10-1009.Municipal bonds or obligations; interest
rates; limitation.
(a) The maximum stated rate of interest which may be fixed on
fixed-rate bonds issued by
a municipality or taxing subdivision of the state of Kansas shall be determined
on the day the bonds are sold and shall not exceed the daily
yield for the ten-year treasury bonds published by
The Bond
Buyer, in New York, New York, on the
Monday next preceding the day on which the bonds are sold, plus
(1) three percent, if the interest on the bonds is excluded from gross
income for
federal income tax purposes or (2) four percent, if the interest on the bonds
is included
in gross income for federal income tax purposes.
(b) The maximum stated rate of interest which may be fixed on
variable-rate bonds issued by a municipality or taxing subdivision of the state
of Kansas shall be determined on the date on which the rate is determined in
accordance with the resolution or
ordinance of the issuer and shall not exceed the daily yield for
the ten-year treasury bonds published by The Bond
Buyer, in New York, New
York, on the Monday next preceding such date, plus
(1) three percent, if the interest on the bonds is excluded from gross
income for
federal income tax purposes or (2) four percent, if the interest on the bonds
is included
in gross income for federal income tax purposes.
(c) Except as provided for variable rate bonds,
the maximum rate of interest specified in this section shall be
applicable to bonds issued after the effective date of this act.
The maximum rate of interest on variable rate bonds issued prior to the
effective date of this act shall be the higher of (1) the maximum rate of
interest specified by subsection (a) or (b) of this section, as in effect
prior to the effective date of this act, (2) the maximum rate of interest
specified in this section or (3) the rate for such variable rate bonds
specified in the documents authorizing the issuance thereof.
(d) Notwithstanding the foregoing, for the period from the effective date
of this act until and including June 30,
2010, the maximum stated rate of interest which may be
fixed on fixed-rate or variable-rate bonds issued by a
municipality or taxing subdivision of the state of Kansas
shall be determined on the day the bonds are sold and
shall not exceed the daily yield for the ten-year treasury
bonds published by The Bond Buyer, in New York, New
York, on the Monday next preceding the day on which the
bonds are sold, plus (1) 5%, if the interest on the bonds
is excluded from gross income for federal income tax
purposes or (2) 6%, if the interest on the bonds is
included in gross income for federal income tax purposes.
History: L. 1970, ch. 64, § 104;
L. 1975, ch. 48, § 1;
L. 1980, ch. 55, § 1;
L. 1982, ch. 54, § 1;
L. 1987, ch. 60, § 6;
L. 1988, ch. 65, § 2;
L. 1990, ch. 63, § 1;
L. 1993, ch. 67, § 2;
L. 1994, ch. 103, § 2;
L. 2002, ch. 75, § 1;
L. 2009, ch. 95, § 1; Apr. 30.
10-1009.Municipal bonds or obligations; interest
rates; limitation.
(a) The maximum stated rate of interest which may be fixed on
fixed-rate bonds issued by
a municipality or taxing subdivision of the state of Kansas shall be determined
on the day the bonds are sold and shall not exceed the daily
yield for the ten-year treasury bonds published by
The Bond
Buyer, in New York, New York, on the
Monday next preceding the day on which the bonds are sold, plus
(1) three percent, if the interest on the bonds is excluded from gross
income for
federal income tax purposes or (2) four percent, if the interest on the bonds
is included
in gross income for federal income tax purposes.
(b) The maximum stated rate of interest which may be fixed on
variable-rate bonds issued by a municipality or taxing subdivision of the state
of Kansas shall be determined on the date on which the rate is determined in
accordance with the resolution or
ordinance of the issuer and shall not exceed the daily yield for
the ten-year treasury bonds published by The Bond
Buyer, in New York, New
York, on the Monday next preceding such date, plus
(1) three percent, if the interest on the bonds is excluded from gross
income for
federal income tax purposes or (2) four percent, if the interest on the bonds
is included
in gross income for federal income tax purposes.
(c) Except as provided for variable rate bonds,
the maximum rate of interest specified in this section shall be
applicable to bonds issued after the effective date of this act.
The maximum rate of interest on variable rate bonds issued prior to the
effective date of this act shall be the higher of (1) the maximum rate of
interest specified by subsection (a) or (b) of this section, as in effect
prior to the effective date of this act, (2) the maximum rate of interest
specified in this section or (3) the rate for such variable rate bonds
specified in the documents authorizing the issuance thereof.
(d) Notwithstanding the foregoing, for the period from the effective date
of this act until and including June 30,
2010, the maximum stated rate of interest which may be
fixed on fixed-rate or variable-rate bonds issued by a
municipality or taxing subdivision of the state of Kansas
shall be determined on the day the bonds are sold and
shall not exceed the daily yield for the ten-year treasury
bonds published by The Bond Buyer, in New York, New
York, on the Monday next preceding the day on which the
bonds are sold, plus (1) 5%, if the interest on the bonds
is excluded from gross income for federal income tax
purposes or (2) 6%, if the interest on the bonds is
included in gross income for federal income tax purposes.
History: L. 1970, ch. 64, § 104;
L. 1975, ch. 48, § 1;
L. 1980, ch. 55, § 1;
L. 1982, ch. 54, § 1;
L. 1987, ch. 60, § 6;
L. 1988, ch. 65, § 2;
L. 1990, ch. 63, § 1;
L. 1993, ch. 67, § 2;
L. 1994, ch. 103, § 2;
L. 2002, ch. 75, § 1;
L. 2009, ch. 95, § 1; Apr. 30.
10-1009.Municipal bonds or obligations; interest
rates; limitation.
(a) The maximum stated rate of interest which may be fixed on
fixed-rate bonds issued by
a municipality or taxing subdivision of the state of Kansas shall be determined
on the day the bonds are sold and shall not exceed the daily
yield for the ten-year treasury bonds published by
The Bond
Buyer, in New York, New York, on the
Monday next preceding the day on which the bonds are sold, plus
(1) three percent, if the interest on the bonds is excluded from gross
income for
federal income tax purposes or (2) four percent, if the interest on the bonds
is included
in gross income for federal income tax purposes.
(b) The maximum stated rate of interest which may be fixed on
variable-rate bonds issued by a municipality or taxing subdivision of the state
of Kansas shall be determined on the date on which the rate is determined in
accordance with the resolution or
ordinance of the issuer and shall not exceed the daily yield for
the ten-year treasury bonds published by The Bond
Buyer, in New York, New
York, on the Monday next preceding such date, plus
(1) three percent, if the interest on the bonds is excluded from gross
income for
federal income tax purposes or (2) four percent, if the interest on the bonds
is included
in gross income for federal income tax purposes.
(c) Except as provided for variable rate bonds,
the maximum rate of interest specified in this section shall be
applicable to bonds issued after the effective date of this act.
The maximum rate of interest on variable rate bonds issued prior to the
effective date of this act shall be the higher of (1) the maximum rate of
interest specified by subsection (a) or (b) of this section, as in effect
prior to the effective date of this act, (2) the maximum rate of interest
specified in this section or (3) the rate for such variable rate bonds
specified in the documents authorizing the issuance thereof.
(d) Notwithstanding the foregoing, for the period from the effective date
of this act until and including June 30,
2010, the maximum stated rate of interest which may be
fixed on fixed-rate or variable-rate bonds issued by a
municipality or taxing subdivision of the state of Kansas
shall be determined on the day the bonds are sold and
shall not exceed the daily yield for the ten-year treasury
bonds published by The Bond Buyer, in New York, New
York, on the Monday next preceding the day on which the
bonds are sold, plus (1) 5%, if the interest on the bonds
is excluded from gross income for federal income tax
purposes or (2) 6%, if the interest on the bonds is
included in gross income for federal income tax purposes.
History: L. 1970, ch. 64, § 104;
L. 1975, ch. 48, § 1;
L. 1980, ch. 55, § 1;
L. 1982, ch. 54, § 1;
L. 1987, ch. 60, § 6;
L. 1988, ch. 65, § 2;
L. 1990, ch. 63, § 1;
L. 1993, ch. 67, § 2;
L. 1994, ch. 103, § 2;
L. 2002, ch. 75, § 1;
L. 2009, ch. 95, § 1; Apr. 30.