10-1211.Refunding of bonds.
Any municipality governed by the provisions of this act having issued
revenue bonds under this act or any previous authority may, from time to
time, issue revenue bonds pursuant to the provisions of this act to
refund any previous issue or part thereof of its outstanding revenue
bonds. Such refunding revenue bonds shall be issued in the manner
prescribed by and subject to the provisions of K.S.A. 10-116a. In addition,
any such municipality may, from time to time,
issue general obligation bonds, under the provisions of the general bond
law, to refund any previous issue or part thereof of its outstanding
revenue bonds, including the principal amount thereof and all accrued
outstanding interest thereon, if such revenue bonds are callable in
accordance with their terms or the holders thereof are willing to
surrender them to the municipality. Such general obligation bonds shall
not be issued until a resolution adopted by the governing body of the
municipality stating the purpose for which such bonds are to be issued,
the total amount of the bonds proposed to be issued, and the total cost
to the city of the refunding project, shall be published once each week
for two consecutive weeks in the official newspaper of such
municipality. After publication, such bonds may be issued unless a petition
requesting an election on the proposition, signed by electors equal in
number to not less than 5% of the electors of the
municipality who voted for the office of secretary of state at the last preceding
general election of such office, is filed with the clerk of such municipality
within 20 days following the last publication of such resolution. If
such a petition is filed, the governing body of the
municipality shall submit the proposition to the voters at an election
called for such purpose and held within 90 days after the last
publication of the resolution, and no bonds shall be issued unless such
proposition shall receive the approval of a majority of the votes cast
thereon. Such election shall be called and held in the manner provided
by the general bond law. No such general obligation bonds shall be
issued unless: (a) The total cost to the municipality on the general
obligation bonds shall amount to less than the remaining interest cost
to the municipality on the outstanding revenue bonds being refunded; (b)
the anticipated revenues from the utility system involved are expected
to be sufficient to retire such general obligation bonds; and (c) the
refunding is necessary to accomplish a comprehensive and orderly
financing plan for the utility system.
History: L. 1947, ch. 107, § 11; L. 1968, ch. 140, § 1; L.
1977, ch. 58, § 3; L. 1981, ch. 173, § 6; July 1.
10-1211.Refunding of bonds.
Any municipality governed by the provisions of this act having issued
revenue bonds under this act or any previous authority may, from time to
time, issue revenue bonds pursuant to the provisions of this act to
refund any previous issue or part thereof of its outstanding revenue
bonds. Such refunding revenue bonds shall be issued in the manner
prescribed by and subject to the provisions of K.S.A. 10-116a. In addition,
any such municipality may, from time to time,
issue general obligation bonds, under the provisions of the general bond
law, to refund any previous issue or part thereof of its outstanding
revenue bonds, including the principal amount thereof and all accrued
outstanding interest thereon, if such revenue bonds are callable in
accordance with their terms or the holders thereof are willing to
surrender them to the municipality. Such general obligation bonds shall
not be issued until a resolution adopted by the governing body of the
municipality stating the purpose for which such bonds are to be issued,
the total amount of the bonds proposed to be issued, and the total cost
to the city of the refunding project, shall be published once each week
for two consecutive weeks in the official newspaper of such
municipality. After publication, such bonds may be issued unless a petition
requesting an election on the proposition, signed by electors equal in
number to not less than 5% of the electors of the
municipality who voted for the office of secretary of state at the last preceding
general election of such office, is filed with the clerk of such municipality
within 20 days following the last publication of such resolution. If
such a petition is filed, the governing body of the
municipality shall submit the proposition to the voters at an election
called for such purpose and held within 90 days after the last
publication of the resolution, and no bonds shall be issued unless such
proposition shall receive the approval of a majority of the votes cast
thereon. Such election shall be called and held in the manner provided
by the general bond law. No such general obligation bonds shall be
issued unless: (a) The total cost to the municipality on the general
obligation bonds shall amount to less than the remaining interest cost
to the municipality on the outstanding revenue bonds being refunded; (b)
the anticipated revenues from the utility system involved are expected
to be sufficient to retire such general obligation bonds; and (c) the
refunding is necessary to accomplish a comprehensive and orderly
financing plan for the utility system.
History: L. 1947, ch. 107, § 11; L. 1968, ch. 140, § 1; L.
1977, ch. 58, § 3; L. 1981, ch. 173, § 6; July 1.
10-1211.Refunding of bonds.
Any municipality governed by the provisions of this act having issued
revenue bonds under this act or any previous authority may, from time to
time, issue revenue bonds pursuant to the provisions of this act to
refund any previous issue or part thereof of its outstanding revenue
bonds. Such refunding revenue bonds shall be issued in the manner
prescribed by and subject to the provisions of K.S.A. 10-116a. In addition,
any such municipality may, from time to time,
issue general obligation bonds, under the provisions of the general bond
law, to refund any previous issue or part thereof of its outstanding
revenue bonds, including the principal amount thereof and all accrued
outstanding interest thereon, if such revenue bonds are callable in
accordance with their terms or the holders thereof are willing to
surrender them to the municipality. Such general obligation bonds shall
not be issued until a resolution adopted by the governing body of the
municipality stating the purpose for which such bonds are to be issued,
the total amount of the bonds proposed to be issued, and the total cost
to the city of the refunding project, shall be published once each week
for two consecutive weeks in the official newspaper of such
municipality. After publication, such bonds may be issued unless a petition
requesting an election on the proposition, signed by electors equal in
number to not less than 5% of the electors of the
municipality who voted for the office of secretary of state at the last preceding
general election of such office, is filed with the clerk of such municipality
within 20 days following the last publication of such resolution. If
such a petition is filed, the governing body of the
municipality shall submit the proposition to the voters at an election
called for such purpose and held within 90 days after the last
publication of the resolution, and no bonds shall be issued unless such
proposition shall receive the approval of a majority of the votes cast
thereon. Such election shall be called and held in the manner provided
by the general bond law. No such general obligation bonds shall be
issued unless: (a) The total cost to the municipality on the general
obligation bonds shall amount to less than the remaining interest cost
to the municipality on the outstanding revenue bonds being refunded; (b)
the anticipated revenues from the utility system involved are expected
to be sufficient to retire such general obligation bonds; and (c) the
refunding is necessary to accomplish a comprehensive and orderly
financing plan for the utility system.
History: L. 1947, ch. 107, § 11; L. 1968, ch. 140, § 1; L.
1977, ch. 58, § 3; L. 1981, ch. 173, § 6; July 1.