10-123.Temporary notes for improvements; issuance; renewal, when.
If a municipality
has approved an improvement for which it is
authorized to finance in whole or in part by the
issuance of bonds, the governing body of the municipality may issue temporary
notes, bearing interest at a rate not to exceed the
maximum rate of interest prescribed by K.S.A. 10-1009, and amendments
thereto, payable in accordance
with the terms of the notes, maturing not later than
four years from the date of the notes and not exceeding in the aggregate
the amount of bonds
which may be issued and are then unissued, as shown by the approved
estimates on file. If bonds may be issued, for purposes for which state or federal aid
is available, the amount of the notes shall not exceed the total amount
of any unissued bonds and
the state and federal aid granted to the project. Any municipality
may issue renewal temporary notes to pay for the cost of taking up any
previously issued temporary notes as they mature when all aspects of the improvement
will not be completed at the maturity date of the notes or when the
municipality has completed the improvements and the issuance of bonds is
prevented, hindered or delayed.
The temporary notes shall be in a form determined by ordinance or resolution,
acceptable for registration by the state treasurer. The entire temporary
note shall be contained on one sheet of paper. The notes shall
be executed and registered in the same manner as the
bonds, and shall be redeemed and
canceled before or at the time permanent bonds are issued in lieu
thereof. The amount of temporary notes and bonds issued and
outstanding shall not at any time exceed the estimated cost and expense
of the improvement. Temporary notes may be retired in whole or in part
from current revenues of the municipality authorized for such purpose.
The temporary notes may be issued from time to
time, as required during the progress of the work, shall be negotiable in
accordance with their terms and shall constitute a general obligation of
the municipality issuing
the same. The temporary notes shall not be negotiable in accordance with
their terms until countersigned, following registration,
by the clerk of the issuing
municipality, and a statement to that effect shall appear on the face of
all such temporary notes. The temporary notes may be sold in the
manner determined by the municipality.
History: R.S. 1923, § 10-123; L. 1939, ch. 91, § 1; L. 1951,
ch. 126, § 1; L. 1953, ch. 55, § 1; L. 1970, ch. 64, § 3; L. 1977,
ch. 47, § 1; L. 1978, ch. 49, § 1; L. 1982, ch. 55, § 1;
L. 1989, ch. 52, § 1; July 1.
10-123.Temporary notes for improvements; issuance; renewal, when.
If a municipality
has approved an improvement for which it is
authorized to finance in whole or in part by the
issuance of bonds, the governing body of the municipality may issue temporary
notes, bearing interest at a rate not to exceed the
maximum rate of interest prescribed by K.S.A. 10-1009, and amendments
thereto, payable in accordance
with the terms of the notes, maturing not later than
four years from the date of the notes and not exceeding in the aggregate
the amount of bonds
which may be issued and are then unissued, as shown by the approved
estimates on file. If bonds may be issued, for purposes for which state or federal aid
is available, the amount of the notes shall not exceed the total amount
of any unissued bonds and
the state and federal aid granted to the project. Any municipality
may issue renewal temporary notes to pay for the cost of taking up any
previously issued temporary notes as they mature when all aspects of the improvement
will not be completed at the maturity date of the notes or when the
municipality has completed the improvements and the issuance of bonds is
prevented, hindered or delayed.
The temporary notes shall be in a form determined by ordinance or resolution,
acceptable for registration by the state treasurer. The entire temporary
note shall be contained on one sheet of paper. The notes shall
be executed and registered in the same manner as the
bonds, and shall be redeemed and
canceled before or at the time permanent bonds are issued in lieu
thereof. The amount of temporary notes and bonds issued and
outstanding shall not at any time exceed the estimated cost and expense
of the improvement. Temporary notes may be retired in whole or in part
from current revenues of the municipality authorized for such purpose.
The temporary notes may be issued from time to
time, as required during the progress of the work, shall be negotiable in
accordance with their terms and shall constitute a general obligation of
the municipality issuing
the same. The temporary notes shall not be negotiable in accordance with
their terms until countersigned, following registration,
by the clerk of the issuing
municipality, and a statement to that effect shall appear on the face of
all such temporary notes. The temporary notes may be sold in the
manner determined by the municipality.
History: R.S. 1923, § 10-123; L. 1939, ch. 91, § 1; L. 1951,
ch. 126, § 1; L. 1953, ch. 55, § 1; L. 1970, ch. 64, § 3; L. 1977,
ch. 47, § 1; L. 1978, ch. 49, § 1; L. 1982, ch. 55, § 1;
L. 1989, ch. 52, § 1; July 1.
10-123.Temporary notes for improvements; issuance; renewal, when.
If a municipality
has approved an improvement for which it is
authorized to finance in whole or in part by the
issuance of bonds, the governing body of the municipality may issue temporary
notes, bearing interest at a rate not to exceed the
maximum rate of interest prescribed by K.S.A. 10-1009, and amendments
thereto, payable in accordance
with the terms of the notes, maturing not later than
four years from the date of the notes and not exceeding in the aggregate
the amount of bonds
which may be issued and are then unissued, as shown by the approved
estimates on file. If bonds may be issued, for purposes for which state or federal aid
is available, the amount of the notes shall not exceed the total amount
of any unissued bonds and
the state and federal aid granted to the project. Any municipality
may issue renewal temporary notes to pay for the cost of taking up any
previously issued temporary notes as they mature when all aspects of the improvement
will not be completed at the maturity date of the notes or when the
municipality has completed the improvements and the issuance of bonds is
prevented, hindered or delayed.
The temporary notes shall be in a form determined by ordinance or resolution,
acceptable for registration by the state treasurer. The entire temporary
note shall be contained on one sheet of paper. The notes shall
be executed and registered in the same manner as the
bonds, and shall be redeemed and
canceled before or at the time permanent bonds are issued in lieu
thereof. The amount of temporary notes and bonds issued and
outstanding shall not at any time exceed the estimated cost and expense
of the improvement. Temporary notes may be retired in whole or in part
from current revenues of the municipality authorized for such purpose.
The temporary notes may be issued from time to
time, as required during the progress of the work, shall be negotiable in
accordance with their terms and shall constitute a general obligation of
the municipality issuing
the same. The temporary notes shall not be negotiable in accordance with
their terms until countersigned, following registration,
by the clerk of the issuing
municipality, and a statement to that effect shall appear on the face of
all such temporary notes. The temporary notes may be sold in the
manner determined by the municipality.
History: R.S. 1923, § 10-123; L. 1939, ch. 91, § 1; L. 1951,
ch. 126, § 1; L. 1953, ch. 55, § 1; L. 1970, ch. 64, § 3; L. 1977,
ch. 47, § 1; L. 1978, ch. 49, § 1; L. 1982, ch. 55, § 1;
L. 1989, ch. 52, § 1; July 1.