12-1774.Special obligation bonds and full faith and
credit tax
increment bonds; procedure for issuance; limitations; payment; exempt from
taxation; refunding of bonds.
(a) (1) Any city shall have the power to issue special obligation bonds in
one or more series to finance the undertaking of any redevelopment project
or bioscience development project in accordance with the provisions of
this act. Such special obligation bonds shall be made payable, both as to
principal and interest:
(A) From tax increments allocated to, and paid into a special fund of the
city under the provisions of K.S.A. 12-1775, and amendments thereto;
(B) from revenues of the city derived from or held in connection with the
undertaking and carrying out of any redevelopment project or projects or
bioscience development project or projects under this act including
environmental increments;
(C) from any private sources, contributions or other financial assistance
from the state or federal government;
(D) from a pledge of all of the revenue received by the city from any
transient guest and local sales and use taxes which are collected from
taxpayers doing business within that portion of the city's redevelopment
district or bioscience development district established pursuant to
K.S.A. 12-1771, and amendments thereto, occupied by a redevelopment project
or bioscience development
project. A city proposing to finance a major
motorsports complex pursuant to this paragraph shall prepare a project plan
which shall include:
(i) A summary of the feasibility study done, as defined in K.S.A. 12-1770a,
and amendments thereto, which will be an open record;
(ii) a reference to the district plan established under K.S.A. 12-1771, and
amendments thereto, that identifies the project area that is set forth in the
project plan that is being considered;
(iii) a description and map of the location of the facility that is the
subject of the special bond project or major motorsports complex;
(iv) the relocation assistance plan required by K.S.A. 12-1777, and
amendments thereto;
(v) a detailed description of the buildings and facilities proposed to be
constructed or improved; and
(vi) any other information the governing body deems necessary to advise the
public of the intent of the special bond project or major
motorsports complex plan.
The project plan shall be prepared in consultation with the planning commission
of the city. Such project plan shall also be prepared in consultation with the
planning commission of the county, if any, if a major motorsports complex is
located wholly outside the boundaries of the city.
(E) from a pledge of a portion or all increased revenue received
by the city from: (i) Franchise fees collected from utilities and other
businesses using public right-of-way within the redevelopment district; (ii)
from a pledge of all or a portion of the revenue received by the city from
sales taxes; or (iii) both of the above;
(F) with the approval of the county, from a pledge of all of the revenues
received by the county from any transient guest, local sales and use taxes
which are collected from taxpayers doing business within that portion of the
redevelopment district established pursuant to K.S.A. 12-1771,
and amendments thereto;
(G) by any combination of these methods.
The city may pledge such revenue to the repayment of such special
obligation bonds prior to, simultaneously with, or subsequent to the
issuance of such special obligation bonds.
(2) Bonds issued under paragraph (1) of subsection (a) shall not be general
obligations of the city, nor in any event shall they give rise to a charge
against its general credit or taxing powers, or be payable out of any funds or
properties other than any of those set forth in paragraph (1) of this
subsection and such bonds shall so state on their face.
(3) Bonds issued under the provisions of paragraph (1) of this subsection
shall be special obligations of the city and are declared to be negotiable
instruments. They shall be executed by the mayor and clerk of the city and
sealed with the corporate seal of the city. All details pertaining to the
issuance of such special obligation bonds and terms and conditions thereof
shall be determined by ordinance of the city. All special obligation bonds
issued pursuant to this act and all income or interest therefrom shall be
exempt from all state taxes except inheritance taxes. Such special obligation
bonds shall contain none of the recitals set forth in K.S.A. 10-112, and
amendments thereto. Such special obligation bonds shall, however, contain the
following recitals, viz., the authority under which such special obligation
bonds are issued, they are in conformity with the provisions, restrictions and
limitations thereof, and that such special obligation bonds and the interest
thereon are to be paid from the money and revenue received as provided in
paragraph (1) of this subsection.
(b) (1) Subject to the provisions of paragraph (2) of this subsection, any
city shall have the power to issue full faith and credit tax increment bonds
to finance the undertaking of any redevelopment project in accordance with the
provisions of K.S.A. 12-1770 et seq., and amendments thereto, other than a
project that will create a major tourism area. Such full faith and credit
tax increment bonds shall be made payable, both as to principal and interest:
(A) From the revenue sources identified in paragraph (1) of subsection (a) or
by
any combination of these sources; and
(B) subject to the provisions of paragraph (2) of this subsection, from a
pledge of the city's full faith and credit to use its ad valorem taxing
authority for repayment thereof in the event all other authorized sources of
revenue are not sufficient.
(2) Except as provided in paragraph (3) of this subsection, before the
governing body of any city proposes to issue full faith and credit tax
increment bonds as authorized by this subsection, the feasibility study
required by K.S.A. 12-1772, and amendments thereto, shall demonstrate that
the benefits derived from the project will exceed the cost and that the
income therefrom will be sufficient to pay the costs of the project. No full
faith and credit tax increment bonds shall be issued unless the governing
body states in the resolution required by K.S.A. 12-1772, and amendments
thereto, that it may issue such bonds to finance the
proposed redevelopment project.
The governing body may issue the bonds unless within 60 days
following the date of the public hearing on the proposed project plan
a protest petition signed by 3% of the qualified voters of the city is filed
with the city clerk in accordance with the provisions of K.S.A. 25-3601 et
seq., and amendments thereto. If a sufficient petition is filed, no full
faith and credit tax increment bonds shall be issued until the issuance of
the bonds is approved by a majority of the voters voting at an election
thereon. Such election shall be called and held in the manner provided by
the general bond law.
The failure of the voters to approve the issuance of
full faith and credit tax increment bonds shall not prevent the city from
issuing special obligation bonds in accordance with this section.
No such election shall be held in the event the board of county commissioners
or the board of education determines, as provided in K.S.A. 12-1771, and
amendments thereto, that the proposed redevelopment district will have an
adverse effect on the county or school district.
(3) As an alternative to paragraph (2) of this subsection, any city which
adopts a redevelopment project plan but does not state its intent to issue full
faith and credit tax increment bonds in the resolution required by K.S.A.
12-1772, and amendments thereto, and has not acquired property in the
redevelopment project area may issue full faith and credit tax increment bonds
if the governing body of the city adopts a resolution stating its intent to
issue the bonds and the issuance of the bonds is approved by a majority of the
voters voting at an election thereon. Such election shall be called and held in
the manner provided by the general bond law.
The failure of the voters to approve the issuance of full faith and credit tax
increment bonds shall not prevent the city from issuing special obligation
bonds pursuant to paragraph (1) of subsection (a). Any project plan adopted by
a city prior to the effective date of this act in
accordance with K.S.A. 12-1772, and amendments thereto, shall not be
invalidated by any requirements of this act.
(4) During the progress of any redevelopment project in which the
redevelopment project costs will be financed, in whole or in part, with the
proceeds of full faith and credit tax increment bonds, the city may issue
temporary notes in the manner provided in K.S.A. 10-123, and amendments
thereto, to pay the redevelopment project costs for the project. Such temporary
notes shall not be issued and the city shall not acquire property in the
redevelopment project area until the requirements of paragraph (2) or (3) of
this subsection, whichever is applicable, have been met.
(5) Full faith and credit tax increment bonds issued under this subsection
shall be general obligations of the city and are declared to be negotiable
instruments. They shall be issued in accordance with the general bond law. All
such bonds and all income or interest therefrom shall be exempt from all state
taxes except inheritance taxes. The amount of the full faith and credit tax
increment bonds issued and outstanding which exceeds 3% of the assessed
valuation of the city shall be within the bonded debt limit
applicable to such city.
(6) Any city issuing special obligation bonds or full faith and credit tax
increment bonds under the provisions of
this act may refund all or part of such issue pursuant to the provisions of
K.S.A. 10-116a, and amendments thereto.
(c) Any increment in ad valorem property taxes resulting from a
redevelopment project in the established redevelopment district undertaken in
accordance with the provisions of this act, shall be apportioned to a special
fund for the payment of the redevelopment project costs, including the payment
of principal and interest on any special obligation bonds or full faith and
credit tax increment bonds issued to finance such project pursuant to this act
and may be pledged to the payment of principal and interest on such bonds.
(d) A city may use the proceeds of special obligation bonds or full faith
and credit tax increment bonds, or any uncommitted funds derived from sources
set forth in this section to pay the redevelopment project costs as defined in
K.S.A. 12-1770a, and amendments thereto, to implement the redevelopment project
plan.
History: L. 1976, ch. 69, § 5;
L. 1979, ch. 52, § 5;
L. 1982, ch. 75, § 10;
L. 1984, ch. 74, § 5;
L. 1988, ch. 78, § 5;
L. 1993, ch. 213, § 2;
L. 1996, ch. 228, § 5;
L. 1997, ch. 162, § 2;
L. 1998, ch. 17, § 3;
L. 1999, ch. 83, § 5;
L. 2001, ch. 103, § 9;
L. 2003, ch. 97, § 4;
L. 2003, ch. 154, § 6;
L. 2004, ch. 183, § 4;
L. 2005, ch. 132, § 6;
L. 2007, ch. 179, § 26; July 1.
12-1774.Special obligation bonds and full faith and
credit tax
increment bonds; procedure for issuance; limitations; payment; exempt from
taxation; refunding of bonds.
(a) (1) Any city shall have the power to issue special obligation bonds in
one or more series to finance the undertaking of any redevelopment project
or bioscience development project in accordance with the provisions of
this act. Such special obligation bonds shall be made payable, both as to
principal and interest:
(A) From tax increments allocated to, and paid into a special fund of the
city under the provisions of K.S.A. 12-1775, and amendments thereto;
(B) from revenues of the city derived from or held in connection with the
undertaking and carrying out of any redevelopment project or projects or
bioscience development project or projects under this act including
environmental increments;
(C) from any private sources, contributions or other financial assistance
from the state or federal government;
(D) from a pledge of all of the revenue received by the city from any
transient guest and local sales and use taxes which are collected from
taxpayers doing business within that portion of the city's redevelopment
district or bioscience development district established pursuant to
K.S.A. 12-1771, and amendments thereto, occupied by a redevelopment project
or bioscience development
project. A city proposing to finance a major
motorsports complex pursuant to this paragraph shall prepare a project plan
which shall include:
(i) A summary of the feasibility study done, as defined in K.S.A. 12-1770a,
and amendments thereto, which will be an open record;
(ii) a reference to the district plan established under K.S.A. 12-1771, and
amendments thereto, that identifies the project area that is set forth in the
project plan that is being considered;
(iii) a description and map of the location of the facility that is the
subject of the special bond project or major motorsports complex;
(iv) the relocation assistance plan required by K.S.A. 12-1777, and
amendments thereto;
(v) a detailed description of the buildings and facilities proposed to be
constructed or improved; and
(vi) any other information the governing body deems necessary to advise the
public of the intent of the special bond project or major
motorsports complex plan.
The project plan shall be prepared in consultation with the planning commission
of the city. Such project plan shall also be prepared in consultation with the
planning commission of the county, if any, if a major motorsports complex is
located wholly outside the boundaries of the city.
(E) from a pledge of a portion or all increased revenue received
by the city from: (i) Franchise fees collected from utilities and other
businesses using public right-of-way within the redevelopment district; (ii)
from a pledge of all or a portion of the revenue received by the city from
sales taxes; or (iii) both of the above;
(F) with the approval of the county, from a pledge of all of the revenues
received by the county from any transient guest, local sales and use taxes
which are collected from taxpayers doing business within that portion of the
redevelopment district established pursuant to K.S.A. 12-1771,
and amendments thereto;
(G) by any combination of these methods.
The city may pledge such revenue to the repayment of such special
obligation bonds prior to, simultaneously with, or subsequent to the
issuance of such special obligation bonds.
(2) Bonds issued under paragraph (1) of subsection (a) shall not be general
obligations of the city, nor in any event shall they give rise to a charge
against its general credit or taxing powers, or be payable out of any funds or
properties other than any of those set forth in paragraph (1) of this
subsection and such bonds shall so state on their face.
(3) Bonds issued under the provisions of paragraph (1) of this subsection
shall be special obligations of the city and are declared to be negotiable
instruments. They shall be executed by the mayor and clerk of the city and
sealed with the corporate seal of the city. All details pertaining to the
issuance of such special obligation bonds and terms and conditions thereof
shall be determined by ordinance of the city. All special obligation bonds
issued pursuant to this act and all income or interest therefrom shall be
exempt from all state taxes except inheritance taxes. Such special obligation
bonds shall contain none of the recitals set forth in K.S.A. 10-112, and
amendments thereto. Such special obligation bonds shall, however, contain the
following recitals, viz., the authority under which such special obligation
bonds are issued, they are in conformity with the provisions, restrictions and
limitations thereof, and that such special obligation bonds and the interest
thereon are to be paid from the money and revenue received as provided in
paragraph (1) of this subsection.
(b) (1) Subject to the provisions of paragraph (2) of this subsection, any
city shall have the power to issue full faith and credit tax increment bonds
to finance the undertaking of any redevelopment project in accordance with the
provisions of K.S.A. 12-1770 et seq., and amendments thereto, other than a
project that will create a major tourism area. Such full faith and credit
tax increment bonds shall be made payable, both as to principal and interest:
(A) From the revenue sources identified in paragraph (1) of subsection (a) or
by
any combination of these sources; and
(B) subject to the provisions of paragraph (2) of this subsection, from a
pledge of the city's full faith and credit to use its ad valorem taxing
authority for repayment thereof in the event all other authorized sources of
revenue are not sufficient.
(2) Except as provided in paragraph (3) of this subsection, before the
governing body of any city proposes to issue full faith and credit tax
increment bonds as authorized by this subsection, the feasibility study
required by K.S.A. 12-1772, and amendments thereto, shall demonstrate that
the benefits derived from the project will exceed the cost and that the
income therefrom will be sufficient to pay the costs of the project. No full
faith and credit tax increment bonds shall be issued unless the governing
body states in the resolution required by K.S.A. 12-1772, and amendments
thereto, that it may issue such bonds to finance the
proposed redevelopment project.
The governing body may issue the bonds unless within 60 days
following the date of the public hearing on the proposed project plan
a protest petition signed by 3% of the qualified voters of the city is filed
with the city clerk in accordance with the provisions of K.S.A. 25-3601 et
seq., and amendments thereto. If a sufficient petition is filed, no full
faith and credit tax increment bonds shall be issued until the issuance of
the bonds is approved by a majority of the voters voting at an election
thereon. Such election shall be called and held in the manner provided by
the general bond law.
The failure of the voters to approve the issuance of
full faith and credit tax increment bonds shall not prevent the city from
issuing special obligation bonds in accordance with this section.
No such election shall be held in the event the board of county commissioners
or the board of education determines, as provided in K.S.A. 12-1771, and
amendments thereto, that the proposed redevelopment district will have an
adverse effect on the county or school district.
(3) As an alternative to paragraph (2) of this subsection, any city which
adopts a redevelopment project plan but does not state its intent to issue full
faith and credit tax increment bonds in the resolution required by K.S.A.
12-1772, and amendments thereto, and has not acquired property in the
redevelopment project area may issue full faith and credit tax increment bonds
if the governing body of the city adopts a resolution stating its intent to
issue the bonds and the issuance of the bonds is approved by a majority of the
voters voting at an election thereon. Such election shall be called and held in
the manner provided by the general bond law.
The failure of the voters to approve the issuance of full faith and credit tax
increment bonds shall not prevent the city from issuing special obligation
bonds pursuant to paragraph (1) of subsection (a). Any project plan adopted by
a city prior to the effective date of this act in
accordance with K.S.A. 12-1772, and amendments thereto, shall not be
invalidated by any requirements of this act.
(4) During the progress of any redevelopment project in which the
redevelopment project costs will be financed, in whole or in part, with the
proceeds of full faith and credit tax increment bonds, the city may issue
temporary notes in the manner provided in K.S.A. 10-123, and amendments
thereto, to pay the redevelopment project costs for the project. Such temporary
notes shall not be issued and the city shall not acquire property in the
redevelopment project area until the requirements of paragraph (2) or (3) of
this subsection, whichever is applicable, have been met.
(5) Full faith and credit tax increment bonds issued under this subsection
shall be general obligations of the city and are declared to be negotiable
instruments. They shall be issued in accordance with the general bond law. All
such bonds and all income or interest therefrom shall be exempt from all state
taxes except inheritance taxes. The amount of the full faith and credit tax
increment bonds issued and outstanding which exceeds 3% of the assessed
valuation of the city shall be within the bonded debt limit
applicable to such city.
(6) Any city issuing special obligation bonds or full faith and credit tax
increment bonds under the provisions of
this act may refund all or part of such issue pursuant to the provisions of
K.S.A. 10-116a, and amendments thereto.
(c) Any increment in ad valorem property taxes resulting from a
redevelopment project in the established redevelopment district undertaken in
accordance with the provisions of this act, shall be apportioned to a special
fund for the payment of the redevelopment project costs, including the payment
of principal and interest on any special obligation bonds or full faith and
credit tax increment bonds issued to finance such project pursuant to this act
and may be pledged to the payment of principal and interest on such bonds.
(d) A city may use the proceeds of special obligation bonds or full faith
and credit tax increment bonds, or any uncommitted funds derived from sources
set forth in this section to pay the redevelopment project costs as defined in
K.S.A. 12-1770a, and amendments thereto, to implement the redevelopment project
plan.
History: L. 1976, ch. 69, § 5;
L. 1979, ch. 52, § 5;
L. 1982, ch. 75, § 10;
L. 1984, ch. 74, § 5;
L. 1988, ch. 78, § 5;
L. 1993, ch. 213, § 2;
L. 1996, ch. 228, § 5;
L. 1997, ch. 162, § 2;
L. 1998, ch. 17, § 3;
L. 1999, ch. 83, § 5;
L. 2001, ch. 103, § 9;
L. 2003, ch. 97, § 4;
L. 2003, ch. 154, § 6;
L. 2004, ch. 183, § 4;
L. 2005, ch. 132, § 6;
L. 2007, ch. 179, § 26; July 1.
12-1774.Special obligation bonds and full faith and
credit tax
increment bonds; procedure for issuance; limitations; payment; exempt from
taxation; refunding of bonds.
(a) (1) Any city shall have the power to issue special obligation bonds in
one or more series to finance the undertaking of any redevelopment project
or bioscience development project in accordance with the provisions of
this act. Such special obligation bonds shall be made payable, both as to
principal and interest:
(A) From tax increments allocated to, and paid into a special fund of the
city under the provisions of K.S.A. 12-1775, and amendments thereto;
(B) from revenues of the city derived from or held in connection with the
undertaking and carrying out of any redevelopment project or projects or
bioscience development project or projects under this act including
environmental increments;
(C) from any private sources, contributions or other financial assistance
from the state or federal government;
(D) from a pledge of all of the revenue received by the city from any
transient guest and local sales and use taxes which are collected from
taxpayers doing business within that portion of the city's redevelopment
district or bioscience development district established pursuant to
K.S.A. 12-1771, and amendments thereto, occupied by a redevelopment project
or bioscience development
project. A city proposing to finance a major
motorsports complex pursuant to this paragraph shall prepare a project plan
which shall include:
(i) A summary of the feasibility study done, as defined in K.S.A. 12-1770a,
and amendments thereto, which will be an open record;
(ii) a reference to the district plan established under K.S.A. 12-1771, and
amendments thereto, that identifies the project area that is set forth in the
project plan that is being considered;
(iii) a description and map of the location of the facility that is the
subject of the special bond project or major motorsports complex;
(iv) the relocation assistance plan required by K.S.A. 12-1777, and
amendments thereto;
(v) a detailed description of the buildings and facilities proposed to be
constructed or improved; and
(vi) any other information the governing body deems necessary to advise the
public of the intent of the special bond project or major
motorsports complex plan.
The project plan shall be prepared in consultation with the planning commission
of the city. Such project plan shall also be prepared in consultation with the
planning commission of the county, if any, if a major motorsports complex is
located wholly outside the boundaries of the city.
(E) from a pledge of a portion or all increased revenue received
by the city from: (i) Franchise fees collected from utilities and other
businesses using public right-of-way within the redevelopment district; (ii)
from a pledge of all or a portion of the revenue received by the city from
sales taxes; or (iii) both of the above;
(F) with the approval of the county, from a pledge of all of the revenues
received by the county from any transient guest, local sales and use taxes
which are collected from taxpayers doing business within that portion of the
redevelopment district established pursuant to K.S.A. 12-1771,
and amendments thereto;
(G) by any combination of these methods.
The city may pledge such revenue to the repayment of such special
obligation bonds prior to, simultaneously with, or subsequent to the
issuance of such special obligation bonds.
(2) Bonds issued under paragraph (1) of subsection (a) shall not be general
obligations of the city, nor in any event shall they give rise to a charge
against its general credit or taxing powers, or be payable out of any funds or
properties other than any of those set forth in paragraph (1) of this
subsection and such bonds shall so state on their face.
(3) Bonds issued under the provisions of paragraph (1) of this subsection
shall be special obligations of the city and are declared to be negotiable
instruments. They shall be executed by the mayor and clerk of the city and
sealed with the corporate seal of the city. All details pertaining to the
issuance of such special obligation bonds and terms and conditions thereof
shall be determined by ordinance of the city. All special obligation bonds
issued pursuant to this act and all income or interest therefrom shall be
exempt from all state taxes except inheritance taxes. Such special obligation
bonds shall contain none of the recitals set forth in K.S.A. 10-112, and
amendments thereto. Such special obligation bonds shall, however, contain the
following recitals, viz., the authority under which such special obligation
bonds are issued, they are in conformity with the provisions, restrictions and
limitations thereof, and that such special obligation bonds and the interest
thereon are to be paid from the money and revenue received as provided in
paragraph (1) of this subsection.
(b) (1) Subject to the provisions of paragraph (2) of this subsection, any
city shall have the power to issue full faith and credit tax increment bonds
to finance the undertaking of any redevelopment project in accordance with the
provisions of K.S.A. 12-1770 et seq., and amendments thereto, other than a
project that will create a major tourism area. Such full faith and credit
tax increment bonds shall be made payable, both as to principal and interest:
(A) From the revenue sources identified in paragraph (1) of subsection (a) or
by
any combination of these sources; and
(B) subject to the provisions of paragraph (2) of this subsection, from a
pledge of the city's full faith and credit to use its ad valorem taxing
authority for repayment thereof in the event all other authorized sources of
revenue are not sufficient.
(2) Except as provided in paragraph (3) of this subsection, before the
governing body of any city proposes to issue full faith and credit tax
increment bonds as authorized by this subsection, the feasibility study
required by K.S.A. 12-1772, and amendments thereto, shall demonstrate that
the benefits derived from the project will exceed the cost and that the
income therefrom will be sufficient to pay the costs of the project. No full
faith and credit tax increment bonds shall be issued unless the governing
body states in the resolution required by K.S.A. 12-1772, and amendments
thereto, that it may issue such bonds to finance the
proposed redevelopment project.
The governing body may issue the bonds unless within 60 days
following the date of the public hearing on the proposed project plan
a protest petition signed by 3% of the qualified voters of the city is filed
with the city clerk in accordance with the provisions of K.S.A. 25-3601 et
seq., and amendments thereto. If a sufficient petition is filed, no full
faith and credit tax increment bonds shall be issued until the issuance of
the bonds is approved by a majority of the voters voting at an election
thereon. Such election shall be called and held in the manner provided by
the general bond law.
The failure of the voters to approve the issuance of
full faith and credit tax increment bonds shall not prevent the city from
issuing special obligation bonds in accordance with this section.
No such election shall be held in the event the board of county commissioners
or the board of education determines, as provided in K.S.A. 12-1771, and
amendments thereto, that the proposed redevelopment district will have an
adverse effect on the county or school district.
(3) As an alternative to paragraph (2) of this subsection, any city which
adopts a redevelopment project plan but does not state its intent to issue full
faith and credit tax increment bonds in the resolution required by K.S.A.
12-1772, and amendments thereto, and has not acquired property in the
redevelopment project area may issue full faith and credit tax increment bonds
if the governing body of the city adopts a resolution stating its intent to
issue the bonds and the issuance of the bonds is approved by a majority of the
voters voting at an election thereon. Such election shall be called and held in
the manner provided by the general bond law.
The failure of the voters to approve the issuance of full faith and credit tax
increment bonds shall not prevent the city from issuing special obligation
bonds pursuant to paragraph (1) of subsection (a). Any project plan adopted by
a city prior to the effective date of this act in
accordance with K.S.A. 12-1772, and amendments thereto, shall not be
invalidated by any requirements of this act.
(4) During the progress of any redevelopment project in which the
redevelopment project costs will be financed, in whole or in part, with the
proceeds of full faith and credit tax increment bonds, the city may issue
temporary notes in the manner provided in K.S.A. 10-123, and amendments
thereto, to pay the redevelopment project costs for the project. Such temporary
notes shall not be issued and the city shall not acquire property in the
redevelopment project area until the requirements of paragraph (2) or (3) of
this subsection, whichever is applicable, have been met.
(5) Full faith and credit tax increment bonds issued under this subsection
shall be general obligations of the city and are declared to be negotiable
instruments. They shall be issued in accordance with the general bond law. All
such bonds and all income or interest therefrom shall be exempt from all state
taxes except inheritance taxes. The amount of the full faith and credit tax
increment bonds issued and outstanding which exceeds 3% of the assessed
valuation of the city shall be within the bonded debt limit
applicable to such city.
(6) Any city issuing special obligation bonds or full faith and credit tax
increment bonds under the provisions of
this act may refund all or part of such issue pursuant to the provisions of
K.S.A. 10-116a, and amendments thereto.
(c) Any increment in ad valorem property taxes resulting from a
redevelopment project in the established redevelopment district undertaken in
accordance with the provisions of this act, shall be apportioned to a special
fund for the payment of the redevelopment project costs, including the payment
of principal and interest on any special obligation bonds or full faith and
credit tax increment bonds issued to finance such project pursuant to this act
and may be pledged to the payment of principal and interest on such bonds.
(d) A city may use the proceeds of special obligation bonds or full faith
and credit tax increment bonds, or any uncommitted funds derived from sources
set forth in this section to pay the redevelopment project costs as defined in
K.S.A. 12-1770a, and amendments thereto, to implement the redevelopment project
plan.
History: L. 1976, ch. 69, § 5;
L. 1979, ch. 52, § 5;
L. 1982, ch. 75, § 10;
L. 1984, ch. 74, § 5;
L. 1988, ch. 78, § 5;
L. 1993, ch. 213, § 2;
L. 1996, ch. 228, § 5;
L. 1997, ch. 162, § 2;
L. 1998, ch. 17, § 3;
L. 1999, ch. 83, § 5;
L. 2001, ch. 103, § 9;
L. 2003, ch. 97, § 4;
L. 2003, ch. 154, § 6;
L. 2004, ch. 183, § 4;
L. 2005, ch. 132, § 6;
L. 2007, ch. 179, § 26; July 1.