12-3420.Same; issuance of bonds and refunding
bonds; approval required.
The board of directors of a port authority may issue bonds hereunder for
the purpose of refunding any bonds or other obligations of the port
authority theretofore issued pursuant to this act; or it may authorize a
single issue of bonds hereunder for the purpose in part of refunding
such previous obligations and in part for the purchasing, acquiring,
constructing,
reconstructing, improving, equipping, repairing, enlarging and remodeling
facilities of such port authority. The port
authority shall not issue
such refunding bonds without first having received approval, by resolution, of
the governing body of the cities or counties which
comprise such port authority.
Where bonds are issued under this section solely for refunding
purposes, such bonds either may be sold as provided in K.S.A. 12-3428, and
amendments thereto, or may be exchanged for outstanding obligations. If
sold, the proceeds either may be applied to payment of obligations refunded or
may be
deposited in escrow for the retirement thereof. All refunding bonds
issued under this section shall in all respects be authorized, issued
and secured in the manner provided for other bonds issued under this act
and shall have all attributes of such bonds. Except as otherwise
provided in this section, all refunding bonds issued hereunder shall be
issued in the manner prescribed by and subject to the provisions of
K.S.A. 10-116a, and amendments thereto. The board of directors may
provide that any such refunding
bonds shall have the same priority of lien on the
revenues pledged for their payment as was provided for obligations
refunded thereby.
History: L. 1969, ch. 89, § 20; L. 1977, ch. 58, § 8; L. 1981,
ch. 76, § 16;
L. 1987, ch. 75, § 14;
L. 2002, ch. 94, § 2; July 1.
12-3420.Same; issuance of bonds and refunding
bonds; approval required.
The board of directors of a port authority may issue bonds hereunder for
the purpose of refunding any bonds or other obligations of the port
authority theretofore issued pursuant to this act; or it may authorize a
single issue of bonds hereunder for the purpose in part of refunding
such previous obligations and in part for the purchasing, acquiring,
constructing,
reconstructing, improving, equipping, repairing, enlarging and remodeling
facilities of such port authority. The port
authority shall not issue
such refunding bonds without first having received approval, by resolution, of
the governing body of the cities or counties which
comprise such port authority.
Where bonds are issued under this section solely for refunding
purposes, such bonds either may be sold as provided in K.S.A. 12-3428, and
amendments thereto, or may be exchanged for outstanding obligations. If
sold, the proceeds either may be applied to payment of obligations refunded or
may be
deposited in escrow for the retirement thereof. All refunding bonds
issued under this section shall in all respects be authorized, issued
and secured in the manner provided for other bonds issued under this act
and shall have all attributes of such bonds. Except as otherwise
provided in this section, all refunding bonds issued hereunder shall be
issued in the manner prescribed by and subject to the provisions of
K.S.A. 10-116a, and amendments thereto. The board of directors may
provide that any such refunding
bonds shall have the same priority of lien on the
revenues pledged for their payment as was provided for obligations
refunded thereby.
History: L. 1969, ch. 89, § 20; L. 1977, ch. 58, § 8; L. 1981,
ch. 76, § 16;
L. 1987, ch. 75, § 14;
L. 2002, ch. 94, § 2; July 1.
12-3420.Same; issuance of bonds and refunding
bonds; approval required.
The board of directors of a port authority may issue bonds hereunder for
the purpose of refunding any bonds or other obligations of the port
authority theretofore issued pursuant to this act; or it may authorize a
single issue of bonds hereunder for the purpose in part of refunding
such previous obligations and in part for the purchasing, acquiring,
constructing,
reconstructing, improving, equipping, repairing, enlarging and remodeling
facilities of such port authority. The port
authority shall not issue
such refunding bonds without first having received approval, by resolution, of
the governing body of the cities or counties which
comprise such port authority.
Where bonds are issued under this section solely for refunding
purposes, such bonds either may be sold as provided in K.S.A. 12-3428, and
amendments thereto, or may be exchanged for outstanding obligations. If
sold, the proceeds either may be applied to payment of obligations refunded or
may be
deposited in escrow for the retirement thereof. All refunding bonds
issued under this section shall in all respects be authorized, issued
and secured in the manner provided for other bonds issued under this act
and shall have all attributes of such bonds. Except as otherwise
provided in this section, all refunding bonds issued hereunder shall be
issued in the manner prescribed by and subject to the provisions of
K.S.A. 10-116a, and amendments thereto. The board of directors may
provide that any such refunding
bonds shall have the same priority of lien on the
revenues pledged for their payment as was provided for obligations
refunded thereby.
History: L. 1969, ch. 89, § 20; L. 1977, ch. 58, § 8; L. 1981,
ch. 76, § 16;
L. 1987, ch. 75, § 14;
L. 2002, ch. 94, § 2; July 1.