of this section to refund
any revenue bond issue or issues, or part thereof, any interest on such
bonds or both such bonds and interest. The principal amount of any issue of
refunding revenue bonds shall not
exceed the aggregate amount of: (a) The principal amount of the revenue
bonds or interest being refunded; (b) the amount of any interest which
has accrued thereon
or interest
that will accrue to the date of payment of the bonds being refunded; (c)
the amount of any premium
required to be paid should the bonds be called for redemption and
payment; (d) expenses of the municipal or quasi-municipal corporation deemed
by the governing body to be necessary for the issuance of the refunding
bonds; and (e) expenses incident to the payment of the bonds being refunded.
The refunding revenue bonds may be sold or exchanged for the
bonds being refunded either as a whole or in installments at any time or
times, either at, before, or after the maturity of the bonds being
refunded. If the refunding
revenue bonds are sold more than six months prior to the maturity or
earliest prior redemption date of the bonds being refunded, the proceeds
derived from the sale, together with any other moneys on hand, shall be
placed in escrow under a trust agreement with a Kansas bank having full
trust powers. The
proceeds and moneys shall be invested in direct obligations
of, or obligations the principal of and the interest on which are
unconditionally guaranteed by, the United States of America or municipal
obligations which are secured by direct obligations of the United States of
America, and which shall
mature or be subject to redemption by the holders
thereof not later than the respective dates when the proceeds of
the obligations together with the interest accruing thereon and any other
moneys or investments held in escrow will be required for the purposes
intended. The trust agreement shall pledge or assign the moneys and
investments held in trust for the payment of the principal of the revenue
bonds being refunded and may pledge or assign the moneys and investments
held in trust for the payment of the interest on the revenue bonds being
refunded and any redemption premium thereon. The trust agreement may pledge
or assign any of the obligations or other moneys or investments, or interest
accruing thereon, held in trust, which are in excess of the amount of the
obligations and other moneys and investments held which is equal to the
amount of the principal of the bonds to be refunded which comes due on the
date for which the bonds may have been called for redemption or irrevocable
instructions to call bonds for redemption have been given
and any redemption
premium thereon, for the payment of the principal of and interest on any
or all of the refunding revenue bonds and any redemption premium thereon,
and shall contain provisions for protecting and enforcing the rights and
remedies of the holders of the revenue bonds. The
refunding revenue bonds issued pursuant to this section shall not be general
obligations of the municipal or quasi-municipal corporation, except as
herein provided, and insofar as the same may be made applicable the
issuance of the refunding revenue bonds, the security thereof, and the
rights, duties and obligations of the municipal or quasi-municipal corporation
in respect thereof, shall be
governed by the laws governing such matters with respect to the bonds being
refunded and all other laws
generally applicable to revenue bonds issued in this state by
the municipal or quasi-municipal corporation.
History: L. 1965, ch. 136, § 1; L. 1976, ch. 60, § 1; L. 1977,
ch. 58, § 1; L. 1978, ch. 47, § 1; L. 1983, ch. 48, § 3;
L. 1987, ch. 60, § 1; May 28.