12-1665.Same; temporary notes; refunding
notes; sale or exchange.
Temporary notes shall be authorized by ordinance if by a city or by
resolution if by other public agency, but if all are not issued at the
same time, each issue consuming a part of the total amount authorized by
the ordinance or resolution shall be authorized by subsidiary
resolution. The ordinance or original resolution shall state the total
amount that may be issued, which shall not exceed the amount of the federal
aid to be received according
to the percentage or as fixed or estimated by the commitment of the
federal agency. Subsidiary resolutions shall state the date, the amount
of each note, and the interest rate. All notes shall state that they
shall mature when the federal aid is
received and the rate of interest which shall not exceed the maximum
rate of interest prescribed by K.S.A. 10-1009,
and amendments thereto.
Such temporary notes shall be in the form usual for bonds except that
any coupons evidencing the interest need not be attached, shall be executed
and registered as bonds are registered both with the clerk or secretary
of the public agency and the state treasurer, shall be payable at the
office of the treasurer of the public agency or at such place as the
federal aid is paid, and shall be redeemed and canceled as soon as
the federal aid is available, except that the
interest shall be payable when due out of appropriate current funds or
the general fund or bond or usual temporary note proceeds of the public
agency, and the interest shall be included as a part of the
public agency's share of the cost of the local program. The temporary
notes may be issued from time to time as funds are needed during the
progress of the local program. Such notes shall be negotiable and shall constitute a
general obligation of the public agency, and if for any reason the
federal aid or any part thereof is not received so that the notes or
some of them cannot be paid, such notes may be refunded by new notes and
a tax levied to pay such refunding notes. Such refunding notes shall be
payable by not more than four annual tax levies, except that if the
funds used by the public agency are of a revenue producing facility or
the bonds issued for the public agency's share are revenue bonds of a
revenue producing facility, such temporary notes shall not be general
obligations of the public agency and if for any reason the federal aid
or any part thereof is not received and the notes or part of them cannot
be paid from the aid, they shall be payable from revenue of the revenue
producing facility and refunding notes may be issued to pay the notes
and such refunding notes shall mature in not more than five years.
Such refunding notes, either tax payable or revenue payable, shall be
issued and registered as the original notes. Such temporary or refunding
notes may be sold in the manner determined by the public agency issuing the same.
Refunding notes may be exchanged for the temporary notes or the proceeds
of the sale shall be used to redeem the temporary notes.
History: L. 1967, ch. 422, § 4; L. 1970, ch. 64, § 13; L.
1978, ch. 64, § 3; L. 1980, ch. 67, § 3; L. 1983, ch. 49, § 48; May 12.
12-1665.Same; temporary notes; refunding
notes; sale or exchange.
Temporary notes shall be authorized by ordinance if by a city or by
resolution if by other public agency, but if all are not issued at the
same time, each issue consuming a part of the total amount authorized by
the ordinance or resolution shall be authorized by subsidiary
resolution. The ordinance or original resolution shall state the total
amount that may be issued, which shall not exceed the amount of the federal
aid to be received according
to the percentage or as fixed or estimated by the commitment of the
federal agency. Subsidiary resolutions shall state the date, the amount
of each note, and the interest rate. All notes shall state that they
shall mature when the federal aid is
received and the rate of interest which shall not exceed the maximum
rate of interest prescribed by K.S.A. 10-1009,
and amendments thereto.
Such temporary notes shall be in the form usual for bonds except that
any coupons evidencing the interest need not be attached, shall be executed
and registered as bonds are registered both with the clerk or secretary
of the public agency and the state treasurer, shall be payable at the
office of the treasurer of the public agency or at such place as the
federal aid is paid, and shall be redeemed and canceled as soon as
the federal aid is available, except that the
interest shall be payable when due out of appropriate current funds or
the general fund or bond or usual temporary note proceeds of the public
agency, and the interest shall be included as a part of the
public agency's share of the cost of the local program. The temporary
notes may be issued from time to time as funds are needed during the
progress of the local program. Such notes shall be negotiable and shall constitute a
general obligation of the public agency, and if for any reason the
federal aid or any part thereof is not received so that the notes or
some of them cannot be paid, such notes may be refunded by new notes and
a tax levied to pay such refunding notes. Such refunding notes shall be
payable by not more than four annual tax levies, except that if the
funds used by the public agency are of a revenue producing facility or
the bonds issued for the public agency's share are revenue bonds of a
revenue producing facility, such temporary notes shall not be general
obligations of the public agency and if for any reason the federal aid
or any part thereof is not received and the notes or part of them cannot
be paid from the aid, they shall be payable from revenue of the revenue
producing facility and refunding notes may be issued to pay the notes
and such refunding notes shall mature in not more than five years.
Such refunding notes, either tax payable or revenue payable, shall be
issued and registered as the original notes. Such temporary or refunding
notes may be sold in the manner determined by the public agency issuing the same.
Refunding notes may be exchanged for the temporary notes or the proceeds
of the sale shall be used to redeem the temporary notes.
History: L. 1967, ch. 422, § 4; L. 1970, ch. 64, § 13; L.
1978, ch. 64, § 3; L. 1980, ch. 67, § 3; L. 1983, ch. 49, § 48; May 12.
12-1665.Same; temporary notes; refunding
notes; sale or exchange.
Temporary notes shall be authorized by ordinance if by a city or by
resolution if by other public agency, but if all are not issued at the
same time, each issue consuming a part of the total amount authorized by
the ordinance or resolution shall be authorized by subsidiary
resolution. The ordinance or original resolution shall state the total
amount that may be issued, which shall not exceed the amount of the federal
aid to be received according
to the percentage or as fixed or estimated by the commitment of the
federal agency. Subsidiary resolutions shall state the date, the amount
of each note, and the interest rate. All notes shall state that they
shall mature when the federal aid is
received and the rate of interest which shall not exceed the maximum
rate of interest prescribed by K.S.A. 10-1009,
and amendments thereto.
Such temporary notes shall be in the form usual for bonds except that
any coupons evidencing the interest need not be attached, shall be executed
and registered as bonds are registered both with the clerk or secretary
of the public agency and the state treasurer, shall be payable at the
office of the treasurer of the public agency or at such place as the
federal aid is paid, and shall be redeemed and canceled as soon as
the federal aid is available, except that the
interest shall be payable when due out of appropriate current funds or
the general fund or bond or usual temporary note proceeds of the public
agency, and the interest shall be included as a part of the
public agency's share of the cost of the local program. The temporary
notes may be issued from time to time as funds are needed during the
progress of the local program. Such notes shall be negotiable and shall constitute a
general obligation of the public agency, and if for any reason the
federal aid or any part thereof is not received so that the notes or
some of them cannot be paid, such notes may be refunded by new notes and
a tax levied to pay such refunding notes. Such refunding notes shall be
payable by not more than four annual tax levies, except that if the
funds used by the public agency are of a revenue producing facility or
the bonds issued for the public agency's share are revenue bonds of a
revenue producing facility, such temporary notes shall not be general
obligations of the public agency and if for any reason the federal aid
or any part thereof is not received and the notes or part of them cannot
be paid from the aid, they shall be payable from revenue of the revenue
producing facility and refunding notes may be issued to pay the notes
and such refunding notes shall mature in not more than five years.
Such refunding notes, either tax payable or revenue payable, shall be
issued and registered as the original notes. Such temporary or refunding
notes may be sold in the manner determined by the public agency issuing the same.
Refunding notes may be exchanged for the temporary notes or the proceeds
of the sale shall be used to redeem the temporary notes.
History: L. 1967, ch. 422, § 4; L. 1970, ch. 64, § 13; L.
1978, ch. 64, § 3; L. 1980, ch. 67, § 3; L. 1983, ch. 49, § 48; May 12.