12-1666.Same; no-fund warrants; authorization for issuance; interest;
conditions; form; issuance and sale; redemption; notice.
The governing body of a public agency shall authorize each issue of
no-fund warrants by resolution which states the amount to be
covered by the warrants, the denomination of each warrant and rate of
interest. No-fund warrants shall bear interest at a rate not exceeding
the maximum rate of interest prescribed by K.S.A. 10-1009, and amendments
thereto, mature when the federal aid is available, the total
amount not to exceed in the aggregate the amount of money to be received
as federal aid as shown by the commitment of the federal agency, shall be
payable to the order of a payee, be payable at the office of the treasurer
of the public agency, identify the commitment for federal aid and state
that the no-fund warrant is payable therefrom and that, if the federal aid
fails, payment will be made from tax funds available for the local program,
and if none, a refunding no-fund warrant will be issued payable by not more
than four annual tax levies for the purpose, or in the case of revenue
producing facilities, from revenue of the facility. Such no-fund warrants
shall be in substantially the following
form:
(NAME OF PUBLIC AGENCY)
No-fund Warrant Anticipating Federal Aid
Local Program Relating to ______________
No. ______________ ______________, 19__
To the ______________ Treasurer, _________________, Kansas
Pay to the order of ______________, the sum of __________ dollars
($ ) upon receipt of county, city or federal funds for __________,
with interest thereon at the rate of __ percent ( %) per annum from the
date hereof until paid but for not longer than 30 days after
notice of call for redemption is published in ______________.
This warrant is one of a series issued under authority of
K.S.A. 12-1662 et seq., and amendments thereto, and authorized by
and issued under resolution, dated ______________, in anticipation of
federal
aid according to (identify documents committing the federal agency to
aid for the program).
If for any reason the anticipated federal aid or any part thereof fails,
this warrant shall be paid from current tax funds available for the project,
but if no tax funds are available, a refunding no-fund warrant will be issued,
the principal and interest of which shall be paid by a tax levied for
the purpose.
If the no-fund warrant is for a revenue producing facility, the
recital shall read: If for any reason the anticipated federal aid or any
part thereof fails, this warrant and the interest thereon shall be paid
from revenue of the facility.
(Officer of public agency having authority to sign warrants)
Attest: ________________________
(Clerk or Secretary)
(Seal if public agency has seal)
Countersigned and recorded:
___________________
(Treasurer)
No-fund warrants issued hereunder may be issued to individual
claimants for services rendered or materials furnished or may be sold at
not less than par and accrued interest at private sale, be made payable
to the order of the purchaser and the proceeds placed in the fund from
which the local program is being financed. Such no-fund warrants and any
refunding no-fund warrants shall be registered by the clerk or secretary
and by the treasurer of the public agency. 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 interest shall be
included as a part of the public agency's share of the cost
of the local program. When money is available to pay such warrants, the
treasurer of the public agency shall publish in the official newspaper
of the city, and of other public agencies in the official county
newspaper, a call for redemption describing the warrants
called and stating that money is available and that interest will cease
30 days after the publication of the call. The treasurer also shall
notify by mail the payee of each warrant
or the later owner if the
treasurer has been notified of change of ownership and the name of the
new owner.
History: L. 1967, ch. 422, § 5; L. 1970, ch. 64, § 14; L.
1978, ch. 64, § 4; L. 1980, ch. 67, § 4; L. 1983, ch. 49, § 49; May 12.
12-1666.Same; no-fund warrants; authorization for issuance; interest;
conditions; form; issuance and sale; redemption; notice.
The governing body of a public agency shall authorize each issue of
no-fund warrants by resolution which states the amount to be
covered by the warrants, the denomination of each warrant and rate of
interest. No-fund warrants shall bear interest at a rate not exceeding
the maximum rate of interest prescribed by K.S.A. 10-1009, and amendments
thereto, mature when the federal aid is available, the total
amount not to exceed in the aggregate the amount of money to be received
as federal aid as shown by the commitment of the federal agency, shall be
payable to the order of a payee, be payable at the office of the treasurer
of the public agency, identify the commitment for federal aid and state
that the no-fund warrant is payable therefrom and that, if the federal aid
fails, payment will be made from tax funds available for the local program,
and if none, a refunding no-fund warrant will be issued payable by not more
than four annual tax levies for the purpose, or in the case of revenue
producing facilities, from revenue of the facility. Such no-fund warrants
shall be in substantially the following
form:
(NAME OF PUBLIC AGENCY)
No-fund Warrant Anticipating Federal Aid
Local Program Relating to ______________
No. ______________ ______________, 19__
To the ______________ Treasurer, _________________, Kansas
Pay to the order of ______________, the sum of __________ dollars
($ ) upon receipt of county, city or federal funds for __________,
with interest thereon at the rate of __ percent ( %) per annum from the
date hereof until paid but for not longer than 30 days after
notice of call for redemption is published in ______________.
This warrant is one of a series issued under authority of
K.S.A. 12-1662 et seq., and amendments thereto, and authorized by
and issued under resolution, dated ______________, in anticipation of
federal
aid according to (identify documents committing the federal agency to
aid for the program).
If for any reason the anticipated federal aid or any part thereof fails,
this warrant shall be paid from current tax funds available for the project,
but if no tax funds are available, a refunding no-fund warrant will be issued,
the principal and interest of which shall be paid by a tax levied for
the purpose.
If the no-fund warrant is for a revenue producing facility, the
recital shall read: If for any reason the anticipated federal aid or any
part thereof fails, this warrant and the interest thereon shall be paid
from revenue of the facility.
(Officer of public agency having authority to sign warrants)
Attest: ________________________
(Clerk or Secretary)
(Seal if public agency has seal)
Countersigned and recorded:
___________________
(Treasurer)
No-fund warrants issued hereunder may be issued to individual
claimants for services rendered or materials furnished or may be sold at
not less than par and accrued interest at private sale, be made payable
to the order of the purchaser and the proceeds placed in the fund from
which the local program is being financed. Such no-fund warrants and any
refunding no-fund warrants shall be registered by the clerk or secretary
and by the treasurer of the public agency. 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 interest shall be
included as a part of the public agency's share of the cost
of the local program. When money is available to pay such warrants, the
treasurer of the public agency shall publish in the official newspaper
of the city, and of other public agencies in the official county
newspaper, a call for redemption describing the warrants
called and stating that money is available and that interest will cease
30 days after the publication of the call. The treasurer also shall
notify by mail the payee of each warrant
or the later owner if the
treasurer has been notified of change of ownership and the name of the
new owner.
History: L. 1967, ch. 422, § 5; L. 1970, ch. 64, § 14; L.
1978, ch. 64, § 4; L. 1980, ch. 67, § 4; L. 1983, ch. 49, § 49; May 12.
12-1666.Same; no-fund warrants; authorization for issuance; interest;
conditions; form; issuance and sale; redemption; notice.
The governing body of a public agency shall authorize each issue of
no-fund warrants by resolution which states the amount to be
covered by the warrants, the denomination of each warrant and rate of
interest. No-fund warrants shall bear interest at a rate not exceeding
the maximum rate of interest prescribed by K.S.A. 10-1009, and amendments
thereto, mature when the federal aid is available, the total
amount not to exceed in the aggregate the amount of money to be received
as federal aid as shown by the commitment of the federal agency, shall be
payable to the order of a payee, be payable at the office of the treasurer
of the public agency, identify the commitment for federal aid and state
that the no-fund warrant is payable therefrom and that, if the federal aid
fails, payment will be made from tax funds available for the local program,
and if none, a refunding no-fund warrant will be issued payable by not more
than four annual tax levies for the purpose, or in the case of revenue
producing facilities, from revenue of the facility. Such no-fund warrants
shall be in substantially the following
form:
(NAME OF PUBLIC AGENCY)
No-fund Warrant Anticipating Federal Aid
Local Program Relating to ______________
No. ______________ ______________, 19__
To the ______________ Treasurer, _________________, Kansas
Pay to the order of ______________, the sum of __________ dollars
($ ) upon receipt of county, city or federal funds for __________,
with interest thereon at the rate of __ percent ( %) per annum from the
date hereof until paid but for not longer than 30 days after
notice of call for redemption is published in ______________.
This warrant is one of a series issued under authority of
K.S.A. 12-1662 et seq., and amendments thereto, and authorized by
and issued under resolution, dated ______________, in anticipation of
federal
aid according to (identify documents committing the federal agency to
aid for the program).
If for any reason the anticipated federal aid or any part thereof fails,
this warrant shall be paid from current tax funds available for the project,
but if no tax funds are available, a refunding no-fund warrant will be issued,
the principal and interest of which shall be paid by a tax levied for
the purpose.
If the no-fund warrant is for a revenue producing facility, the
recital shall read: If for any reason the anticipated federal aid or any
part thereof fails, this warrant and the interest thereon shall be paid
from revenue of the facility.
(Officer of public agency having authority to sign warrants)
Attest: ________________________
(Clerk or Secretary)
(Seal if public agency has seal)
Countersigned and recorded:
___________________
(Treasurer)
No-fund warrants issued hereunder may be issued to individual
claimants for services rendered or materials furnished or may be sold at
not less than par and accrued interest at private sale, be made payable
to the order of the purchaser and the proceeds placed in the fund from
which the local program is being financed. Such no-fund warrants and any
refunding no-fund warrants shall be registered by the clerk or secretary
and by the treasurer of the public agency. 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 interest shall be
included as a part of the public agency's share of the cost
of the local program. When money is available to pay such warrants, the
treasurer of the public agency shall publish in the official newspaper
of the city, and of other public agencies in the official county
newspaper, a call for redemption describing the warrants
called and stating that money is available and that interest will cease
30 days after the publication of the call. The treasurer also shall
notify by mail the payee of each warrant
or the later owner if the
treasurer has been notified of change of ownership and the name of the
new owner.
History: L. 1967, ch. 422, § 5; L. 1970, ch. 64, § 14; L.
1978, ch. 64, § 4; L. 1980, ch. 67, § 4; L. 1983, ch. 49, § 49; May 12.