12-5222.Powers of cities and counties.
In addition to powers which a city or county may have, cities and counties
shall have all powers necessary to accomplish the purposes
of this act including, but not limited to, the following:
(a) To acquire, and to contract and enter into advance commitments to
acquire, home mortgage loans owned by lending institutions at such prices
and upon such other terms and conditions determined by such city
or county or such other person as it may designate as its agent;
(b) to make and execute contracts with lending institutions for the origination
and servicing of home mortgage loans on behalf of a city or county and to
pay the reasonable value of services rendered in accordance with such contracts;
(c) to make loans to lenders to enable such lenders to make home mortgage
loans in accordance with this act;
(d) to establish, by rules or regulations, by ordinances relating to any
issuance of bonds or in any financing documents relating to such issuance,
such standards and requirements applicable to the purchase of home mortgage
loans or the origination of home mortgage loans or loans to lenders as such
city or county deems necessary or desirable to effectuate the public purposes
of this act;
(e) to issue its bonds to defray, in whole or in part (1) the costs of
acquiring or originating home mortgage loans or making loans to lenders
in order to enable them to make home mortgage loans for homes to be occupied
by mortgagors; (2) the costs of studies and surveys, insurance premiums,
underwriting fees, legal, accounting and marketing services incurred in
connection with the issuance and sale of such bonds, including amounts required
to establish reasonably necessary bond and interest reserve accounts, and
trustee, custodian and rating agency fees; and (3) such other costs as are
reasonably related to the foregoing;
(f) to authorize the sale or other disposition of any home mortgage loan,
in whole or in part, upon such terms, at such prices and times, and from
time to time, as may be necessary to assure that the revenues and receipts
to be derived with respect to the home mortgage loans, together with any
insurance proceeds, funds held in reserve accounts and earnings thereon,
shall produce and provide revenues and receipts at least sufficient to provide
for the prompt payment of the principal of, redemption premiums, if any,
and interest at maturity of all bonds issued pursuant to this act;
(g) to pledge any revenues and receipts to be received from or in connection
with any home mortgage loans to the punctual payment of bonds authorized
under this act, and the
interest and redemption premiums, if any, thereon;
(h) to mortgage, pledge or grant security interests in any home mortgage
loans, notes or other property in favor of the holder or holders of bonds
issued therefor;
(i) to issue its bonds
for the purpose of refunding one or more times, in whole or in part, bonds theretofore
issued by such municipality pursuant to
the constitution or laws of the state of Kansas to finance the origination
or acquisition of mortgage loans for one to four family residences;
(j) to appoint or designate a bank or trust company either within or without
the state to serve as trustee
or custodian for the benefit of the bondholders and to delegate and
assign thereto, insofar as it may lawfully do so, its rights, duties and
responsibilities with respect to carrying out and enforcing the terms and
provisions of its residential housing finance plan;
(k) to provide for and authorize the use and disposition of any funds
remaining in the possession of the city or county, or trustee or custodian
designated
by such city or county, following payment and retirement of any bonds issued
pursuant to this act; and
(l) to make and execute contracts and other instruments necessary or
convenient
to the exercise of any of the powers granted herein.
History: L. 1982, ch. 60, § 4; L. 1983, ch. 71, § 3;
L. 1986, ch. 86, § 1;
L. 1991, ch. 62, § 1; April 25.
12-5222.Powers of cities and counties.
In addition to powers which a city or county may have, cities and counties
shall have all powers necessary to accomplish the purposes
of this act including, but not limited to, the following:
(a) To acquire, and to contract and enter into advance commitments to
acquire, home mortgage loans owned by lending institutions at such prices
and upon such other terms and conditions determined by such city
or county or such other person as it may designate as its agent;
(b) to make and execute contracts with lending institutions for the origination
and servicing of home mortgage loans on behalf of a city or county and to
pay the reasonable value of services rendered in accordance with such contracts;
(c) to make loans to lenders to enable such lenders to make home mortgage
loans in accordance with this act;
(d) to establish, by rules or regulations, by ordinances relating to any
issuance of bonds or in any financing documents relating to such issuance,
such standards and requirements applicable to the purchase of home mortgage
loans or the origination of home mortgage loans or loans to lenders as such
city or county deems necessary or desirable to effectuate the public purposes
of this act;
(e) to issue its bonds to defray, in whole or in part (1) the costs of
acquiring or originating home mortgage loans or making loans to lenders
in order to enable them to make home mortgage loans for homes to be occupied
by mortgagors; (2) the costs of studies and surveys, insurance premiums,
underwriting fees, legal, accounting and marketing services incurred in
connection with the issuance and sale of such bonds, including amounts required
to establish reasonably necessary bond and interest reserve accounts, and
trustee, custodian and rating agency fees; and (3) such other costs as are
reasonably related to the foregoing;
(f) to authorize the sale or other disposition of any home mortgage loan,
in whole or in part, upon such terms, at such prices and times, and from
time to time, as may be necessary to assure that the revenues and receipts
to be derived with respect to the home mortgage loans, together with any
insurance proceeds, funds held in reserve accounts and earnings thereon,
shall produce and provide revenues and receipts at least sufficient to provide
for the prompt payment of the principal of, redemption premiums, if any,
and interest at maturity of all bonds issued pursuant to this act;
(g) to pledge any revenues and receipts to be received from or in connection
with any home mortgage loans to the punctual payment of bonds authorized
under this act, and the
interest and redemption premiums, if any, thereon;
(h) to mortgage, pledge or grant security interests in any home mortgage
loans, notes or other property in favor of the holder or holders of bonds
issued therefor;
(i) to issue its bonds
for the purpose of refunding one or more times, in whole or in part, bonds theretofore
issued by such municipality pursuant to
the constitution or laws of the state of Kansas to finance the origination
or acquisition of mortgage loans for one to four family residences;
(j) to appoint or designate a bank or trust company either within or without
the state to serve as trustee
or custodian for the benefit of the bondholders and to delegate and
assign thereto, insofar as it may lawfully do so, its rights, duties and
responsibilities with respect to carrying out and enforcing the terms and
provisions of its residential housing finance plan;
(k) to provide for and authorize the use and disposition of any funds
remaining in the possession of the city or county, or trustee or custodian
designated
by such city or county, following payment and retirement of any bonds issued
pursuant to this act; and
(l) to make and execute contracts and other instruments necessary or
convenient
to the exercise of any of the powers granted herein.
History: L. 1982, ch. 60, § 4; L. 1983, ch. 71, § 3;
L. 1986, ch. 86, § 1;
L. 1991, ch. 62, § 1; April 25.
12-5222.Powers of cities and counties.
In addition to powers which a city or county may have, cities and counties
shall have all powers necessary to accomplish the purposes
of this act including, but not limited to, the following:
(a) To acquire, and to contract and enter into advance commitments to
acquire, home mortgage loans owned by lending institutions at such prices
and upon such other terms and conditions determined by such city
or county or such other person as it may designate as its agent;
(b) to make and execute contracts with lending institutions for the origination
and servicing of home mortgage loans on behalf of a city or county and to
pay the reasonable value of services rendered in accordance with such contracts;
(c) to make loans to lenders to enable such lenders to make home mortgage
loans in accordance with this act;
(d) to establish, by rules or regulations, by ordinances relating to any
issuance of bonds or in any financing documents relating to such issuance,
such standards and requirements applicable to the purchase of home mortgage
loans or the origination of home mortgage loans or loans to lenders as such
city or county deems necessary or desirable to effectuate the public purposes
of this act;
(e) to issue its bonds to defray, in whole or in part (1) the costs of
acquiring or originating home mortgage loans or making loans to lenders
in order to enable them to make home mortgage loans for homes to be occupied
by mortgagors; (2) the costs of studies and surveys, insurance premiums,
underwriting fees, legal, accounting and marketing services incurred in
connection with the issuance and sale of such bonds, including amounts required
to establish reasonably necessary bond and interest reserve accounts, and
trustee, custodian and rating agency fees; and (3) such other costs as are
reasonably related to the foregoing;
(f) to authorize the sale or other disposition of any home mortgage loan,
in whole or in part, upon such terms, at such prices and times, and from
time to time, as may be necessary to assure that the revenues and receipts
to be derived with respect to the home mortgage loans, together with any
insurance proceeds, funds held in reserve accounts and earnings thereon,
shall produce and provide revenues and receipts at least sufficient to provide
for the prompt payment of the principal of, redemption premiums, if any,
and interest at maturity of all bonds issued pursuant to this act;
(g) to pledge any revenues and receipts to be received from or in connection
with any home mortgage loans to the punctual payment of bonds authorized
under this act, and the
interest and redemption premiums, if any, thereon;
(h) to mortgage, pledge or grant security interests in any home mortgage
loans, notes or other property in favor of the holder or holders of bonds
issued therefor;
(i) to issue its bonds
for the purpose of refunding one or more times, in whole or in part, bonds theretofore
issued by such municipality pursuant to
the constitution or laws of the state of Kansas to finance the origination
or acquisition of mortgage loans for one to four family residences;
(j) to appoint or designate a bank or trust company either within or without
the state to serve as trustee
or custodian for the benefit of the bondholders and to delegate and
assign thereto, insofar as it may lawfully do so, its rights, duties and
responsibilities with respect to carrying out and enforcing the terms and
provisions of its residential housing finance plan;
(k) to provide for and authorize the use and disposition of any funds
remaining in the possession of the city or county, or trustee or custodian
designated
by such city or county, following payment and retirement of any bonds issued
pursuant to this act; and
(l) to make and execute contracts and other instruments necessary or
convenient
to the exercise of any of the powers granted herein.
History: L. 1982, ch. 60, § 4; L. 1983, ch. 71, § 3;
L. 1986, ch. 86, § 1;
L. 1991, ch. 62, § 1; April 25.